The emergence of the Friend.tech decentralised social platform last August ignited a revolution in the SocialFi world. For the first time in the history of the niche, a platform managed to attain a double-digit-million TVL. Friend.tech’s popularity is now driving a further boom in the decentralised social space. Newly launched platforms like New Bitcoin City and Tomo have quickly crossed the $1 million TVL mark and are driving a SocialFi surge that goes beyond just Friend.tech. In this article, we are taking a look at New Bitcoin City, a decentralised social network that has now taken the 2nd spot, behind Friend.tech, in the category TVL rankings.
What is New Bitcoin City?
New Bitcoin City is a decentralised social platform launched last month on a purpose-built Layer 2 protocol, NOS. NOS is a layer 2 platform designed to enable smart contract functionality for the Bitcoin network. Since Bitcoin lacks this functionality on a native level, NOS can be used to enable decentralised apps to leverage the world’s largest blockchain.
The NOS-based New Bitcoin City replicates some of the features of Friend.tech, the current absolute leader among SocialFi protocols. Users can register on New Bitcoin City and purchase “keys” to participate in group chats with other social media users. Paid access to group chats is a feature that New Bitcoin City directly borrowed from Friend.tech.
However, New Bitcoin City is much more than just a platform for paid access to your preferred social media users or groups. The platform’s social chat app, called Alpha, is only one component of the entire New Bitcoin City ecosystem.
New Bitcoin City Ecosystem
The social chat app Alpha is currently the main component of New Bitcoin City used to promote the platform. By doing so, the developer team are hoping to capitalise on the current SocialFi frenzy started by Friend.tech.
Additionally, New Bitcoin City features a gaming app, Mega Whales. The app is a classic GameFi tool that lets users earn and trade crypto by participating in a blockchain-based game. Mega Whales is among the very rare play-to-earn platforms where you can directly earn BTC, the world’s leading cryptocurrency.
New Bitcoin City also features a decentralised exchange (DEX) platform, where you can swap popular cryptocurrencies and stake crypto funds in liquidity pools. There is a bridging solution, Trustless Bridge, that you can use to transfer tokens from other blockchains to trade on the DEX.
New Bitcoin City Performance and Potential
Offering more than one service is one of the key distinct features of New Bitcoin City that sets it apart from its key competitors – Friend.tech and other SocialFi platforms. Users could potentially socialise, play the game to earn crypto rewards, and trade on the DEX, all within one platform.
Currently, each of the services offered by New Bitcoin City is a standalone app on its own. However, it’s likely that the integration of the services within one app is on the cards of the development team. At least, that would make the most sense in order to promote the platform and challenge Friend.tech’s dominance.
Another key advantage of New Bitcoin City is its focus on the Bitcoin blockchain and BTC crypto. At the moment, New Bitcoin City is the only SocialFi platform linked to Bitcoin, even if via a Layer 2 solution. This allows platform users to utilise the BTC crypto in all their on-chain transactions and trading. Given the vast number of individuals holding BTC, New Bitcoin City definitely has the potential to rival Friend.tech.
As of the time of writing on 21 October, New Bitcoin City is already the 2nd SocialFi platform, behind Friend.tech, in terms of the total value locked (TVL). Although Friend.tech’s TVL ($44 million) is vastly higher than that of New Bitcoin City ($2 million), the gap might easily close over the coming weeks and months.
Friend.tech continues to enjoy the first-mover advantage in this niche. Also, the platform is being heavily promoted by its owner, the world’s 2nd largest crypto exchange - Coinbase. These factors ensure that Friend.tech retains a solid lead over New Bitcoin City and other SocialFi platforms in terms of TVL. However, New Bitcoin City’s key advantages – a comprehensive ecosystem and, importantly, the focus on leveraging the massive BTC holder community – might easily change the dynamics of the SocialFi leadership race. The next few weeks and months are going to be very interesting in the world of SocialFi. Can David take on Goliath?
What is New Bitcoin City?
New Bitcoin City is a decentralised social platform launched last month on a purpose-built Layer 2 protocol, NOS. NOS is a layer 2 platform designed to enable smart contract functionality for the Bitcoin network. Since Bitcoin lacks this functionality on a native level, NOS can be used to enable decentralised apps to leverage the world’s largest blockchain.
The NOS-based New Bitcoin City replicates some of the features of Friend.tech, the current absolute leader among SocialFi protocols. Users can register on New Bitcoin City and purchase “keys” to participate in group chats with other social media users. Paid access to group chats is a feature that New Bitcoin City directly borrowed from Friend.tech.
However, New Bitcoin City is much more than just a platform for paid access to your preferred social media users or groups. The platform’s social chat app, called Alpha, is only one component of the entire New Bitcoin City ecosystem.
New Bitcoin City Ecosystem
The social chat app Alpha is currently the main component of New Bitcoin City used to promote the platform. By doing so, the developer team are hoping to capitalise on the current SocialFi frenzy started by Friend.tech.
Additionally, New Bitcoin City features a gaming app, Mega Whales. The app is a classic GameFi tool that lets users earn and trade crypto by participating in a blockchain-based game. Mega Whales is among the very rare play-to-earn platforms where you can directly earn BTC, the world’s leading cryptocurrency.
New Bitcoin City also features a decentralised exchange (DEX) platform, where you can swap popular cryptocurrencies and stake crypto funds in liquidity pools. There is a bridging solution, Trustless Bridge, that you can use to transfer tokens from other blockchains to trade on the DEX.
New Bitcoin City Performance and Potential
Offering more than one service is one of the key distinct features of New Bitcoin City that sets it apart from its key competitors – Friend.tech and other SocialFi platforms. Users could potentially socialise, play the game to earn crypto rewards, and trade on the DEX, all within one platform.
Currently, each of the services offered by New Bitcoin City is a standalone app on its own. However, it’s likely that the integration of the services within one app is on the cards of the development team. At least, that would make the most sense in order to promote the platform and challenge Friend.tech’s dominance.
Another key advantage of New Bitcoin City is its focus on the Bitcoin blockchain and BTC crypto. At the moment, New Bitcoin City is the only SocialFi platform linked to Bitcoin, even if via a Layer 2 solution. This allows platform users to utilise the BTC crypto in all their on-chain transactions and trading. Given the vast number of individuals holding BTC, New Bitcoin City definitely has the potential to rival Friend.tech.
As of the time of writing on 21 October, New Bitcoin City is already the 2nd SocialFi platform, behind Friend.tech, in terms of the total value locked (TVL). Although Friend.tech’s TVL ($44 million) is vastly higher than that of New Bitcoin City ($2 million), the gap might easily close over the coming weeks and months.
Friend.tech continues to enjoy the first-mover advantage in this niche. Also, the platform is being heavily promoted by its owner, the world’s 2nd largest crypto exchange - Coinbase. These factors ensure that Friend.tech retains a solid lead over New Bitcoin City and other SocialFi platforms in terms of TVL. However, New Bitcoin City’s key advantages – a comprehensive ecosystem and, importantly, the focus on leveraging the massive BTC holder community – might easily change the dynamics of the SocialFi leadership race. The next few weeks and months are going to be very interesting in the world of SocialFi. Can David take on Goliath?