Creators Gain Monetization Tools as Phaver Releases $SOCIAL Token

Phaver, a leading multi-protocol social application operating on Lens Protocol and Farcaster, has announced the launch of its native token, Phavercoin, with the ticker $SOCIAL. With a user base exceeding half a million, Phaver becomes the first mature application in its ecosystem to introduce a native token. The premarket for $SOCIAL is now live on Aevo, with spot listings scheduled across multiple exchanges, including Bybit, starting September 24.

\ The $SOCIAL token is engineered to capture and redistribute value in a meritocratic manner to the platform's contributors—its users. Phaver aims to create an environment where creators can monetize their content directly, and users become both owners and beneficiaries of their social interactions. This model seeks to redefine the traditional dynamics of social media platforms by aligning incentives between the platform and its user base.

\ "Social media is one of the few clear value exchanges in the internet world," said Joonatan Lintala, CEO and co-founder of Phaver. "Creators, curators, and moderators generate value for the audience, and the audience's attention and engagement are also valuable. Unlike many 'x-to-earn' models, it's possible to establish a sustainable token economy in SocialFi that rewards those creating value and monetizes attention and premium features without resorting to unsustainable practices."

\ To address the prevalent issue of bots and multi-account farmers that often afflict crypto projects and social apps, Phaver has implemented a validation process for all airdrop recipients. This process includes a privacy-safe facial scan or an assessment of the credibility of their wallet contents, resulting in a user base composed of genuine participants. Early adopters will receive a 4% "Phairdrop" on the Base network during the Token Generation Event (TGE). Additionally, 25% of the total token supply is reserved for monthly Points-to-Tokens redemptions, ensuring that both early users and newcomers are incentivized and fairly rewarded for their contributions.

\ Phaver's platform uniquely combines aspects of Decentralized Social (DeSoc) and Social Finance (SocialFi). The Phaver Supergraph enables seamless posting on both Lens and Farcaster protocols, allowing users to back up their social graphs and content in decentralized storage where they retain ownership. This approach mitigates the risk of accounts being deleted by centralized entities or governments.

\ On the SocialFi front, Phaver introduces gamified experiences that facilitate faster audience growth and fair compensation for valuable contributions. Users will have access to gasless transactions within the mobile app, supported by a built-in wallet for functionalities such as tipping, gated content access, gamified boosts, and item collection.

Following the token launch, Phaver plans to enhance its SocialFi offerings significantly. Upcoming updates include:

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• Web3-Era Advertising Model: In partnership with Spindl, Phaver will introduce an opt-in advertising system where users are rewarded with points for participating. Users can also share ads with their followers and receive a share of the revenue. This model emphasizes privacy-safe, wallet-based targeting without invasive tracking.
• Phaver Perks: The platform will offer various partner benefits to validated users, ranging from airdrops to discounts.
• Expansion of Utility NFTs: Phaver will continue to develop its collection of native utility Non-Fungible Tokens (NFTs), which play a crucial role in the ecosystem. The latest offering, Cred Passes, is currently mintable on OpenSea until the TGE. These NFTs provide an efficient pathway for users to attain higher levels on Phaver, unlocking the potential for greater token rewards in monthly redemptions.

Phaver emphasizes the sustainability of its token economy by avoiding the pitfalls commonly associated with "ponzinomics" in the crypto space. By monetizing attention, premium content, and offering additional visibility or premium features, Phaver aims to create a scalable and prosperous ecosystem. The platform's focus on rewarding genuine value creation sets it apart from models that rely on unsustainable token incentives.

\ The $SOCIAL token will be available for trading on multiple exchanges starting September 24. Phaver is also offering launch-pool opportunities for users to earn additional tokens. The integration of the $SOCIAL token into the Phaver platform is expected to enhance user engagement by providing tangible rewards for participation and content creation.

Phaver's launch of the $SOCIAL token represents a significant step toward redefining the creator economy within the Web3 landscape. By integrating decentralized social protocols with innovative SocialFi mechanisms, Phaver aims to empower creators and users alike. The platform's commitment to genuine user engagement and sustainable economic models positions it as a noteworthy player in the evolving intersection of social media and blockchain technology.

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:::tip Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR

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