Overview

Social networks are among the most important platforms on the internet today, with the five largest generating about $150 billion annually. However, strong network effects have trapped users within the confines of Big Tech's walled gardens, maintaining a take rate as high as 99%.

Decentralized social networks, however, have the potential to significantly reduce this take rate. Hundreds of billions of dollars can be redistributed to creators, users, and developers, creating a virtuous cycle for creativity and innovation. This could enable millions to earn a living from content creation, thereby fostering profound creativity. A decentralized social network also eliminates the platform risks posed by centralized Big Tech, motivating developers to further invest and build. With better tools developed and data owned by users, everyone can enjoy a better experience free from lock-in.

Decentralized social networks provide an excellent entry point for users to explore the wider decentralized on-chain economy. We've noticed a significant number of users making their first transaction on CyberConnect and then participating in DeFi, NFT, and gaming activities. The on-chain economy can only engage a limited number of users through financial activities. The rest of the world needs to onboard web3 because their friends are here.