Recently, Odaily and Bitget held an X Space with the theme of Web3 social ecology to jointly explore the new way out of SocialFi. Participating guests include GiGi, T2T2 community ambassador, Jarseed, chief on-chain ecology researcher at Bitget Research Institute, KOL Zhang Oman, PoPP Chinese ambassador Currency Brother Welfare and Baili from Baili Community.

T2T2 is a comprehensive Web3 social service platform deployed on the Ethereum and Base chains, focusing on innovative on-chain social interactions. Its purpose is to provide a one-stop social service for all users in the Web3 field. Through T2T2, users, project teams and KOLs can easily participate in social interactions and maximize personal economic value.

The following is a transcript of the community dialogue:

Odaily: Good evening everyone, tonight we have invited guests from different fields such as social service platform T2T2, trading platform, community, etc. Let’s talk about the future development trend of the SocialFi track.First up is the first question of the day. Is it possible that the SocialFi track will have some Web3 super applications?

Jarseed：Regarding finance and games, finance involves many rules and tools, and the learning cost is relatively high. For most users, there is a learning phase. Improper use may also result in losses. The threshold and learning cost of finance are relatively high, which naturally turns some users away. And games have a wider audience.

When games enter the blockchain field, we will see more financial elements combined. The game includes some profit-making gameplay, which is different from some of the well-known games we are familiar with before. Most players of various X 2 earn products participate with the main goal of making profit, and few are able to create super IP games in the Internet era such as World of Warcraft.

Therefore, although GameFi has attracted more participating users, its sustained profitability and long-term operating capabilities are relatively limited, and the number of IPs we have seen is also relatively small.

Compared with finance, the threshold for social networking is lower and anyone can easily participate. Compared with games, social networking can create a larger social circle. Within a social system, anyone can connect to each other, not just for some other reason, but connections can be made between fans and individuals, and you can also find more like-minded people there. These connections inevitably require tools to establish and maintain.

Therefore, Web3 provides a good space to build tools and applications in the social field. Therefore, I think in the social space, Web3 super applications are more likely to emerge.

GiGi：The SocialFi track has been getting a lot of attention recently, especially since Friend tech came to prominence, and the popularity of this field has continued to rise. I think SocialFi is very necessary in our daily lives. It has a strong social relationship factor, so its development is unstoppable.

The beginning of the concept of Friend tech and the emergence of many related imitation disks have proved that the existence of this Fi is indispensable and that it has huge potential. However, beyond Friend tech, there are many other directions in this field that deserve further exploration. Therefore, in the SocialFi track, we will see the emergence of more super projects similar to Friend tech, including projects like our T2T2, where we are innovating and introducing a clear mission. I will introduce our innovation later. I think our products are very mature and systematic, and everyone is welcome to experience them.

Baili:Let me talk about my understanding of super applications - with a large user base, high daily activity, money-making effect, and large enough TVL, super applications can arouse extensive discussions in the community. It is true that most super applications may include social networking, but I think the birth of super applications does not seem to have much to do with the track. It mainly depends on whether the product itself has enough money-making effects and innovative gameplay, as well as the possibility of breaking out of the circle in the future.

Zhang Aoman:I think there is some resistance to running Web3 super applications in the social field. But once it is done well, it can also develop for a longer period of time.

One of the problems we are facing now is that there are many restrictions on WeChat, and users are looking forward to a social platform that belongs to us. But I think to do well in the social field, the first thing is to seize the traffic entrance. It is not just about getting traffic, but more importantly, making the traffic survive and stabilize. Friend techs initial traffic was very good, but with the emergence of various imitation disks, not much traffic was actually retained, and Friend techs user experience was not good. How to get users to stay is a crucial issue for SocialFi.

Brother Welfare in the Currency Circle:Social interaction is everywhere and everyone has social needs. Whether you are looking for a partner to marry, friends at school, interacting with colleagues at work, or finding like-minded people in Web3, networking has always been essential. In any field, networking is a prerequisite. Whether its T2T2 or Friend tech etc.

