In-depth analysis of the source of DeepGo ideas and the road of SocialFi
Original author: Byte, DeepGo SocialFi core contributor
DeepGo is a SocialFi product with a very high degree of freedom, just like a Lego set, constantly connecting information on the chain. As Apple founder Steve Jobs said: "you have to trust that the dots will somehow connect in your future", from "Smart Money Discovery" to "Tool for DAO Inspirations", DeepGo depicts the SocialFi world like a big canvas, connecting dots into Lines are connected into planes.
Let me first quote an introduction and evaluation after the internal test experience of investors:
DeepGo is easy to learn, but easy to get addicted to after exploring. After I started to experience it, I felt that the product is very novel and also contains high value. I hope to introduce and share it with everyone.
1. The road to getting started with DeepGo
From the process point of view, you can log in after connecting the wallet, and the system will automatically create a profile for you to help you analyze the income performance of the investment portfolio on the chain and make profit forecasts. Currently, an invitation code is required for login and registration. Without an invitation code, you can only browse the profiles created by early users.
The DeepGo team is very smart and supports users to create profiles of other addresses. There are already many well-known funds and industry OG addresses created by users. After paying attention to the giant whale, you can get the information push of the giant whale's transaction dynamics, which is more targeted. If you have an idea about the giant whale strategy or its transactions, you can also comment and share, and exchange and learn with more investors.
Mu Qiang is an industry characteristic. In the current market environment, everyone wants to know the operations of the bosses, and the data on the blockchain is true and cannot be tampered with. The dynamic push function of the giant whale is very valuable and practical. Although some existing asset management platforms have similar functions, DeepGo's quantitative analysis and visual charts are of high value.
2. Data structure of DeepGo
Overall, the design of DeepGo has a combination of ideas, is more structured, and then curated through social forms. DeepGo establishes profile based on address, and its constituent units include token, trade history, and post history. In a sense, profile is a collection of reputations on the user chain.
Currently there is a weak social relationship between profiles. Based on the main constituent units, users follow each other, forward, comment, and like each other, which has high social value.
3. Scalability
Through communicating with the DeepGo designer, I learned that the current product mainly builds social relationships and builds reputation based on on-chain strategies, which is simple but explosive. In the later stage, a strong connection for strategic collaboration on the chain should be established, and creative strategic investors should be gathered together. It should be a social collaboration tool for DAO. If you create "Address as a Service", and the establishment of trust reputation between profiles, the subsequent expansion to DAO funds and liquidity agreements are promising.
At the beginning of 2021, after three years of quantitative investment in cryptocurrencies, I gradually started to make a to C investment analysis product, named "DeepGo", inspired by the "DeepMind" team who invented the "AlphaGo" artificial intelligence Go, all It is hoped that collective intelligence can be enhanced through technology.
Initially, DeepGo was just an encryption quantitative strategy analysis tool, but after the team's in-depth research on DeFi and discussions with investment institutions, a composable SocialFi product was finally formed.
The SocialFi track is currently gaining momentum, and the beta version of the DeepGo product has been tested internally. How do we start the rabbit hole exploration in advance? I will use this article to explore the motivation behind DeepGo and explain the way forward. This article is divided into three parts:
product inspiration
first level title
route map
secondary title
Dune Analytics
I first experienced Dune Analytics two years ago due to the need for on-chain data analysis of the stablecoin DAI, and it has been out of control ever since. The main competitor of Dune Analytics is Nansen. As of December 2021, the latest equity valuation of Nansen is 700 million U.S. dollars, and the latest equity valuation of Dune Analytics is 1 billion U.S. dollars. I personally think that Nansen’s valuation is high, while Dune Analytics’ valuation is low.
Of course, both are excellent data analysis products that provide users with investment strategy information. It’s just that the data on the chain is transparent in nature. Nansen is a closed model, and realizes profits by capturing smart money to members, mainly relying on information asymmetry. Dune Analytics is open and mainly uses the UGC model to allow users, project parties, and communities to create valuable Dashboards. At present, many project parties use Dune Analytics' Dashboard to display financial report data, such as the Redacted project that focuses on DeFi 3.0, which verifies that Dune Analytics has a strong economic externality.
secondary title
Notion
Notion is a great inspiration to DeepGo, and it is the most surprising Web2 product I have used in these years. Its main recording and creation are not new, but it has a high degree of freedom and thus becomes a pioneer product. Notion has been well received on major social media, mainly because users feel a sense of accomplishment after free creation. At present, many users use Notion to build personal websites, and there is no requirement for programming skills in the process.
In October 2021, the number of Notion users exceeded 20 million, and the latest valuation was 10 billion U.S. dollars, a five-fold increase in the valuation within a year. In a sense, Notion is the product closest to the "Metaverse" form due to its flexible composability, open collaboration method, and decentralized concept. Participants are immersed in theme collaboration.
first level title
secondary title
Lego set
The greatest value of DeFi lies in its composability, which can make innovations have compound interest value, which is mainly reflected in two aspects:
If the internal elements of the product have a high degree of freedom and can be combined, it will greatly stimulate the creativity of users, thereby enhancing collective intelligence. A typical example is Furucombo invested by Multicoin Capital. Users can combine major income agreements to build automated income strategies.
