First Impressions

“Binance's plans in Social Finance (SocialFi) as a catalyst for making Web3 widely accepted is very aligned to CyberConnect which aims for long-term sustainability through developer-focused blockchain solutions. Unlike Friend.tech who rode a wave of social buzz but struggles with user retention.”

Binance Labs Announced A Follow-on Investment in CyberConnect

In a twist of digital fate, CyberConnect, a decentralised social platform, saw its native token shoot up by 30%.

Image: Binance UTC +8 SGT 5:00pm

What Caused The Price To Go Up?

It's all thanks to Binance Labs, the investment wing of the world's top crypto trading venue.

The price of the token, called "cyber," zoomed from $5.05 to $6.35.

The spike followed an announcement by Binance Labs.

In a public statement, Binance Labs said,

"We have made a follow-on investment round in CyberConnect."

They added,

"We see SocialFi's potential in propelling Web3 into the mainstream, and we'll be hosting an AMA to dive into the opportunities of social integrations across the ecosystem. Stay tuned!"

What Is CyberConnect’s Aim?

CyberConnect is redefining the realm of social networking through blockchain innovation.

Targeting developers, it serves as a blueprint for crafting social media platforms that are equitable and uncontrolled by singular corporate powerhouses.

By leveraging a strong architectural framework, it embeds permanent connections directly onto the blockchain, thereby granting users an unprecedented level of control over their digital identity, content, and social interactions.

Essentially, CyberConnect aims to decentralise social media, offering an array of tools that empower individual data ownership and community building.

Through these disruptive features, CyberConnect is not just challenging the status quo but is fundamentally altering our expectations of what a social network can be.

Image: Binance

What is the difference between CyberConnect and Friend.tech?

The divergence between CyberConnect and Friend.tech is quite telling of how different paths can lead to varied outcomes in the blockchain-based social network arena.

CyberConnect is structurally more developer-centric, allowing for custom applications related to digital identity and social connections, thus creating an ecosystem with more layers of user engagement.

On the other hand, Friend.tech experienced a meteoric rise fueled mainly by social buzz but appears to be struggling with user retention.

This difference suggests that while Friend.tech grabbed quick attention, CyberConnect is banking on long-term sustainability by offering concrete technological solutions like CyberGraph and CyberID.

Both paths are intriguing but paint a picture of what might be more sustainable in the long run: genuine innovation or social virality.

Image: BeInCrypto

What Can We Expect from CyberConnect In The Future?

Imagine you've got the backing of a world-renowned chef for your small bakery.

That's the kind of validation Binance Labs' investment offers to CyberConnect.

In the end, CyberConnect's focus on genuine innovation has a likelihood of being more sustainable over time compared to Friend.Tech's reliance on social virality.