OpenSocial Protocol Raises $5M to Boost SocialFi Super Apps

Published on: 30.05.2024
OpenSocial Protocol Raises $5M

OpenSocial Protocol raises $5M in funding, fueling its innovative endeavors and enhancing its mission to enhance SocialFi Super Apps.

OpenSocial Protocol, a composable infrastructure layer for social applications, raises $5M in a seed funding round. This significant milestone underscores OpenSocial’s commitment to revolutionizing the landscape of social decentralized applications (dApps) through its innovative multichain SocialFi infrastructure protocol.

Strategic Investors and Backers

The seed funding round was led by prominent infrastructure investors Portal Ventures and SNZ Capital, known for their early backing of successful projects such as Ethereum, Chainlink, and Cosmos. Notable participation also came from Animoca Brands, Awesome People Ventures, Moonrock Capital, and other renowned web3 entrepreneurs. Their support highlights the industry’s confidence in OpenSocial’s vision and potential to reshape social applications in the decentralized space.

Founding and Vision

Founded by Everest Ventures Group (EVG), one of Asia’s leading web3 operating groups, OpenSocial Protocol boasts a strong foundation backed by 300 full-time builders with extensive backgrounds from top tech companies like Alibaba and Tencent. EVG’s commitment to fostering innovation is evident through the allocation of a $15M ecosystem fund to support developers building on OpenSocial. The protocol’s modular design and multichain approach empower developers and creators to assemble dApps quickly and economically, with a wide array of social tools available.

Empowering Developers with Modular Design

OpenSocial Protocol’s modular design offers developers a versatile toolkit for creating a diverse range of social experiences. With both on-chain and off-chain modules available, developers can easily deploy features such as feeds, chatrooms, voting systems, and social graphs across various blockchain networks. This flexibility enables the rapid development of community-driven dApps while ensuring true ownership of intellectual property and better-aligned monetization incentives.

Conclusion

The successful completion of the $5M seed funding round marks a significant milestone for OpenSocial Protocol, signaling its emergence as a key player in the realm of decentralized social applications. With strong backing from strategic investors and a visionary founding team, OpenSocial is poised to empower developers worldwide to create innovative and engaging social experiences on the blockchain. As the project continues to evolve, it promises to unlock new possibilities for decentralized social interactions and community-driven innovation.

REQUEST AN ARTICLE

 

Market Stats:
BTC Dominance: 54.03%(+0.13%/24h)
ETH Dominance: 18.25%(-0.07%/24h)
Defi Market Cap: $88.54B(-15.99%/24h)
Total Market Cap: $2345.9B(+0.89%/24h)
Total Trading Volume 24h: $42.63B(-36.95%/24h)
ETH Market Cap: $428.1B
Defi to ETH Ratio: 20.68%
Defi Dominance: 3.59%
Altcoin Market Cap: $1078.33B
Altcoin Volume 24h: $29.13B
Total Cryptocurrencies: 30351
Active Cryptocurrencies: 10122
Active Market Pairs: 82876
Active Exchanges: 782
Total Exchanges: 8740
BTC: 64291.71$(0.02%/1H)
ETH: 3501.87$(-0.03%/1H)
AVAX: 26.02$(-0.5%/1H)
BNB: 586.16$(-0.06%/1H)
MATIC: 0.57$(-0.1%/1H)
FTM: 0.58$(-0.79%/1H)
ADA: 0.39$(0.56%/1H)
DOT: 5.75$(0.07%/1H)
UNI: 9.92$(-0.13%/1H)
CAKE: 2.23$(0.08%/1H)
SUSHI: 0.81$(-0%/1H)
ONE: 0.02$(0.91%/1H)