Phaver, a SocialFi app, has officially launched its Phavercoin (SOCIAL) token, marking the beginning of its transition to a token-powered decentralized social ecosystem. The token generation event signifies Phaver’s shift from the “DeSoc” era to the “SocialFi” era, incorporating the SOCIAL token into its point economy and in-app functionalities. Currently, SOCIAL is trading at around $0.0148 with a market cap of $146 million.
The SOCIAL token has a total supply of 10 billion tokens, although the initial circulating supply has not been specified. The token distribution involves various methods, including direct distribution to users who opted in on Cyber through their Phaver Primary Wallet. Other users can claim tokens on the Phaver website using their Primary Wallet, requiring Base ETH for gas fees. Eligibility criteria for token allocation include having a Lens profile, a Farcaster profile, or at least one Cred item connected on Phaver, with user allocations based on a Season 1 snapshot.
Trading of SOCIAL has commenced on multiple exchanges, with Bybit confirming the listing of the token. The SOCIAL/USDT trading pair started trading on Sept. 24 at 10:00 UTC on MEXC, where deposits are open and withdrawals will be enabled on Sept. 25 at 10:00 UTC. The token is issued on the Base network, with the contract address ‘0xD3C68968137317a57a9bAbeacC7707Ec433548B4’ provided for verification.
The utilities of the SOCIAL token within the Phaver ecosystem are diverse. Users can earn SOCIAL by redeeming Phaver Points in campaigns, with higher Cred levels offering better point-to-token conversion ratios. Holding SOCIAL tokens enhances a user’s Cred score and accumulates more Points, unlocking benefits such as increased withdrawal quotas, VIP support, and early access to new features.
The token can be used for various platform features, including advertising, boosting posts, and collaboration tools. Additionally, SOCIAL tokens can be used to purchase Points within the app, offering a more cost-effective payment method.
Tokenomics details reveal that 300 million tokens are allocated for user airdrops, while Season 2 redemptions are set at 200 million tokens. Eligibility for Season 2 redemptions depends on user levels, with the conversion ratio influenced by the user’s Cred level and average SOCIAL holdings.
Phaver’s platform integrates with Lens Protocol and Farcaster Protocol, enabling cross-posting capabilities across decentralized social networks. The Phaver Point system incentivizes community participation, while the Cred credibility score system aims to prevent bot abuse and improve NFT utility within the platform.
Holding SOCIAL tokens may provide access to future opportunities, including whitelists, airdrops, and benefits from Phaver’s partners. By encouraging users to hold tokens, Phaver aims to create a sustainable ecosystem that rewards long-term engagement and supports the token’s value over time.
As Phaver enters this new phase with the launch of the SOCIAL token, users and investors are urged to stay informed through official channels for updates on token distribution, exchange listings, and platform developments. Links to token claiming are available through Phaver’s iOS and Android apps via the Phairdrop website.