Explore what is, its success factors and criticisms, and some of the competing platforms that have emerged.

Nov 03, 2023 SocialFi

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Key Takeaways

  • is a blockchain-based social platform. Its main feature is token-gated chats through tokens called ‘keys’ that can be traded. This allows users to potentially profit from a content creator’s growing popularity.
  • has shown surges in activity across some key metrics, particularly in the initial period after launch. The main factors that have likely contributed to’s popularity include a monetisation concept, Progressive Web App, embedded wallet, key price bonding curve, and Layer-2 rollup. However, activity appears to have slowed down more recently. 
  • uses a bonding curve to determine key prices. A bonding curve is like a mathematical formula that governs how the price of a token (in this case, key) changes as more tokens (in this case, keys) are bought or sold.
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  • There are debates around the long-term sustainability of’s business model and potential for a downward key price spiral if engagement declines. Also, rather than incentivising stable, enduring relationships,’s monetisation model based on key trading and price appreciation could encourage user turnover.
  • Similar platforms like Stars Arena,,, and New Bitcoin City have launched on other blockchains, with additional features like tipping, fractional shares, trading of posts, and dynamic fees.

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Ethereum / Dogecoin / Dapp / Tokens