KuCoin AMA With Phaver (SOCIAL) — The New Age of Social Networking

Dear KuCoin Users,

Time: September 27, 2024, 11:00 AM - 12:04 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session featuring Joonatan Lintala, the CEO and Co-Founder, alongside Tomi Fyrqvist, the Co-Founder and CFO of Phaver, in the KuCoin Exchange Group.

Official Website: https://www.phaver.com/
Whitepaper: Click to view

Follow Phaver on X, Discord and Telegram

Q: Could you share a brief introduction to Phaver and the vision driving its creation?

Joonatan: Phaver's long-term goal is to provide the world with a fairer social media experience that allows users to own their social graphs on the blockchain and rewards them fairly for their contributions. This vision drives us forward and has motivated us to build for years, resulting in nearly 600,000 users even before the token was launched this week.

Q: In what ways does Phaver stand out from other Web3 social-fi projects?

Joonatan: The significant difference is that we are not just another speculative project, as is the case with most SocialFi initiatives. Instead, SOCIAL is the currency of Phavertown, the community we have built over the years. It will soon be available for transactions ranging from tipping and gated content to boosting your visibility in our mobile app, all while rewarding those who provide value.

Tomi: Additionally, we look at also at active app - DAU, and on-chain DAU - Phaver has one of the most active user bases; 30k per day, competing for the pole position with Warpcast of Farcaster. this constitutes typically 50% of all Lens activity, and it is clearly the largest external app on Farcaster.

Phaver is also the only app that allows users to cross-post and aggregate reactions from both Lens and Farcaster.

Q: What are the standout features of Phaver, and how does the multi-social protocol concept work?

Joonatan: The Phaver Supergraph enables users to post simultaneously on Phaver, Lens, and Farcaster, consolidating all likes and comments into a single Phaver post. Additionally, the Phaving concept rewards the top curators who discover valuable content, as well as the creators whose posts are 'phaved,' with points that can be redeemed for tokens on a monthly basis.

Tomi: Multi-protocol also means multiprotocol Frames, which are mini-apps or actions within Farcaster and Lens. Phaver is committed to utilizing $SOCIAL as the key currency in these Frames, with on-chain actions also being possible. The exciting aspect of Frames is that they are only 'limited by users' imagination,' ranging from polls to more complex functionalities, somewhat akin to mini-apps on Telegram.

Q: How do tokens play a role within the Phaver ecosystem? What are the ways users can earn and benefit from them?

Joonatan: SOCIAL tokens can be redeemed for your Phaver Points monthly, starting one month after the Token Generation Event (TGE). This system functions similarly to Reddit Karma but is actually liquid, providing a fair reward mechanism for early users and supporters. Soon, users will also be able to utilize these tokens in the app with gasless wallets to SuperPhave posts, tip creators, unlock content, and enhance their visibility and earnings.

Tomi: Phaver's native token has multiple important roles. Another way to look at it also from an indirect more fair revenue share perspective to the creators, where our ultimate goal is to also flip the "take rate" in creator's favour.

What I mean by that, is that if Facebook generates $100 billion in advertising revenue but offers little to creators—often only 1% through a creator fund. Our goal is to allocate over 80% of all incoming cash flow to native token holders. This will be achieved, for example, by offering the most competitive rates for advertisers using the token.

The token is also the community's own currency and belief system. We will also put up increasing amount of votes, where community's viewpoint should be asked, up on a vote, when it makes sense.

Q: With Phaver’s decentralized model, how do you ensure strong user privacy and security?

Joonatan: Blockchain is inherently public, so privacy is not a built-in feature for Web2. However, our direct messages (DMs) with XMTP are fully encrypted by wallets, ensuring that no one, including us, can read them. Additionally, since users own their social graphs on Lens and Farcaster, if we were ever to invade user privacy, they could easily switch to another app. Therefore, it is in our strong interest to prioritize user privacy.

Tomi: Although blockchain posts are by default public and immutable, users being able to "choose their level of filtering" (where in Phaver's model we have the minimum requirement of the app stores). The blockchain backing of these posts guarantees fundamental freedom of speech (user followers will still be retained on the chain, even if an app is forced to take down posts due to violations of app store rules.).

Q: Can you walk us through Phaver’s roadmap? Are there plans to integrate additional social protocols in the near future?

Joonatan: If there are new growing protocols we are ready to add them. In the meantime, we focus on SocialFi. which includes adding wallets within the app and enhancing the various ways users can utilize and earn tokens. Additionally, Phaver perks will grant SOCIAL holders access to many other airdrops from our partner projects.

