In today’s Web 2 world, big data dominates our lives: airline tickets that increase in price the more you look at them, frequent shopping ads, and repetitive, boring posts. As social media users, we have handed control of our data to internet giants who label us and monetize our data to the fullest extent. Now, Phaver emerges as a “Web 2.5” platform. Phaver allows users to fully control their data and monetize it themselves, breaking the barriers between Web 2 and Web 3. Users can log in using common Web 2 social site methods, such as email and Google accounts, without needing a wallet, seamlessly entering the Web 3 world. Phaver aims to attract not only Web3 natives but also a broader audience to experience a decentralized, data-autonomous, and privacy-protecting internet world.

Phaver is committed to creating a super social graph for the Web3 world, and it is the only social app that allows cross-posting while integrating both the Lens Protocol and Farcaster Protocol. It has established the Phaver Point system, similar to airline mileage reward systems, to encourage community participation and reward creators in a gamified manner. The Phaver Cred credibility score system effectively prevents the abuse of bots, fake accounts, and farming behaviors, and also enhances the utility of users’ NFTs.

So far, Phaver’s performance data is impressive. The daily active users (DAU) have reached 41k, with 27k of these being unique, non-bot interactions. It is currently the largest application on the Lens Protocol in terms of daily active users and post volume, accounting for 46% of the daily posts. Even before the complete feature set was released, Phaver was already the largest external application on Farcaster, with 22k active accounts connected during its alpha launch, contributing to 40% of Farcaster’s DAU. Currently, the wallets connected by active Phaver users hold assets exceeding $200 million. The app has been downloaded 350,000 times, and its followers on the X platform have reached 300,000. The latest airdrop announcement tweet reached over 820,000 views.

Airdrop & Token Economics

Phaver’s token, $SOCIAL, has a total supply of 10 billion tokens and will be the first social token listed on a centralized exchange (CEX). As a leading multi-protocol social application, Phaver has attracted high-profile partners such as Animoca, Pudgy Penguins, and Rakuten Group, offering $SOCIAL holders access to numerous future whitelists, airdrops, and other benefits, surpassing any previous social tokens.

On May 8, the official launch of Airdrop Season 1 was announced, accounting for 3% of the total circulation, with the snapshot timing yet to be determined. Eligibility for the airdrop can be checked on the website: Phairdrop. Each user can receive up to 100,000 $SOCIAL tokens, which will be fully unlocked upon listing. Within the first two weeks, the announcement of the first season of $SOCIAL airdrops attracted 110,000 visitors and over 60,000 mentions on the X platform, indicating the excitement and anticipation for the $SOCIAL token launch.

Users can exchange Points for $SOCIAL tokens, with different Cred levels offering different exchange ratios. The higher the level, the better the exchange ratio; for example, a Level 2 user has an exchange ratio of 1000 (Points) : 200 ($SOCIAL). To achieve a 1:1 exchange ratio, users need to reach Cred Level 5 and possess a Creator Badge or a Phaver-Up NFT.

Currently, the floor price for Phaver-Up NFTs is 1805 Matic, approximately valued at $1170, and they can be traded on the NFT marketplace MagicEden. The official account stated that each Phaver-Up can earn 300 Points and 50 Cred daily and encourages users to hold higher rarity Phaver-Up NFTs, with benefits to be announced for Airdrop Season 2. Last month, the floor price for Phaver-Up free mint NFTs exceeded $1250, with airdrops valued at over $3 million distributed to the community, making it the most frequently traded Polygon NFT on Magic Eden last week.

Community rewards (27%) account for the largest token share. These will be gradually released over the next five years and may receive subsidies from advertising and other revenue sources (subscriptions, NFTs, etc.).

The developer team (18%) includes a one-year lock-up period and four-year linear release, ensuring the team’s incentive to build a long-term sustainable token ecosystem.

Airdrops (3%) are intended to reward early users, with distribution mainly based on user levels and points, though users with special contributions may also receive additional rewards.

Phaver’s Gamified Points and Credibility Systems

Phaver incentivizes the community to generate high-quality content through its gamified points system and credibility score system.

Phaver Cred

To minimize common issues on social platforms, such as bot activity and fake interactions, Phaver has innovatively set up the Phaver Cred credibility score mechanism. This is a reputation score based on users’ on-chain assets, such as PFP (Profile Picture) and identity credential NFTs. These assets cannot be forged or connected to multiple accounts simultaneously. Phaver Cred determines a user’s level within the app and can unlock privileges, including free staking and monthly point-to-token conversion limits, which increase with the user’s level.