There are many people who want to be involved in leading projects, but understand that when a project is hugely successful in the social space, like Bitcoin and Ethereum, whether it is a leading, leading, or tertiary project, there is an opportunity to create something in that space own achievements. Currently, T2T2 has the potential to become a Dragon II project because it has a lot of strong support and investment methods. I think it has the potential to become a Dragon II project. It rose to prominence because, as I mentioned before, social is essential and its user interface design is excellent.

T2T2 and Friend tech, I prefer to compare them to Bitcoin and Ethereum. T2T2 is more grounded than Friend tech. We understand it more clearly, know who the investors are behind it, and understand the origin of the applications we use. Recently you may have also noticed that the voice of T2T2 has become louder and louder, and some famous people have begun to promote it. Therefore, I think T2T2 is expected to emerge easily. The social field is also an area where it is very easy to make a name for yourself. As I said before, where there are people, there is a need for social interaction. Therefore, I personally am very optimistic about T2T2.

Odaily: The second question is about basic performance. We often hear people say that Ethereum may not be suitable for high-frequency interactive applications such as games.

What do the guests think of this issue? Does an application like SocialFi require a dedicated protocol layer? Or can applications be built on top of an existing common underlying layer?

Jarseed：Because we are now seeing more and more applications that combine Web2 and Web3 technologies. In fact, in addition to transactions that are completely based on blockchain, which may have higher TPS requirements for the entire supply chain, in other scenarios, some functions may be able to be satisfied on the Web2 side and provide better services to users.

Some functions may only require on-chain confirmation and ownership processing. So I think this problem can have two solutions, both can provide a good solution.

We can see that the emergence of Friend tech does not rely on higher-frequency interaction scenarios or higher performance requirements, but on setting up an ingenious mechanism to allow everyone to participate. I believe that the design and product delivery of T2T2 can also be done very well without necessarily relying on a proprietary supply chain or protocol layer to meet the needs of certain scenarios. I think this is feasible.

GiGi：On Ethereum, the cost is indeed relatively high for ordinary users. Everyone has also noticed that T2T2 originally originated from the Base chain, which successfully reduced the cost of user participation. In fact, our new features will be launched on the Ethereum chain according to demand, but they do not completely rely on the underlying chain like Ethereum, but reduce the users interaction cost to a certain extent.

T2T2 itself does not increase influence or social costs, but increases the possibility of subsequent operations. For example, our upcoming new features, such as copy trading, will be implemented on Ethereum, which will stimulate user interest and produce similar effects.

From a T2T2 perspective, Ethereum is just one option, but not necessarily the only one. We need to consider it from the perspective of cost and benefit, and comprehensively consider it from the perspective of users and project parties. Ultimately, we built T2T2 on the Base chain and Ethereum.

We believe that with the addition of KOLs, their influence will inspire development as the copying functionality we mentioned and the unique way of motivating users to trade will be used for promotion. T2T2 is built on the T2T2 chain and Ethereum, it is not absolutely dependent on Ethereum, and our ecosystem is developing well.

Zhang Aoman:I personally believe that it is feasible to develop application products based on existing common underlying technologies. Because the most important thing for a successful product is that the most users feel comfortable using it.

Just like GameFi now, even though I am an internet addicted girl, I still rarely play it. Because it’s not fun to play, I still need to spend money, and I may not be able to make money. Many times, an application does not need to be too complicated. The key is to make users feel accustomed to using it. This is the core. Just like the original Tencent, first do the basic functions to attract users, and then improve some special functions.

Brother Welfare in the Currency Circle:I think the current T2T2, including the applications you mentioned, is already quite complete. However, one area that I think could use improvement is the rankings and leaderboards.

One reason for the success of Friend tech is that the participating big Vs have a lot of face on FT. They have a high ranking on FT and receive more tokens, so they are willing to play FT. From the current point of view, T2T2 is not sufficient in terms of incentives and competitive stimulation for those at the top.

