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Traditional social media platforms have their flaws, including data breaches, content moderation issues, and a somewhat relaxed approach to user privacy. These problems have affected major players such as Facebook, Twitter, and LinkedIn. Can blockchain technology and decentralized social networks revolutionize the online experience for billions of users worldwide? Is your data more secure on the blockchain than on centralized servers?

In this article, we will explore decentralized social media networks and consider how they might address the issues that plague traditional platforms.

### Advantages and disadvantages of decentralized social networks

Decentralized social networks tackle many problems faced by traditional platforms but also come with their own set of challenges. Let's explore the advantages and disadvantages of these networks.

**Advantages:**

- **User privacy and security** – Decentralized social networks offer users better security and privacy.
- **Control over your data** – You alone control your data and how it’s used on a decentralized network.
- **Decentralized governance** – A decentralized autonomous organization guides key decisions regarding the growth and development of the platform.
- **Monetization opportunities** – Content creators enjoy alternative monetization methods, instead of relying solely on sponsored posts and advertising.
- **Censorship-resistant** – Decentralized social media networks provide everyone with a platform for free speech. Once a post is shared, only the original poster can remove it.

**Disadvantages:**

- **Web3 UX issues** – Blockchain-based applications still have a high entry barrier. User experience issues can hamstring mass adoption and discourage users.
- **Tough competition** – Existing centralized networks like Facebook and Twitter have monopolized the market, making it difficult to attract new users.
- **Scalability** – Blockchain transaction fees can be expensive.
- **Market volatility** – Because many platforms are tied to supporting cryptocurrencies, bear markets and crypto market fluctuations can devalue a network’s monetization offerings.
- **Censorship-resistant** – Without content moderation, decentralized social media networks can become breeding grounds for unrestrained hate speech and cyberbullying.

### Examples

There are a lot of decentralized social networks — Mastodon, Steemit, Only1, and many others. In this article, we’ll take a closer look at Lens and Farcaster protocols.

**Lens Protocol**

Introduced by the Aave team in 2022, Lens Protocol is a leading decentralized social graph network that offers users exceptional control over their social profiles.

What makes Lens Protocol unique is its completely composable and decentralized approach. Users have the ability to create a Lens handle as an NFT directly in their crypto wallet. These Lens NFTs are not limited to Lens only – they effortlessly integrate with various dApps and smart contracts within the growing LensVerse ecosystem. Additionally, users can trade their Lens NFTs on secondary marketplaces such as Opensea.

Built on the Polygon network, Lens Protocol offers a refreshing experience with low gas fees and swift transactions, ensuring a smooth user experience.

The Lens Protocol ecosystem consists of a range of evolving applications that enhance the capabilities of the decentralized social network. Whether you need secure communication, creative social engagements, or content creation tools, the Lens Protocol ecosystem provides a varied selection of projects to fulfill your requirements.

*Orb*

Orb, an innovative application in the Lens ecosystem, enables users to efficiently handle their social interactions. It provides features for creating, organizing, and managing connections, all while ensuring users maintain ownership of their data.

*Hey.xyz*

Hey plays a crucial role in the Lens Protocol ecosystem by offering a seamless communication platform. It incorporates different social aspects while upholding decentralization principles, guaranteeing the security and privacy of user data.

*Bonsai Token*

Bonsai, a DN-404 token on the Polygon network, was created to integrate with the Lens Protocol. Its purpose is to support community builders, explorers, and early adopters of on-chain social platforms. The token enables a variety of on-chain actions directly from Lens posts and aims to improve social media interaction via DeFi and creative contributions. Part of its tokenomics is dedicated to community airdrops and ecosystem support.

**Farcaster**

Farcaster operates as a decentralized social protocol utilizing Optimism. It enables users to establish profiles, share messages, and engage with one another, similar to popular social media platforms like Reddit or X (formerly Twitter).

Farcaster leverages blockchain technology to securely link and process personal data while upholding decentralization and anonymity. Its primary focus lies in scalability and adaptability to new technologies to maximize user value.

The protocol employs smart contracts to govern social interactions within the network, adding a layer of programmability and customization to social networking. Farcaster's emphasis on interoperability allows for seamless interaction with other blockchain networks, fostering a smooth exchange of information and assets across various platforms.

This interoperability enables developers to construct diverse decentralized social media applications (dApps) on top of the Farcaster protocol.