Phaver Cred is updated every 30 days. During this period, users can earn enough Cred by linking NFTs and maintaining activity to avoid being downgraded. Different NFTs have different Cred values; for instance, CryptoPunks are worth 60 Cred, Azuki is worth 15 Cred, and Doodles are worth 10 Cred. This approach enhances the identity recognition of different NFT holders and lays the groundwork for future marketing collaborations with NFT projects.

Phaver Cred currently has five levels, with the requirements and benefits for each level detailed below:

1. Level 1: The initial level for users. Users can post high-level topics, link NFTs, and bind Lens and CyberConnect accounts, but after the Token Generation Event (TGE), they will no longer receive any free staking points or be eligible to exchange any tokens.
2. Level 2: Requires 50 Phaver Cred. Users receive 5 free staking points daily, can view trending posts, and their posts will have higher exposure. In the future, they will also have opportunities for partner whitelist access and a monthly point-to-token exchange limit after the TGE.
3. Level 3: Requires 250 Phaver Cred. Users receive 10 free staking points daily and enjoy all the benefits of Level 2, with even higher priority in post exposure.
4. Level 4: Requires 1000 Phaver Cred. This level is mainly for NFT whales, KOLs (Key Opinion Leaders), and other active Web3 “super users.” Users receive 20 free staking points daily, and their posts are recommended across all pages, with access to VIP channel services.
5. Level 5: Requires 3000 Phaver Cred. This newly added level provides 40 free staking points daily and includes hidden benefits that have yet to be announced.

Phaver Points System and Content Staking Mechanism

Phaver founder Joonatan has stated, “We hope to build a system that provides users with a comfortable, free experience on the interface while rewarding creators for their contributions. However, we do not want to construct it in an ‘invasive’ manner.” Thus, they have created an off-chain Phaver Point system. Users can earn points in various ways, and in the future, they will also be able to purchase points within the app. These points can be exchanged for Phaver tokens, offering users tangible economic incentives.

There are three main ways to earn Phaver Points:

1. Daily Staking: Staking can be understood as “incentivized likes” or “super likes.” Users can stake points on their favorite content daily. If users stake on a post early on and the post later becomes popular, the stakers will receive rewards, and the post’s creator will also get a portion of the rewards. This gamified content discovery method helps provide higher quality input for the information flow algorithm.

2. As a Creator: Users can earn points by creating original posts or reposting content.

3. Inviting New Users: Each user has an invitation code. By inviting others to join Phaver, both the inviter and the invitee will receive rewards once the invited user reaches Level 2.

Ways to use Phaver Points include:

1. Staking to Increase Exposure: Users can stake points on their own posts to increase visibility, known as Super Posts and Premium Posts. Posts that receive more Phaves not only have significant rewards but also increase their visibility in the user’s “recommended” feed, making it easier for high-quality content to rise.
2. Subscribing to or Unlocking Premium Content: In the future, content creators can set some or all of their content as premium posts, requiring users to pay points to access.
3. This provides an incentive for creators without needing to drive traffic to other platforms.

Through the 30-day clearing system of the Cred system and the token exchange incentives of the Point system, Phaver uses a gamified approach to encourage users to stay active within the application and actively participate in community building.

Team background

Phaver’s founding team has good complementary backgrounds and strong overall strength.

CEO Joonatan has ten years of marketing and BD experience in social media and has a deep understanding of what user groups are willing to pay for what features. CTO Carlo used to be a lead developer at a large gambling company and knows a lot about gamification. CFO Tomi is a former investment banker and venture capitalist who oversees token issuance, economics, and economics-related matters. There is also a co-founder who founded his first cryptocurrency exchange in 2012 and has extensive industry experience in the crypto field.

In addition to this, Phaver now has a total of 28 employees worldwide, which helps Phaver have local language support in many key markets, including Chinese, Korean, Japanese, Vietnamese, and many other languages.

Financing situation

According to Coincarp data, Phaver completed a US$7 million seed round of financing on October 5, 2023. Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor and Superhero Capital participated in this round of financing. . Cryptocurrency exchange SwissBorg also participated in the investment round and shared its allocation with community members. Phaver launched in May 2022 as a “Web2.5” mobile app and has raised more than $8 million in funding to date at a valuation of approximately $80 million.

Summarize

Phaver, as an emerging Web3 social platform, successfully combines the convenience of traditional social networks with the security and user autonomy of decentralized technology through its unique “Web2.5” design concept and robust economic incentive mechanisms. Its multilingual support and global team configuration allow it to quickly enter key markets and attract a wide user base.

Phaver’s growth potential lies in its ability to create a decentralized, data-autonomous, and privacy-protecting social environment while incentivizing user participation and contributions through its points and credibility systems. As Web3 technology continues to develop and user demand for decentralized social networks increases, Phaver is poised to become a bridge between the Web2 and Web3 worlds and hold a significant position in the SocialFi space.

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