SocialDeFi is launching a platform that will enable users to make money from memes. The platform, which goes by the name Memey, is a meme platform that will allow users to monetize their best-liked memes. The platform will be launched alongside a Decentralized exchange (DEX) called SocialSwap. Memey is the first in a series of many dApps that SocialDefi has planned to launch in the next 2 years to bestow on users control of their social media capital.
“The team at SocialDefi realized that moaning at each other about the state of social media was not enough, it was time to do something about it… so here we are, over the next 2 years we intend to develop and release a series of dApp’s that solve these issues,” said one of the team members.
The next product in line will be “Mycelium,” a social networking platform that will allow users to build their own community of friends with common interests without the influence of algorithms.
The entire SocialDeFi ecosystem will be supported by a native token called SDF. The token will allow holders to access all the products and services within the ecosystem. It will also facilitate transactions on the platforms. Holders of this coin will grow their wealth, as the token will be made deflationary through biannual token burns.
SFD will be launched on Binance Smart Chain with the BEP20 token standard. Therefore, it will allow for cross-chain transfer. It will also have earned value management (EVM) compatibility and a short block time of around 3 seconds. The token will also leverage high liquidity in Binance, which is one of the biggest cryptocurrency networks in the world. However, SocialDefi will migrate to Cardano once their smart contracts are ready to support projects. The team believes Cardano’s smart chain is more appropriate to support the SocialDefi ecosystem to achieve its vision.
Once the platforms start running, the SocialDefi team will continue updating and improving them based on the community’s input and to keep up with the current developments in the industry. However, the ownership and control of the platforms will remain with the SDF token holders.
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