A Farcaster account creation requires an Ethereum (EVM) address, which will be associated with the account and utilized to sign and publish messages on the Farcaster protocol (as opposed to the traditional username/password approach). Activities such as posts, replies, and follows are recognized as messages of any activity.

User account data, such as profile details, is stored on-chain via a smart contract (e.g., ID Registry) deployed on the Optimism mainnet. Other data, such as Casts, is stored off-chain on Farcaster's storage network named Hubs.

Manageable via ENS on-chain, usernames ensure that users maintain control over their identity compared to centralized entities, which may revoke usernames at their discretion. Any individual can query the ENSRegistry contract to map a username to its custody address.

Users have the ability to create and integrate decentralized applications within their posts (e.g., a mint NFT button, 1-click DAO vote, etc.). These integrations, known as "Frames," must adhere to the OpenGraph to display properly in a Cast. Notable Frames developed by others include @cookies, which developed a seamless checkout experience in a Frame powered by Coinbase Commerce, and $DEGEN, an ERC-20 token distributed to the Farcaster community via the BASE chain.

The absence of a single entity owning the underlying data means that any Farcaster account holder can operate a Farcaster node (also known as a Hub) and access/write data.

Farcaster's distinctive features are upheld by specific smart contracts, each fulfilling unique functions to facilitate the decentralized experience. Moreover, the network features Hubs, which denote open-source, decentralized, distributed peer-to-peer nodes responsible for storing and serving Farcaster data.

### Comparing Decentralized Social Networks to Traditional Social Media

These alternative platforms have a shared objective: to provide users with more control over their content and access rights. Their goal is to distribute storage and control across social networks and establish decentralized structures.

They operate on a peer-to-peer (P2P) model, enabling direct user interaction without reliance on a central authority or server. They are known for being decentralized, open-source, ad-free, and owned by the community.

Decentralized networks prioritize individual ownership and control of data and interactions, empowering users to handle their personal information more effectively. Privacy is a key focus, with reduced data collection, encryption methods, and selective data sharing to improve user experience.

Additionally, decentralized networks aim to combat censorship through distributed content storage, community-driven moderation, and anti-censorship tools. Content on decentralized networks is less susceptible to removal or suppression, promoting freedom of expression.

Both conventional and decentralized social networks have their own benefits and difficulties. Decentralized networks emphasize privacy, user independence, resistance to censorship, and the ability to withstand single points of failure. On the other hand, traditional centralized networks typically offer convenience, a large user population, and a smooth user experience.

Web3 native social platforms are not the sole entities looking to incorporate blockchain technology into their systems, with X and Instagram now providing support for NFTs.

### Conclusion

Decentralized social networks offer a revolutionary model for social engagement, a significant departure from the deficiencies of centralized alternatives. They provide a high level of control, privacy, and independence, enabling self-expression without the restrictions often imposed by traditional platforms. 

Through the adoption of decentralized technology and novel methods for monetizing content, these social media platforms are paving the way for a fairer and user-focused internet experience. Whether you're a creator, an enthusiastic user of social media, or someone seeking a more secure and privacy-oriented online space, exploring these decentralized social media platforms is certainly worthwhile.

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The New Era of Online Privacy and User Autonomy

Decentralized Social Networks

Sun Pump, a memecoin generator based on Tron, launched less than two weeks ago and already overtook Pump Fun. So, how did this happen?

### What is Sun Pump

Introduced in mid-August by Justin Sun, the well-known founder of Tron, Sun Pump is a token generator branding itself as the “first meme fair launch platform” on the Tron network. It stands in direct opposition to Pump Fun. The team markets Sun Pump as a platform with “no rug pulls and no team allocation.”

“When every dev can build a community through a fair launch, gain everyone’s support, and foster enthusiasm and loyalty, the community can share in the success of the cryptocurrency,” said Justin Sun.

But how is it different to Pump Fun?

### Sun Pump vs Pump Fun

After debuting on Solana in January, Pump Fun has allowed users to create and launch their own meme coins without technical skills, using a bonding curve pricing model that adjusts token prices based on supply and demand. Originally exclusive to Solana, Pump Fun has expanded to Base and Blast, removed user token deployment costs, and rewards creators with 0.5 SOL when their tokens exceed the bonding curve.