Tomi: In addition to the upcoming in-app wallet and perks feature, the following key elements would on our roadmap would be:

- Web3-native ads served via Frames, which will benefit token holders from ad revenue.

- Additional features to utilize use Points and $SOCIAL for enhanced visibility

In terms of proprietary on-chain elements, Phaver is peeling the onion layer by layer. We have started with multiple gamified NFTs and a points system, and now we have a live token. Who knows what exciting developments lie ahead in the future!

Q: What should users expect from Phairdrop Season 2?

Joonatan: First, a much smoother claiming experience, as many users faced an issue during Season 1. Second, season 2 is focused a lot more on the holders; those who either hold the Season 1 or purchase from the market gets a much higher share of rewards. This approach ensures that the rewards go to the right individuals without negatively impacting the token price.

Claiming will occur within the Phaver app, allowing users to redeem tokens using points, with a multiplier based on the amount of SOCIAL held.

Tomi: The main goal of S2 airdrop, in addition to rewarding the most active users and holders (through high holding multipliers, while earning points in the app for the base count), is to incentivize new part of the flywheel, incentivizing further within CT crowd. Currently, users receive 1,000 points from each referred user who reaches L2 (to prevent cheating), providing a faster way to level up. This, combined with some of the prop NFTs, help users ascend to the next layer of Phaverians!

Q: Are there any upcoming plans for creator monetization on Phaver? If so, how will it work?

Joonatan: Yes! Creators are at the core of SOCIAL, and will both have a native way to earn based on the points they earn by posting and by redeeming tokens. Additionally, they will gain new ways to hold their own gated communities, offer premium posts, and find other ways to monetize their fans in fair and transparent ways. Also there will be an option to share any Phaver ad posts for a revenue share.

Tomi: Regarding the Frames, there will also be a "share to audience" feature that includes a revenue share option related to ads or other monetizable actions. This is especially beneficial for large KOLs and creators, where they can think which options are most fitting to their audience.

Q: Hello Joonatan and Tomi, and the entire Phaver team! I would like to express my gratitude and appreciation for all the hard work the team has put in, and congratulations on the recent launch of the $SOCIAL token!

Regarding my question, now that Season 1 has concluded, what can we expect for Season 2? I also missed the opportunity to mint the latest NFTs—can I still purchase them on the secondary market to meet the criteria for Season 2, or is eligibility limited to the original minters. Additionally, are there any additional criteria for Season 2?

Joonatan: Thanks! As mentioned earlier, Season 2 is focused on rewarding holders, but anyone can get started and earn a smaller share any time. NFTs can be bought from OpenSea to level up faster or with PhaverUps from Magic Eden, you also get guaranteed Level 5 redemption of points.

Tomi: Both Phaver Up NFT and Cred Passes can also be bought from the market.

We dropped the initial batch which has traded for over $3 million in community value (in addition to the 4% airdrop) as part of our total free drops to our active members, offered as free mint on a first-come, first-served basis.

Cred passes were minted at a fixed price between $20 and $30 each, but the batch was limited to low double-digits thousands. But one can grab as many of these as they wish from the secondary market to increase their points and credibility.

Q: Is your platform suitable for crypto beginners, or is it primarily designed for professional users?

Joonatan: Yes, it is! My grandmother uses it every day and there’s no need to know crypto to use Phaver. Soon, we will create free wallets with Lens and Farcaster profiles in the app for a very smooth experience.

Q: Considering the growing interest in NFTs, the metaverse, and gaming, can you elaborate on the potential benefits you foresee in this field in the future?

Tomi: Metaverse has been gradually expanding, but its purest virtual form was not heavily utilized in the initial stages. We see social media, which began with Instagram and Snapchat, as a natural extension of ‘quasi-virtual lives.’ We believe that the integration of social media and NFTs represents a natural progression toward greater adoption of virtual metaverses.

Q: What is your strongest advantage that will position you as a market leader?

Tomi: We will remain building regardless of the circumstances. The core part of our community has showed that they stood with us, even during times when the claim portal was down, which put downward pressure on the price. We are standing and building together, no matter what happens, or how turbulent the waters might become at times.

Q: What are the advantages of having a blockchain-based immutable backup of one's social graph, and how does Phaver ensure the security of this data?

Joonatan: The primary advantage is that no one can censor or cancel you at will, as is often the case in Web2. You can use various apps to access the same data without the risk of API closures, like those that have occurred with X (Twitter), Reddit and other platforms.

Q: How does the project plan to sustain long-term value for its token, and what strategies are in place to ensure a steady growth in profitability for token holders?

