Blockchain Press Releases
SocialFi Infrastructure OpenSocial Protocol Raises $5M to Fuel the Growth of SocialFi Super Apps, with $15M Ecosystem Fund Backed by EVG
The round was led by Portal Ventures, SNZ Capital and renowned angel investors, who all share the same vision that SocialFi is primed to become the largest consumer use case for mass adoption in Asia
HONG KONG, May 28, 2024 /PRNewswire/ — Today, OpenSocial Protocol (OpenSocial), a composable infrastructure layer for building social applications, announced the successful completion of a $5M seed funding round. OpenSocial is a multichain SocialFi infrastructure protocol empowering developers and creators to effortlessly build social dApps. Led by infrastructure investors Portal Ventures and SNZ Capital (early backers of Ethereum, Chainlink, Cosmos, Arbitrum, Polkadot and Dfinity), the round opened in December 2023 and closed in January 2024.
Other investors included Animoca Brands (HK), Awesome People Ventures (US), Arche Fund (Vietnam), Decima Fund (Japan), Moonrock Capital (EU), OKX Ventures, Orange DAO (US), Panony, Summer Ventures (HK); and renowned web3 entrepreneurs include Smokey the Bera, Brian Fabian Crain, Mike Dudas, Martin El-Khouri, Roham Gharegozlou, Don Ho, Mable Jiang, Adam Jin, Serge Kassardjian, and Jason Yano.
OpenSocial Protocol is founded by Everest Ventures Group (EVG), one of the largest web3 operating groups in Asia focused on consumer applications. They have 300 full-time builders with backgrounds from Alibaba, ByteDance, Tencent and NetEase and 2M+ users across its products. EVG is also an early supporter of Animoca Brands, the Sandbox and Dapper Labs.
EVG set aside a $15M ecosystem fund for developers to build on OpenSocial. EVG has also deployed 30 of its best in-house builders to develop OpenSocial. There are also 50 additional developers building dApps on top of OpenSocial, outside of EVG.
What is OpenSocial Protocol?
OpenSocial is an open-source social infrastructure layer to power native web3 social experiences. Founded in 2023, OpenSocial aims to empower thousands of community dApps with infrastructure and UI-layer composabilities, true ownership of intellectual property and relationship, and better-aligned monetisation and financial incentives.
The modular design with easy-to-deploy social tools on a multichain approach enables developers and creators to assemble dApps quickly and economically.
These modules can be either on-chain or off-chain and include: feed, chatroom, text/video/audio/posts, comments, reactions, voting, share, on-chain social graphs (social data and structure), tribes (user and topic based communities), megaphones (an advertising engine), as well as plug-ins (token issuance, DAO tools, betting, voting, bounties, matching, mini-games).
“These modules and tools are designed to provide both an emotionally captivating and financially rewarding social experience covering accessibility, ownership and monetization opportunities to end users and communities,” noted Sean Tao, Co-Founder of OpenSocial Protocol.
Another unique web3 mechanism to be unveiled soon is the portability, self-ownership and self-sovereignty of identities and communities within different ecosystems and products.
Why social, why now?
Social has the potential to become the largest consumer use case for mass adoption of web3. The evolution of the internet’s use cases provide a precedent. Social was not a core use case in the first 6 years of the consumer internet (1997-2003) as marketplaces, portals, and games dominated but it emerged to social giants of today as a leading use case in the second phase of post dot.com bubble (2004-2010) as costs declined and adoption grew. SocialFi projects struggle to reach their full potential without the right technology and consumer readiness, similar to Social’s early path in web2. Asian social app adoption is an important factor in EVG’s decision to launch OpenSocial too.
“Importantly, Asia represents more than half of the world’s social media users, with nearly 3 billion people actively using social platforms every day. We think SocialFi’s ‘Axie moment’ will happen this cycle and likely take place in Asia. And the SocialFi trend in Asia will prove that social is a layer not media,” said Allen Ng, CEO of EVG and Co-Founder of OpenSocial Protocol.
“We are thrilled to have such powerful network effects from our very strategic investors. We come from a venture studio operation with backgrounds from Bytedance, Tencent, Alibaba that understand user preferences. OpenSocial’s design principles and dApps strategies are very different from the western-centric players, leveraging on our learning and advantages in Asia, we envision powering hundreds if not thousands of community dApps in 5 years,” said Tao.
dApps already available on OpenSocial
With the $15M ecosystem fund to empower the next-generation super apps, OpenSocial has already launched its first dApp SoMon (“Social Monster”), a truly decentralized topic-based forum owned by users and communities with degen mechanics and sustainable rewards.