As an industry element, the product itself can be combined in the industry system, and the product will have great economic externalities, forming the widest moat with an open model. Typical examples are Mirror and Dune Analytics on-chain blogs. Users only need to focus on producing content, and then the content will be ubiquitous and plug-and-play by major aggregators, project parties, and communities.
During the design process, DeepGo followed the product concept of "Tool for DAO Inspirations", and realized the maximum value of composability through the nesting of the smallest units.
Identity unit:profile image. Create a reputation image on the chain based on the address. The blockchain address should not be just a string of cold characters, but an individual reputation system. In the blockchain economy, profile is an identity unit. By creating "Address as a Service", each individual establishes connections with other profiles based on this.
Social Unit:post works. Posts can be generated based on profiles. Since the main elements of profiles are tokens and transactions, most of the posts created by users are investment wealth passwords. Compared with other SocialFi products, the information focuses on general discussions, focusing on investment themes, and users are more interactive. Persistent.
Social Collections:secondary title
Software Waves
It is not difficult to find in the history of the software wave that the market is becoming more and more decentralized, and empowering individuals has become the main trend.
First Wave: The earliest microcomputers, mainly professional programmers coding their own software.
The second wave: PC era, personal business software, such as Office series.
The third wave: Internet era, collaborative software, such as Google cloud office software.
The fourth wave: the era of empowering individuals, users create personal software, and liberate productivity from changes in organizational relationships, such as Notion represented by the "post-Office era".
route map
route map
From the history of the development of Web2 social products, we know that social products out of the valley of death naturally have a moat, and the network effect will form a stronger head effect. But many social products are just a flash in the pan before they get out of the valley of death. According to a well-known VC in Silicon Valley, if a social product has a retention rate of 20% after half a year, it will be possible to succeed. This shows that the user retention rate of social products is very important.
first level title
user journey
Ordinary users can easily explore DeepGo's Social world after connecting their wallets. According to the trigger-action-reward-investment path, users will experience based on inertia. The following functions have been implemented in the beta version:
Trigger: Discover the giant whales on the chain. According to the differences in popularity, assets, and yields, there are already profiles of well-known institutions and KOLs available for mining.
Action: Follow the giant whales you are interested in, so as to subscribe to their on-chain transactions or share opinions, and you can forward, comment, and like.
Changeable rewards: In the process of following or socializing, gain unexpected wealth codes and high-value cognitive enhancement.
first level title
growth engine
secondary title
2022 Q1-On-Chain Circles
In the process of social interaction, users screen high-aware professional investors. If they want to get more in-depth social interaction, they will enter the chain circle that pays more attention to privacy. DeepGo acts as a social investment research tool for DAO character of.
Trigger: Based on the social interaction of transactions on the chain, it is found that the profile you follow is indeed capable, and you want to further socialize, and discover the wealth code first.
Action: Mint NFT, join DAO, the circle of professional investors.
Changeable rewards: in the circle on the chain, improve cognition and ability through collective cooperation.
Commitment: Time and effort.
The circle on the chain is not just a small dense circle like Web2 to keep warm, but more based on the reputation on the chain to achieve collective wisdom enhancement. Using the profile data provided by the current Beta version as a database, circle members can create investment strategies with a low threshold.
secondary title
2022 Q2-SocialFi Liquidity Service
From the perspective of our quantitative investment practitioners, the more attractive application scenarios of blockchain are in finance, so our SocialFi focuses more on "Finance", so the ultimate form of DeepGo is DAO+DeFi, and social networking is only to build reputation on the chain, that is, By creating "Address as a Service" and realizing address as a service, the ultimate goal is to improve liquidity efficiency.
At present, the growth of DeFi has been weak, and the past liquidity solutions generally have problems such as overexploitation and lack of loyalty. If the wealth creation effect of DeFi can be combined with the network effect of social DAO, DeFi will usher in a new "summer", and This is also a huge opportunity for SocialFi.
first level title
Product Moat
In Web2 Internet investment, the moat of the product is a must study. SocialFi is a potential track in the Web3 era. Through a lot of product research, I concluded that the widest moat of Web3 is decentralization. Due to decentralization, Web3 products have strong openness. If the decentralized model is integrated with a complete token economic mechanism, it will form an unbreakable competitive advantage.
DeepGo is a SocialFi product with a very high degree of freedom, just like a Lego set, constantly connecting information on the chain. As Apple founder Steve Jobs said: "you have to trust that the dots will somehow connect in your future", from "Smart Money Discovery" to "Tool for DAO Inspirations", DeepGo depicts the SocialFi world like a big canvas, connecting dots into Lines are connected into planes.