Sun Pump, on the other hand, is not just an alternative platform on a different chain for issuing tokens. The platform boasts a higher rate of token success, with nearly 2% of its tokens transitioning to the Tron’s decentralized exchange, Sunswap, after reaching sufficient trading volumes. In comparison, Pump Fun sees only 1.26% of its tokens move to the Solana exchange, Raydium. This difference suggests that Sun Pump might be more effective at ensuring a higher proportion of tokens achieve long-term value, which is crucial for maintaining trader interest.

According to Dune Analytics, Sun Pump has launched 7,351 tokens and generated $585,000 in revenue on August 21st, while Pump Fun saw 6,701 new tokens created and $366,000 in revenue during the same period.

### Sun Pump Ecosystem

Now, let’s take a look at some of the tokens:

🐶 **SUNDOG**: Currently one of the standout tokens on Sun Pump, SUNDOG has emerged as the de facto mascot of the platform. At the time of writing, it boasts a significant market cap of $191 million, reflecting its prominence and the strong community support it has garnered.

🐷 **FoFar**: Drawing inspiration from Matt Furie’s Boys’ Club, which includes the iconic Pepe character, FoFar features a distinctive red pig design. Despite its more niche appeal, FoFar has made an impression with a market cap of $16.7 million, showcasing its unique place within the ecosystem.

🐱 **SUNCAT**: Where there’s a SUNDOG, you’ll find a SUNCAT! Launched just a week ago, this token has quickly made its mark with a market cap of over $7 million, adding its own touch of excitement to the Sun Pump lineup.

However, the most captivating token to date is SunWukong.

### SunWukong

An anonymous trader on the Tron network invested $1,000 to buy 43.8 million SunWukong tokens. The token’s value surged dramatically after Tron founder Justin Sun updated his profile picture to Sun Wukong, a character from the newly released game *Black Myth: Wukong*, which drew inspiration from the classic *Journey To The West*. This surge pushed the trader’s investment to over $750,000.

The price of SunWukong jumped from around $3,000 to $17 million in less than 12 hours. Although the value has since dropped, the token still holds a market cap of $9.4 million. As of now, the trader hasn’t sold any of their SunWukong tokens, and their holdings are currently worth about $329,000.

### Summary

Sun Pump, a memecoin generator on the Tron network, has rapidly gained popularity since its launch, quickly surpassing Pump Fun. In just under two weeks, Sun Pump has significantly boosted activity on Tron, with active wallets on the network rising to over 2.35 million addresses. While critics argue that memecoins are detrimental to the crypto space, there is significant enthusiasm surrounding them, and they can bring substantial interest and engagement to the market.

The upcoming weeks will be crucial in determining whether Sun Pump can maintain its momentum or if Pump Fun will reclaim its leading position. As always, investors should approach this highly speculative market with caution and conduct thorough research before engaging with these volatile assets.

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Meet Sun Pump

**Messi and Ronaldinho Endorse Solana-Based WATER Coin**

Recently, football legends Lionel Messi and Ronaldinho made waves in the crypto world by endorsing WATER Coin, a Solana-based memecoin. Messi’s Instagram story, shared with his 504 million followers, and Ronaldinho’s similar post to his 76.6 million followers, spotlighted the token, causing its value to surge nearly 400% before dropping and stabilizing. This sudden interest highlighted the power of celebrity influence in the volatile cryptocurrency market.

WATER Coin claims to address global water-related issues through sustainable projects. Its roadmap includes phases from presale to becoming a charity-focused environmental token. Despite its noble intentions, critics have raised concerns. For instance, YouTuber Ajay Kashyap and crypto commentator Ponga have questioned the legitimacy of WATER Coin’s mission and warned potential investors to be cautious.

The crypto market’s reaction to Messi and Ronaldinho’s endorsements underscores the influence celebrities wield, but also the inherent risks. Historical trends show that while celebrity endorsements can boost short-term interest and value, they don’t guarantee long-term success. From the ICO boom in 2017 to the NFT craze in 2021, and now the meme token hype, it's crucial for investors to conduct thorough research.

Our DeFi aggregator provides comprehensive data to help analyze tokens effectively, offering a unique advantage with its own data sources and robust tools to assess DeFi metrics. This enables investors to make informed decisions based on solid research. While celebrity endorsements might catch your eye, it's crucial to rely on thorough analysis to navigate the crypto landscape successfully.


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Messi and Ronaldinho Endorse Solana-Based WATER Coin

Blockchains	22
DEXes	816
Pools	3,471,560
Tokens	2,154,987
Farms	4,731
NFTs	Soon...

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