The crypto market has already formed teams working on the concept of Web3 social networks and attracting venture funding and user interest. Here are some popular projects:
Bluesky is a decentralized alternative to X. Backed by ex-X CEO Jack Dorsey, it raised $8 million in July 2023, led by Neo. One of the first features was a personal domain as a username provided in partnership with the Namecheap registrar;
Lens Protocol – a composable and decentralized social graph that is composable and uses smart contracts on the Polygon blockchain. DeFi Aave is behind the development of the protocol. In June 2023, the project closed a $15 million funding round led by IDEO CoLab Venture. Each account created on the basis of Lens is a non-fungible token that contains a history of all messages, comments, and other content;
Damus is another alternative to X, built using the L2 technology of the Lightning Network bitcoin solution and the Nostr protocol. It provides end-to-end exchange of personal messages without the use of servers using repeaters;
Farcaster is an X-like decentralized network whose protocol is based on OP Mainnet. It has received a positive response from Vitalik Buterin, the founder of the second largest cryptocurrency by capitalization, Ethereum;
Friend.Tech is a decentralized social application based on the L2 solution Base by Coinbase and integrated with X. The project has attracted interest from Coinbase Senior Software Engineer Yuga Kohler, influential crypto influencers Cobie and Hsaka, and venture capital firm Paradigm.
