Revival trend in the social track, what is special about the star project CyberConnect?

What sets CyberConnect, a star project in the social track, apart from others in the revival trend?

Author: Climber, LianGuai

With Musk’s renaming of Twitter as X, there are higher expectations for the development of social platforms with financial attributes. At the same time, both new and old forces are starting to venture into the social race again.

Just entering August, it was reported that Tencent is conducting internal testing of the “M8” APP, focusing on socializing with young people, and the British Broadcasting Corporation (BBC) has also opened an account on the decentralized social platform Mastodon and will conduct a half-year test.

During the same period, Binance announced the launch of the 37th Launchpool mining project, CyberConnect, which is a Web3 social network that helps developers create social applications.

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Web3 social race has been unable to significantly take off. However, recent actions by major institutions indicate that this sector is still worth looking forward to. What makes CyberConnect stand out as a star social project?

CyberConnect Introduction and Financing Information

CyberConnect is a decentralized social network protocol deployed on Ethereum mainnet, Polygon, Solana, BNB Chain, and other chains. It allows developers to create social applications and enables users to have their own digital identity, content, connections, and tokenized channels.

It mainly includes three user-centric features: CyberProfile, a decentralized identity standard that provides access to Web 3; CyberConnect Social Graph, which links user digital identities, data, content, and friends; CyberWallet, the smart contract wallet of its protocol that securely stores user assets.

As of April 2023, over 870,000 web3 users have created Cyber Profiles and have completed over 7.3 million transactions on multiple blockchains. Over 300,000 users monthly use decentralized applications (dApps) built on the Cyber Connect protocol.

In terms of financing:

CyberConnect raised $10 million in seed round in November 2021, led by Multicoin Capital and Sky9 Capital. Investors such as Animoca Brands, Draper Dragon, Hashed, Zoo Capital, Smrti Lab, and Mask Network also participated in this round.

On May 17, 2022, CyberConnect announced a $15 million Series A funding round, led by Animoca Brands and Sky9 Capital, with participation from IOSG Ventures, Delphi Digital, Protocol Labs, Tribe Capital, GGV Capital, and others.

Main Products and Features

CyberConnect provides developers with a range of middleware. Developers can create social dApps based on this protocol and provide solutions including DID, content, and tokens to users. Specifically, the main products include CyberAccount, CyberGraph, CyberID, and W3ST (Web3 StatusToken).

1. CyberAccount: It is an account product that allows users to pay gas fees on any network by using CYBER on one network, bringing users a more convenient multi-chain Web3 social experience.

As a web3 account infrastructure, it includes four key components: identity authentication and authorization, ERC-4337 compatibility, personal Cyber ID, and opening a company account.

2. CyberGraph: an anti-censorship smart contract used to record user content and social relationships, with built-in monetization tools.

This product links user identities (CyberAccounts) with their content and social contacts through a set of smart contracts and records rich social data on multiple EVM-compatible blockchains.

Through custom middleware design with CyberGraph, high-value social data of users can be stored in blockchain databases. This product liberates new social network use cases and drives community building by tokenizing social interactions.

3. CyberID: an ERC-721 NFT, which serves as a unique identifier for users’ accounts in the CyberConnect social network, similar to usernames on Instagram or Twitter.

4. W3ST (Web3 Status Token): an non-transferable NFT that represents a user’s digital verifiable indicator of status in their community. This product can be used as an identification tool for user identity, and organizations can use W3ST to identify their loyal supporters and build a digital verifiable, immutable, and distinctive value system based on contributions in their community.

Furthermore, in terms of community development, W3ST helps identify potential members with similar interests, affiliations, and past experiences.

Tokenomics

CyberConnect has established the CyberDAO organization for protocol governance. The governance token is CYBER, primarily used to protect and manage the DAO, which has the right to control the use of treasury funds and propose core upgrades to the protocol infrastructure.

The total supply of CYBER tokens is 100,000,000, with an initial circulation of 11,038,000, accounting for 11.04% of the total token supply. The total mining supply is 3,000,000, accounting for 3% of the total token supply. The token distribution is as follows:

The total supply of CYBER is 100 million, with 9% allocated for community rewards, 34% for ecosystem development, 25.12% for private investors, 15% for the team and advisors, 10.88% for the community treasury, and 3% each for CoinList public sale and Binance Launchpool.

In the total allocation of 34% of the tokens for ecosystem development, 9% is for ecosystem partners, 10% for user developer community, 5% for early integration partners, and 10% for market development.

Project Ecosystem and Achievements

Currently, more than 50 projects are utilizing Cyber Connect’s social network infrastructure to build user-centric applications. Some notable projects include:

Link3, a Web3 native social networking platform, provides posts, events, and loyalty programs;

Phaver, a decentralized social media platform with 110,000 independent active users per week;

ReadON, a Web3 content aggregation application with social and reading rewards features;

DoLianGuaimine, a user-centric end-to-end encrypted mobile application;

Oasis, a metaverse with 1 million active users engaging in social activities daily;

Mocaverse, an Animoca Brands membership NFT series;

Galxe, QuestN, Huddle01, Wondera, etc.

CyberConnect was launched in November 2021 as the first social networking protocol of its kind. It has grown significantly and now attracts 327,000 active users per month with over 7.3 million transactions.

Sales and Distribution

CyberConnect has raised $25 million through two rounds of private token sales, with 25,120,000 CYBER tokens sold. The project also conducted a public sale on Coinlist, raising $5.4 million at a price of $1.80 per CYBER token.

As of August 1, 2023, the total supply of CYBER is 100,000,000, with a circulating supply of 11,038,000 (approximately 11.04% of the total token supply) after listing.

CyberConnect community rewards will be open for claiming on August 15 at 12:00 PM, with a total of 2.4 million tokens available, accounting for 2.4% of the total CYBER supply. Users who hold Mystery Box, The Shards, Mini Shards, CyberProfile Premium Handle, and CyberProfile Early Adopter NFTs are eligible for claiming.

 

 

Conclusion

On July 15, CyberConnect announced an upgrade to version 3, providing support for the next stage of super scalability for web3 social dApps in the protocol ecosystem. This also signifies the arrival of a new multi-chain future for web3 social.

Compared to web2 social networks, web3 social is more unfamiliar to users. Therefore, reducing entry barriers, obtaining unique digital identities, earning personal data rewards, and improving user experience have become significant challenges in the social race. However, in the digital future trend, virtual socialization will inevitably become a must-have for online users.

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