There are various platforms and SocialFi use cases powered by OpenSocial that are soon to launch, including Zeek – a decentralized collaboration network for on-chain social bounty and reputation, backed by OKX Ventures and Animoca Brands.
OpenSocial’s investors are excited
“OpenSocial combines lessons from leading Asia consumer internet businesses like WeChat with a deep understanding of crypto native preferences. The team is building an infrastructure layer that will power an ecosystem of new, community-driven social experiences. Users demand novel financialized experiences – OpenSocial makes that possible,” said Evan Fisher, Founder & Managing Partner of Portal Ventures.
“In the last five years, EVG has grown from a start-up to one of the largest web3 consumer groups in Asia. OpenSocial is the flagship project of EVG and the team is building multiple dApps on top, which we believe could be the right product at the right time for the right team to deliver. SocialFi is a very challenging and competitive sector with huge potential, while OpenSocial along with SoMon, Zeek and others dApps, has a great chance to be the game changer,” Gavin Wang, CIO of SNZ Capital.
“We are proud to back OpenSocial in its endeavor to empower creators and developers to build social capital and innovate at the forefront of SocialFi. I am confident that OpenSocial will enable the first transformative steps in how we engage digitally, and look forward to incubating unique Japanese collaborations leveraging OpenSocial,” noted Ken Kitahara, Co-founder & General Partner of Decima Fund.
“OpenSocial is well-positioned to fill the social need with its modular, community-owned approach tailored for mobile-first markets like Vietnam. I believe that through OpenSocial’s infrastructure, we will see many innovative Vietnamese social applications emerge that strengthen real-world connections and celebrate local culture in new ways,” said Thanh Le, Founder of Ninety Eight.
About OpenSocial
OpenSocial Protocol (OpenSocial) is a multichain SocialFi infrastructure empowering developers and creators to effortlessly build social dApps. Leveraging its robust social graph and modular design, OpenSocial enables transparent content promotion to specific user groups, ensuring fair value distribution among all stakeholders. OpenSocial offers the best data, tooling, and financial layer and its vision is to enable the largest multi-chain social economy.
OpenSocial Protocol is founded by Everest Ventures Group.
Website: www.opensocial.co
Twitter: https://twitter.com/OpenSocialLabs
About EVG
Headquartered in Hong Kong, Everest Ventures Group (EVG) is a web3 operating group driving mass adoption of web3. With a global team of 300, we have built and launched a diverse portfolio of products for the future of digital interaction across use cases, such as Aspen Digital, Mugen Interactive, Kiki, LiveArt, Blocktempo, Cassava Network, and Adverse. As an early investor and lead advisor we have contributed to unicorns, and 150+ defining projects such as Celestia, Wormhole, Berachain, Dapper Labs (Flow), Animoca Brands, Immutable, The Sandbox, Yuga Labs, Kraken, Lukka, Dunamu and Blocklords.
Website: https://www.evg.co/
Twitter: https://twitter.com/EVGHQ/
MEDIA CONTACT:
Gemma
[email protected]
Photo – https://mma.prnewswire.com/media/2423441/opensocial.jpg
Logo – https://mma.prnewswire.com/media/2423356/Open_Social_Protocol_Logo.jpg
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Blockchain
Blocks & Headlines: Today in Blockchain – January 30, 2025 (Dogecoin, U.S. Army, DeepSeek, Web3)
Introduction
The blockchain and cryptocurrency industry continues to evolve, with major advancements in institutional adoption, regulatory modernization, and innovative applications. Today’s roundup covers Dogecoin’s new blockchain strategy, the U.S. Army’s use of blockchain for tracking aid, notable blockchain startups, domain challenges for Web3 companies, the first AI blockchain agent, and Luxembourg’s legal updates for custody chains. Let’s break down the biggest headlines shaping the future of blockchain technology and decentralized finance.
Dogecoin Unveils Strategic Blockchain Movement
Expanding Beyond a Meme Coin
Dogecoin, often viewed as a lighthearted cryptocurrency, is making serious strides toward blockchain utility with a new strategic initiative aimed at expanding its use case beyond simple transactions. The Dogecoin Foundation has announced plans to integrate layer-2 solutions, smart contracts, and interoperability features, potentially positioning DOGE as a serious competitor in the decentralized finance (DeFi) space.
