Tomo and New Bitcoin City, Social Finance Apps, Surpass $1 Million Total Value Locked on TVL

Social Finance Protocols Tomo and New Bitcoin City Reach $1 Million in Total Value Locked

According to DefiLlama, both Tomo and New Bitcoin City now have over $1 million locked in their smart contracts. These protocols are similar to FriendTech, a pioneering project that combines social media with finance. FriendTech introduced the concept of gated communities where users must pay for keys to access group chats, with the price of keys increasing each time one is purchased.

Innovation in Social Finance

Tomo, running on the Linea platform, offers additional features compared to FriendTech. It allows users to message each other directly and enables them to bet on the value of people’s keys if they were to join the platform. For example, Tesla CEO Elon Musk’s keys are currently valued at 0.478 ETH ($743) on Tomo.

New Bitcoin City, based on the Bitcoin Layer 2 network NOS, takes a different approach by acting as a social layer. It allows users from other protocols like FriendTech to utilize their keys on its app. New Bitcoin City offers customization options such as setting fees for key purchases and determining the number of keys required for accessing group chats.

Leading the Social Finance Space

Tomo and New Bitcoin City are currently the only social finance platforms, apart from FriendTech, with more than $1 million in total value locked (TVL). FriendTech remains dominant with $43.7 million in TVL. Another platform, StarsArena, previously had over $1 million TVL but was hacked. It is scheduled to reopen today with trading commencing at a later date.

Hot Take: The Growing Influence of Social Finance Protocols

Social finance protocols like Tomo and New Bitcoin City are revolutionizing the way we combine social media and finance. By introducing gated communities and allowing users to bet on the value of keys, these platforms create unique opportunities for engagement and financial speculation. As they continue to attract more users and lock in significant value, they are poised to shape the future of social finance.