Joonatan: The monthly redemptions are mapped to continue forever with a circular economy, where tokens flow in and are distributed out to worthy users. This approach ensures a fair and balanced economy that does not stop when airdrops run out, but also does not distribute all the value at once. There are also various ways to spend the tokens within the app, creating constant buying demand. We are only getting started and most of the features are coming in the next three months to enhance the in-app economy.

Q: As a project, attracting non-crypto users is essential for mainstream adoption. Can you share your strategies for enticing non-crypto users to your platform? Also, are there any upcoming partnerships in the pipeline that will help bring in non-crypto users and facilitate real-world use cases?

Joonatan: Our main strategy is to treat creators well, reward them and give them ownership of their audience. If creators come to Web3, their followers will follow them and we can onboard the masses in the coming years.

Q: What benefits do holders get from holding their SOCIAL tokens for an extended period?

Joonatan: Season 2 marks the beginning of our monthly seasons, allowing holders to increase their token amounts over time by being active, even without making any additional purchases. The leaderboard within the app also provides extra visibility for the holders, and soon, tokens will be usable for transactions across chains within the app.

Q: Partnership and collaboration are the essential for expanding the reach of any project. Can you list some of your partners with us?

Tomi: The key partners are:

- Social protocols: Lens & Farcaster (and as mentioned we constitute large part of their DAO).

- Mocaverse: We have been collaborating with them for a long time, and have been sharing various cross-perks.

- NFT projects: This includes the high-floor projects like Pudgies and Punks. As well as lower-floor projects, but with a legitimate communities

- Overall partnership growth strategy has been at the core of our thesis, and full list can be also found here.

Q: What are the benefits of holding your token as long term investment? Can you tell us about the motivations and benefits for investors to retain your token over the long term?

Tomi: The typical value of social network, is proportional, and even exponential, to its user base. Depending on how quickly you believe people will understand the need to own their own social media life, and how fast you expect the team to cook, will play a significant role in this assessment.

The token is at the core of the value streams of the platform, therefore the user growth factor will be directly correlated with the expected development of token prices.

Right now, we are seeing lot of Phaverians posting already their ‘Proof of $SOCIAL’ by showcasing their holdings. This not only demonstrates social utility but also their belief in and commitment to decentalized ownership in the future of social media.

Q: How does Phaver's vision of a meritocratic and user-owned social network align with the values of the Web3 community?

Tomi: We are building a ‘village, not a company.’ Participants in our ecosystem can choose their level of involvement, ranging from lurker to active poster, to KOL, contributor, moderator or curator, or deeper roles. As individuals engage more actively, they receive increasing rewards in a meritocratic fashion - which is something that only Web3 and the token ecosystem can facilitate seamlessly.

Q: Do you have tutorial videos on how we can get to know more about your project or do you have a YouTube channel? Can you share it with us?

Tomi: You can join our Discord, where you wil find many contributors and Amazing team ready to help you get started and make friends. In addition to this, feel free to join our Telegram channel to engage with the rest of the community and team members.

Youtube has tons of videos mainly created by the community. You can earily find them by searching ‘Phaver’. However, the best place to get involved is by coming to Phaver directly. Be sure to check out the 'Phavertown.wtf' channel to see the latest happenings!

Q: Why do you believe Phaver stands out as a superior choice compared to other social platforms?

Tomi: In addition to decentralized ownership of one’s profile— available for free as an L2 user on Lens and Farcaster— our constant and consistent goal is to share as much value back to the users. I would like to highlight the community that proudly called themselves as Phaverians.

Q: Could you please share your social media links so we can stay updated on your latest news and developments?

Tomi: Here is the full list of links: X, Discord, Telegram, Phaver App on iOS and Phaver App on Android.

Q: Given that a robust marketing strategy is essential for any project's success, what are your plans for expanding relationships and building communities in both English-speaking and non-English speaking regions? Are there any specific limitations or restrictions that you need to take into account during this process?

Joonatan: We have developed localized versions of the app and have local team members who are fluent in languages such as Chinese, Korean, Japanese, Turkish, and many others. This approach ensures that we effectively cater to both global and local crypto communities, as well as to the mainstream audience in the future.

🎁 Participate in the Phaver AMA AMA quiz now for a chance to win 1,480 SOCIAL.

The form will remain open for five days from publishing this AMA recap

KuCoin and Phaver have prepared a total of 200,000 SOCIAL to give away to AMA participants.

1. Pre-AMA activity: 73,350 SOCIAL

2. Free-ask section: 6,650 SOCIAL

3. Flash mini-game: 53,400 SOCIAL

4. Post-AMA quiz: 66,600 SOCIAL

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

Follow us on Twitter, Telegram, Facebook, Instagram, and Reddit.