This move signals a shift in the perception of Dogecoin, which has long relied on community-driven momentum. With the new strategy, DOGE could become an integral part of the growing Web3 ecosystem.
Source: Crypto Briefing
U.S. Army Utilizes Blockchain for Aid Tracking in Ukraine
Military Adopts Emerging Tech for Transparency
The U.S. Army is leveraging blockchain, big data, and generative AI to track billions of dollars in aid sent to Ukraine. This marks a significant step in blockchain’s adoption by governments and defense agencies to enhance transparency and prevent fraud.
By using blockchain for immutable record-keeping, military officials aim to improve logistics tracking, reduce inefficiencies, and ensure secure auditing of aid distribution. This could set a precedent for future government adoption of blockchain-based verification systems.
Source: Breaking Defense
10 Blockchain Startups to Watch in 2025
Innovation Driving the Next Wave of Web3
A new report highlights ten emerging blockchain startups poised to disrupt industries from finance to supply chain management. These companies are working on scalable smart contracts, decentralized identity solutions, and improved cross-chain interoperability.
Among the standout names are startups focusing on privacy-preserving transactions, institutional DeFi tools, and real-world asset tokenization, reinforcing blockchain’s growing role in mainstream finance and enterprise adoption.
Source: Yahoo Finance
Web3 Companies Struggle with Domain Name Challenges
Decentralization vs. Traditional Domain Ownership
As blockchain companies push forward with Web3 adoption, many are encountering significant hurdles in securing relevant domain names. Unlike traditional domains governed by ICANN, blockchain-native domains such as .crypto and .eth exist outside standard regulatory frameworks, leading to disputes and accessibility issues.
Industry experts are calling for greater collaboration between blockchain projects and domain registrars to ensure seamless Web3 adoption while maintaining online accessibility for users.
Source: Domain Name Wire
Klaus Agent Becomes the First Blockchain AI to Use Custom DeepSeek Model
AI and Blockchain Converge
The Klaus Agent, an AI-powered blockchain agent, has integrated the DeepSeek AI model to enhance decision-making, smart contract automation, and decentralized application (dApp) intelligence. This innovation represents a major step in merging artificial intelligence with blockchain networks, allowing for more sophisticated automation in DeFi, NFT trading, and DAO governance.
As AI and blockchain continue to converge, the potential for autonomous smart contract execution and predictive analytics is expected to grow, leading to more efficient decentralized systems.
Source: GlobeNewswire
Luxembourg Modernizes Custody Chain Laws for Blockchain
A Legal Framework for Tokenized Assets
Luxembourg, a key financial hub in Europe, has updated its custody chain regulations to accommodate blockchain-based assets. These changes are designed to facilitate institutional adoption of tokenized securities and digital asset custody solutions.
By providing a clear regulatory framework, Luxembourg aims to attract fintech firms, investment funds, and digital asset custodians, further strengthening its position as a leader in blockchain finance.
Source: National Law Review
Conclusion
The latest blockchain developments underscore the rapid evolution of the industry, from Dogecoin’s strategic shift to military adoption of blockchain for transparency. As AI and blockchain begin to merge, and governments refine regulations, we are witnessing a pivotal moment in decentralized technology.
With institutional interest growing and regulatory frameworks taking shape, blockchain and Web3 technologies are moving closer to mainstream acceptance. Stay tuned for the next Blocks & Headlines briefing as we continue to track the most significant trends shaping the future of decentralized finance and digital assets.
The post Blocks & Headlines: Today in Blockchain – January 30, 2025 (Dogecoin, U.S. Army, DeepSeek, Web3) appeared first on News, Events, Advertising Options.
Blockchain
From Apes to Humans: ApeChain Joins Humanity Protocol’s zkProofer Network to Scale Proof of Humanity
The post From Apes to Humans: ApeChain Joins Humanity Protocol’s zkProofer Network to Scale Proof of Humanity appeared first on News, Events, Advertising Options.
Blockchain Press Releases
WEEX Completes First-Ever Burn $120 Million Worth of WXT, Reducing Supply by 40% — Could WXT Be the Next 100x Gem?
