MasserEffect

SocialFi at a crossroads Just as volatility returns to crypto markets, SoFi projects are coming down from the initial hype wave and the sector starts questioning it's identity. Let's check in with a few of them, going in order of how rekt they are. 1. @cipher_cores Simply dead. They wanted to be the first to launch a token, but after raising funds decided the platform was not sustainable and threw in the towel. I think Adam Cochran and NekoZ got their seed money back? Cause of death: App incentivized high volumes of activity and got what it wanted, losing real users in favour of bots and a few self-boosting influencers. 2. @starsarenacom Also beyond saving. Even the biggest believers, including @CryptoKaleo and @koreanjewcrypto gave up on it, losing faith in the team. Locrian, who was brought in to lead the tech side, has distanced himself from the project, Chill Pill stepped down as leader and it is now utterly unclear who runs the Arena. Cause of death: I'd like to draw some lesson about incentives or sustainability here, but honestly, they just couldn't keep the site running for a day without some technical issue or other. 3. @tomo_social It's still there. TVL down a bit. Not much more to say, its primarily purpose appears to be farming the Linea airdrop. 4. @NewBitcoinCity After shooting past all competitors to 2nd place and getting @pranksy / @Vombatus_eth to adopt it as their primary platform, it now appears to have lost all momentum. Wheels/red packet giveaways were incredible fuel for fast early growth, but quickly burned out, leaving the app with little genuine content. They figured out a great way of onboarding new users, but now it's apparent that it's much harder to keep people than get them to join. NBC still has a chance of emerging sucessfully from this identity crisis, as the dev team actively listens to the community and iterates quickly, learning from each experience. Meanwhile, however, TVL is quickly leaving the app. 5. @friendtech The bitcoin of SoFi. The first, the safest and the most lindy of them all. It doesn't iterate or change, seems kinda janky and is built on top of an inflexible contract that limits future options. The team is so inaccessible, you might as well try giving feedback to Satoshi Nakamoto. And all of that, as @0xMakesy teaches us, is bullish. nitter.gq/0xMakesy/status/…

GM, GN and welcome to Forx News, where we deliver the latest SoFI updates directly to your basement. Around the horn news: 1) By this time everyone should be aware that @starsarenacom is re-launching today, starting with just the socials, while trading remains turned off for now. Nearly 90% of drained funds have been recovered and the project avoided having to take on a loan to restore TVL, so they restart unencumbered by debt. No news on any incentive program financed by Ava Labs, but feel free to do some moon math, knowing that SA is the only positive narrative for a chain with 3 billion market cap. 2) As predicted by our in-house quant, @cipher_cores continues to trend down, as it has not passed the @Vombatus_eth vibe test. 3) @NewBitcoinCity meanwhile, has easily soared past Cipher's peak TVL and beyond 1 mln, fulfilling another quant prediction. NBC's public feed is still a mess and more on the model of Cipher rather than Arena, but NBC has other advantages (red packet giveaways, constantly iterating devs, voice chats in channels being rolled out now). The NBC devs are actively soliciting feedback and attempting to learn from Arena's success, which is promising. The current take of our quant is that NBC and Arena (pending not going to zero again) have clearly separated themselves from the fork pack. 4) A wildcard in this is @tomo_social, an app on the Linea chain, which has gained some traction in the Asian community. Unlike NBC and FT, it is not a Progressive Web App, but launched directly in the App Store. Our quant doesn't love the R/R on it, as Asian creators' keys are already highly priced and the risk of app store chucking the app / implementing it's 30% tax is real, but worth observing as an alternative approach to PWAs. 5) In non-fork news, @0xLawliette says that as points per eth have broadly declined, the farming r/r on Friend Tech may become unattractive for many: nitter.gq/0xLawliette/stat…