When your creativity is particularly outstanding, technology only plays a supporting role and cannot play a decisive role. Therefore, I think the most important thing is the incentive policy. Like I just mentioned, why play with this SocialFi? Because it increases my face. How to allow big Vs to earn both face and money is an issue worth considering.

Baili:Focusing on the product itself can provide users and players with more benefits and a better experience, which may be more practical than a dedicated functional protocol layer.

There are already enough public chains and protocols to meet the needs of social products. We can review some functional chains, such as the IMX of the game chain, the NFT chain Flow, the storage chain FIL, etc. Today, they are seeking to expand their ecological possibilities, but specialization has inhibited their own development. So I think it might be better to focus on the app itself.

Odaily: We just talked about T2T2, so maybe for some other latecomers that we know may have a lot of friends on the market now, or competing products, and for these other products, what will they have? A chance to overtake in a corner?

Jarseed：During the development of Web3, we experienced many models similar to Ponzi, as well as situations where it was difficult to correctly value Web3 products in the early stage. In the early days, we were all creating new concepts, breaking traditional perceptions, and lacked an objective way to price them.

However, the overall economic environment is now relatively tense, and the market’s valuation of entrepreneurial tracks and projects is more conservative. In this environment, we place greater emphasis on the cash flow health of a project or business. I think the design of T2T2 is very interesting. T2T2 introduces a flywheel model, that is, KOLs, people who buy KOLs, and the platform’s income subsidize each other, which helps promote the sustainable development of the ecosystem.

T2T2 distributes income to token holders and KOLs. This model is actually an organic growth model. While progress may not be fast at first, over time all token holders share in the growth of the platform. I think this is a really great model.

At the same time, the social space will continue to receive attention, and if t2t2 can achieve a leading position in this space and allow all token holders to share in the growth of the platform, then this could be an outstanding performance not only in terms of product and experience, but also in terms of revenue. way of transcendence.

GiGi：Since friend tech, SocialFi’s enthusiasm has continued to grow. In social networking, especially in the traditional social field, everyone will pay attention to their own privacy issues, so there are some privacy issues based on SocialFi that can be discussed, such as the use of ZK technology.

Brother Welfare in the Currency Circle:Overtaking on corners is a false proposition in itself, just like the iPhone, which has always been imitated but never surpassed. In the future, only certain feudal regimes can be formed. We just said that the background of T2T2 is very powerful, and it can be done. But we still need to work hard to surpass FT. After all, ETH has been trying to surpass BTC, right?

Odaily: What is the positioning of T2T2 itself in SocialFi’s social track? What important plans may there be in the future?

GiGi：The combination of social networking and finance has broad imagination. In the blockchain space, financial issues are often about making money, so combining social with finance offers huge potential. Especially in the Web3 space, I think there are several potential application directions.

Decentralized social payment. This method allows users to make direct peer-to-peer payments or transfers without relying on traditional financial institutions, avoiding many problems.

Social investment network. Users can share their portfolios and strategies and even collaborate on investment projects to build their reputations. Other users can see this information and trust them, thereby sharing in the benefits of their investment.

Social lending. This model allows users to borrow money by building credit through social collateral. Time limits can also be set to reduce risk to prevent issues with the lending platform.

Another potential application area is social gaming. Currently, the GameFi field is very popular, especially some guild battle games, where players plan together how to attack. Combining social gaming with finance, allowing users to trade virtual assets and currencies directly within the game without withdrawing them to the chain. This design is not only convenient, but also prevents the game from shutting down.

Social authentication is also an important area. Users can use identity information in social networks to build decentralized identity verification systems for financial services and real-name authentication products.

These applications may be mainly aimed at corporate users, but they may also include products such as mutual aid, social mutual aid, financial services, micro-loans, and donations, which may all emerge. These directions are innovative, but actual implementation may require overcoming some challenges.