SINGAPORE, Jan. 30, 2025 /PRNewswire/ — Platform tokens like BNB and BGB have demonstrated their ability to create immense value through well-planned tokenomics strategies. Following these examples, WEEX is set to execute a significant milestone: the planned destruction of 40% of WXT’s total supply, valued at $120 million, signals a strategic step towards increasing scarcity and enhancing the token’s utility within the WEEX ecosystem.
WXT $120 Million Burn vs. BNB and BGB
As outlined in the burn process, WEEX ensures complete transparency by recording every token burn event on-chain. Such openness reinforces investor confidence and showcases the platform’s dedication to responsible token management.
Key Post-Burn Metrics
- Token Name: WEEX Token (WXT)
- Blockchain: Ethereum (ERC-20)
- Total Supply After Burn: 6,000,000,000
- Burned Token Value: $120 million
For comparison, Binance’s 30th quarterly burn eliminated 1.63 million BNB, valued at $1.16 billion, while Bitget unveiled a plan to burn over $5 billion worth of BGB tokens, WEEX’s upcoming burn stands out as a bold move to immediately reduce WXT’s supply by 40%. With plans for regular quarterly burns in the future, this initial large-scale reduction signals WEEX’s commitment to aligning with proven strategies in the industry while tailoring its approach to meet the platform’s growth and community needs.
Expanding Utility Across the WEEX Ecosystem
Since its launch in August 2023, WXT has seen a cumulative price increase of 384%, reflecting its growing utility and market confidence. Over the past year, WEEX has solidified its presence in the global cryptocurrency market:
- Daily Trading Volume: Exceeding $20 billion, consistently ranking among the top 10 derivatives exchanges.
- Active User Base: Over 5 million users, supported by partnerships with 10000 star traders and 2000 global influencers.
- Security and Transparency: Backed by a 1000 BTC investor protection fund and on-chain verification of all token burns.
These figures underscore the platform’s robust foundation and the critical role WXT plays in its ecosystem.
A Systematic Burn Schedule for Sustainable Growth
The whitepaper also highlights WEEX’s ongoing commitment to reducing WXT’s circulating supply through quarterly burns. This process involves allocating 20% of the exchange’s quarterly revenue—including spot and futures transaction fees and listing fees—for token repurchases and subsequent destruction.
Such a systematic approach ensures WXT remains deflationary, sustaining its scarcity while reinforcing its value proposition within the ecosystem.
The whitepaper emphasizes WXT’s integration into the WEEX platform’s comprehensive offerings,too. WXT holders enjoy numerous benefits:
1）Fee Discounts: Up to 70% off futures trading fees, making trading more cost-efficient.
2）Profit Opportunities: Enhanced profit-sharing through copy trading and VIP upgrades.
3）Exclusive Airdrops: Access to high-value token airdrops via the WE-Launch program, with annualized returns potentially exceeding 140%.
4）Governance Rights: WXT holders can participate in platform decision-making, including proposals for new listings and feature updates.
Future plans include integrating WXT into decentralized finance (DeFi) applications and extending its utility to cross-chain platforms and decentralized exchanges (DEXs), further broadening its use cases.
The upcoming $120 million WXT burn is poised to make an impact in the competitive landscape of platform tokens. By reducing its supply significantly, WEEX creates a foundation for WXT’s scarcity-driven value potential, positioning it alongside successful examples like BNB and BGB.
As WEEX continues to innovate and expand globally, WXT’s future will be shaped by its ability to adapt to market demands and deliver value to its holders. Whether WXT achieves “100x gem” status will depend on the platform’s sustained efforts to refine its tokenomics and expand its applications.
For those seeking a platform token with robust fundamentals and growth potential, WXT presents a compelling opportunity as it navigates the next stage of its evolution.
About WEEX
Founded in 2018, WEEX has quickly emerged as a global leader in cryptocurrency trading. With an extensive selection of trading pairs, cutting-edge features like WE-Launch, and partnerships with global icons like Michael Owen, WEEX continues to redefine the trading experience for millions worldwide.
For more information:
Website: WEEX Exchange
Photo – https://mma.prnewswire.com/media/2607704/WEEX.jpg
View original content:https://www.prnewswire.co.uk/news-releases/weex-completes-first-ever-burn-120-million-worth-of-wxt-reducing-supply-by-40–could-wxt-be-the-next-100x-gem-302363255.html
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