LD Capital: Understanding the current status of CyberConnect, which will soon be launched on Binance.
Author: Jaden, LD Capital
Binance recently announced that Launchpool will list the CyberConnect governance token CYBER. As a decentralized social protocol, CyberConnect aims to provide users with higher privacy, data initiative and more diverse content economic models. The CyberConnect protocol has been continuously iterated since its creation. This article will review the development history and current situation of CyberConnect.
one. CyberConnect Developments
The CyberConnect project was created in 2021 to create a decentralized social graph. CyberConnects infrastructure emphasizes data autonomy and implements a user-centric data flow system through a storage infrastructure based on Ceramic and IPFS.
In 2022, CyberConnect will launch the v2 version, deploying a hybrid expansion architecture (EVM+Arweave) for social applications. dApp can store more user social data on the chain through this hybrid solution. In addition, v2 also adopts an SBT-like solution to restore the users Web 3 identity by binding a series of social data to W 3 ST (non-transferable and using the ERC-721 standard). The representative product using CyberConnect v2 is Link 3 .
Its v3 version will be announced on July 14, 2023, and 6 EVM compatible network deployments will be completed in the next 2 months. The core of v3 is to build CyberConnect into a full-chain social protocol. Its core components include: CyberAccount, an identity infrastructure compatible with ERC-4337, Cyber Graph, an anti-censorship database that records user content and social relationships, and CyberNetwork, a multi-chain solution.
Cyber Account is a set of smart contracts. The related components can realize web2 user habits to a large extent and reduce the threshold of user migration. Specifically, they include: 1) Identity verification and authorization, including the ability to communicate via email, phone, etc. in the event of identity/private key loss. method to restore the account, and the team will improve privacy in the next few months; 2) Compatible with the ERC-4337 standard to achieve account abstraction, which can formally allow the CyberConnect protocol, the underlying network or any designated web3 dApp to pay transaction fees on behalf of the user , Realize seamless switching between different ecological wallets, etc., the product layer is CyberWallet; 3) CyberID; 4) Organizational account.
Cyber Graph emphasizes user identity and user social data links, and records social data to multiple EVM-compatible blockchains. The linking of data has also become an important basis in the CyberConnect creator economy. Correspondingly, the v3 version will also begin to further emphasize the creator economy. In the v2 version, the ERC-721 standard token W 3 ST was transformed into an ERC-1155 standard token, which further reduced the Gas fee.
The team did not elaborate on the Cyber Network information, but whether it is compatible with ERC-4337 or Cyber Graph is the basis for a better multi-chain user experience, the team said it will introduce additional upgrades in the next few months to make social interaction cheaper.
two. protocol data
The blowout of CyberConnect user data will occur in mid-to-late March, June and the end of July 2023. The corresponding events are:
1) CyberConnect has lowered the profile casting threshold. During the CyberConnect and BNB Chain hackathons, users are supported to register usernames (Handle) with a length of more than 12 characters for free, and the registration invitation mode is cancelled. In addition, on March 16, Arbitrum announced the airdrop of ARB tokens, and the airdrop effect stimulated users to search for unissued top projects to interact.
2) The public sale of tokens on Coinlist is over.
3) Binance launchpool announced the launch of CYBER.
Currently, the total number of CyberConnect Profiles is 1.258 million, with approximately 11,000 daily active users. The number of weekly active users was 82,000, a 45% decrease from last week. As Binance announced that the token would be listed on the launchpool, users conducted short-term on-chain interactions in anticipation of airdrops, and subsequently the number of active users continued to decrease. Judging from historical data, starting from March 2023, the number of long-term continuous daily active users is about 40,000. After the token sale through Coinlist, it was determined that the early adopter airdrop had completed the snapshot at the end of April, so it has been active for a long time The number of daily active users has dropped to 30,000. Since there are still reserves in the token distribution as subsequent community rewards, the activity on the chain has shown intermittent growth. Currently, the number of continuously active users on the chain has been further reduced to 10,000-20,000, which is closer to the real number of users.
three. financing
Funding: A total of $30.4 million in financing has been raised.
In the third quarter of 2021, it completed a US$10 million seed round, led by Multicoin and Sky 9 Capital, with participation from Animoca Brands, Draper Dragon, Hashed, Zoo Capital, Smrti Lab and Mask Network.
In the first quarter of 2022, it completed a US$15 million Series A financing, led by Animoca Brand and Sky 9 Capital.Delphi Digital、Protocol Labs、IOSG Ventures、 Tribe Capital、GGV Capital、Spartan Group、Amber Group、Polygon StudiosandSevenX VenturesParticipate in voting.
A public offering of US$5.4 million will be completed through Coinlist in 2023, with a public sale price of $1.8 and 25% unlocked during TGE. The price of Cyber needs to reach $7.2 during TGE before users participating in the public sale can recover their costs in one go during TGE.
Four. economic model
The total supply of CYBER is 100,000,000.
Token distribution:
Ecosystem Section Allocation Rules
Image source: Binance Research
Token use cases:
1) As a payment method for gas fees for all transactions across EVM-compatible chains within CyberWallet, it will be applicable to Ethereum, Optimism, Arbitrum, BNB Chain, Base and Polygon networks.
2) Community governance voting;
3) Pay CyberProfile mint.
five. route map
Third quarter of 2023: Release v3 version and deploy to more EVM compatible chains; release CyberWallet beta version compatible with ERC-4337 and CyberGraph models; upgrade [.cyber] to omni-chain domain name.
Fourth quarter of 2023: Implement functions such as web 2 login/restoration of CyberWallet; release CyberConnect Grant; implement more than 120 ecological projects and 1.5 million profiles.
six. compete
CyberConenct’s core competitive product is Lens protocol.
The core content of Lens Protocol V2 is a composable social network that supports external smart contracts to access the Lens protocol; it realizes a more open economic model and realizes value sharing between users, algorithms, applications and other roles within the platform; it introduces ERC-6551 A token standard that allows value to be linked to an individual Profile NFT rather than the owner’s address.
Compared with Lens Protocol, CyberConnect v3 focuses on user operation experience and the construction of a multi-chain universal identity network.
From the data point of view, Lens Protocol has 360,000 users, which is 1/3 of CyberConnect. However, the daily active user activity style is consistent with CyberConnect. Blowout growth is usually unsustainable and only lasts for about 1 week. The current number of daily active users is about 20,000.
Summarize
CyberConnect is a very noteworthy project in the decentralized social track. It wants to gradually graft the user habits of web 2 social applications to web 3 applications through the iteration of each version, and at the same time further reduce the cost of decentralized social by reducing interaction costs. threshold.
But from the data point of view, the current active users of decentralized social protocols are more due to the anticipation of token airdrops. In addition, due to user habits and social relationships, traditional social applications have high user stickiness and difficulty in migration. The development of decentralized social protocols still faces major challenges.
