There is a consensus in crypto media that decentralized social media will be some of the favorite categories of the next bull market. In content on YouTube channels such as VirtualBacon, Coinsider, and Coin Bureau, categories such as Ethereum Layer 2, Gamefi, and decentralized social media were mentioned. VirtualBacon channel recommended DeSo to those who want to benefit from the trend. Surprisingly, no Youtubers mentioned Hive.
So what is DeSo? DeSo is a Layer 1 blockchain that hosts decentralized social media applications like Hive. Diamond, a Twitter clone, also allows writing blog posts. In this respect, it is an application similar to Inleo. In the DeSo world, content creators do not earn curation revenue. Users can tip the creators of liked posts. In addition, content producers can obtain coins from ecosystem applications. In the Diomand application, content producers also have their coins. There are some prerequisites for owning dedicated coins for content creators.
In addition, those who link their real Twitter accounts with DeSo will earn airdrop tokens proportional to the value of their accounts within the scope of a new application called Focus App. I opened my account on the DeSo blockchain using my Metamask account. They give new users a quarter dollar worth of DeSo coins, so new users can make a certain number of transactions for free.
DeSo's price has increased four times since October with the contribution of promotions and system updates. Thus, DeSo's market value has approached twice the market value of Hive. So, what makes DeSo unique?
DeSo is a coin listed on the Coinbase exchange. It also hosts a decentralized exchange called OpenFund. Purchases can be made by sending USDC to this exchange via the Ethereum network. According to DeSo Explorer, 106k users made 1.9 million transactions on the DeSo network last month. The number of users is impressive, but the number of transactions is extremely small compared with Hive.
My first tweet in the Diamond application was as follows. I did not send a second tweet as I do not intend to give up on Hive.
TL;DR
Can DeSo compete with Hive? I think they are not at a level comparable to Hive in their current form. Even when we don't consider Splinterlands, Hive is superior in social media applications. On the other hand, it seems that they are good at marketing. They connect with the Ethereum ecosystem via Metamask and USDC. Many YouTubers announced the airdrop of the Focus application, which will operate on DeSo. They reach out to crypto enthusiasts by sponsoring major YouTubers. Several well-known VCs are behind DeSo, but I doubt they have built strong community support. DeSo price made 4x in recent months, and the total market cap surpassed Hive.
We need to try different things as a community to blow our sails with the wind of the bull season. Marketing actions taken by DeSo can give us an idea of this issue.
Thank you for reading.