The protocol cited growing discontent with centralized social media platforms as the reason for incentivizing a decentralized alternative.
"These protests represent a broader societal shift. They are indicative of a new paradigm in how creators and users interact with social media."
Founded in 2019, DeSo offers monetization features such as creator coins, nonfungible tokens, tokens, and tipping. The firm claims to store user identity, profiles, content, and social graph 100% on-chain, and these content cannot be banned or blocked on a protocol level. Recently, the firm released new in-app proposals such as Openfund 2.0, a decentralized exchange platform.
In September 2021, DeSo raised $200 million in funding led by a16z, Coinbase Ventures, Sequoia, Pantera Capital, and others, including, perhaps ironically, Reddit co-founder Alexis Ohanian. Currently, over 150 projects are
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