Top SocialFi Crypto Projects of 2024

Top SocialFi Crypto Projects of 2024

SocialFi blends social media and decentralized finance, enabling users to monetize their online interactions and content within blockchain-based platforms. This article provides an in-depth look at the burgeoning SocialFi sector, its foundational concepts, notable growth trends, key players, investment insights, and potential future developments.

The dynamic world of SocialFi offers a unique fusion of social media and decentralized finance (DeFi) within the blockchain ecosystem. Imagine combining the connective capabilities of platforms like Twitter or Facebook with the financial mechanisms of cryptocurrency—this is what SocialFi is all about. 


An Introduction to SocialFi 

At its core, SocialFi enables you to monetize your online interactions through social networks built on blockchain technology. Whether you're creating content, sharing posts, or simply engaging with others, SocialFi platforms reward you with tokens, turning social interactions into potential financial gains. This transformative approach not only empowers users but also ensures that you have control over your data and the content you produce.


Growth in Unique Active Wallets (UAWs) across dApp sectors in 2023 | Source: dAppRadar 


Based on dAppRadar’s 2023 Dapp Industry Report, there has been an impressive increase in the social sector in 2023, with the daily count of Unique Active Wallets (UAW) reaching 250,764. Compared to 2022, there was a substantial growth of 518%, underlining the triumph of this category and the escalating importance of decentralized social media. Prominent platforms such as, Lens Protocol, and Galxe are just a few instances.


Who Is SocialFi For?

SocialFi platforms cater to a diverse range of users, each with unique interests and needs in the digital space. Let’s break down who might find SocialFi particularly appealing:


  • Content Creators and Influencers: If you're someone who creates content, whether as a blogger, vlogger, artist, or influencer, SocialFi platforms can offer new ways to monetize your influence and creations directly through social tokens and other crypto-related mechanisms​. 

  • Tech-Savvy Individuals: Those with a keen interest in blockchain and cryptocurrency technologies are natural adopters of SocialFi. These platforms provide a space to engage with advanced digital trends, especially if you're interested in the intersection of social media and decentralized finance​. 

  • Privacy-Conscious Users: If you value privacy and control over your personal data, SocialFi platforms could be a good fit. Unlike traditional social media platforms, they typically offer enhanced security features and give users ownership of their data​. 

  • Investors and Traders: Investors looking for emerging opportunities might be drawn to SocialFi for its novel financial products and services that merge social interactions with monetary gains​. 

  • Fans and Community Members: For fans of various interests and communities, SocialFi platforms can offer more interactive and rewarding ways to support and engage with your favorite creators or brands through tokenized interactions and governance​. 

Overall, SocialFi is for anyone interested in a more integrated approach where social interactions can directly translate into financial benefits, all while operating within a secure and decentralized environment. Whether you're a creator looking to better monetize your content or a user wanting more control over your online presence, SocialFi platforms offer a range of features that cater to a tech-forward, privacy-valuing audience.


The Rise of the SocialFi Sector in 2024 

2024 marks a significant year for SocialFi, driven by several trends and technological advancements reshaping how we interact online. This year, we're seeing a greater integration of blockchain technology into social platforms, enhancing user control and content monetization. The growth of platforms like and Pulse exemplifies this trend, where users gain from robust community features and financial rewards for their engagement and content creation. According to CoinGecko, SocialFi coins have a combined market cap of over $4.6 billion and a 24-hour trading volume of over $215 million as of early May 2024. 


Moreover, advancements in blockchain infrastructure, such as improved scalability solutions and decentralized governance models, make these platforms more accessible and efficient. Innovations like Lens Protocol are revolutionizing user interaction by enabling content to be shared and monetized across various platforms without losing ownership rights. This level of interoperability and user control attracts a broader audience to SocialFi platforms, eager to benefit from a more equitable and transparent social media landscape.


Top SocialFi Projects to Watch in 2024 

Here’s a look at some of the most popular SocialFi crypto projects the web3 market offers. We have selected the following list of projects based on their potential, user base, popularity, and technology. 


Cheelee (CHEEL)


Cheelee is a vibrant SocialFi platform that leverages the BNB Smart Chain to create an interactive ecosystem where users can earn crypto by engaging with content. This platform centers around a dual-token system involving CHEEL and LEE tokens. CHEEL, the governance token, is used within the app for various functionalities like upgrading NFT glasses, in-app advertising, and participating in community governance through DAO. LEE, the utility token, serves as the primary currency for transactions within the app, such as content promotion and receiving rewards for viewing videos​. 


The technology underpinning Cheelee includes advanced algorithms to prevent fraud and ensure a fair distribution of rewards, making it secure against bots and exploitation. Cheelee's economic model is particularly designed to stabilize its token value. A significant portion of the platform’s revenue—derived from advertising, in-app purchases, and NFT sales—is allocated to a Stability Fund. This fund helps protect the value of CHEEL and LEE tokens against market volatility by employing strategies like token buyback and burning, which respectively boost demand and reduce supply. This carefully structured economic approach not only benefits users by providing a stable earning potential but also enhances the platform's appeal to new users, promising growth in the SocialFi space​. 


CyberConnect (CYBER) 


CyberConnect (CYBER) is a decentralized social graph protocol that empowers users and developers to take control of their digital identities, content, and connections through Web3 technology. Operating on Ethereum and other EVM-compatible blockchains, it facilitates the creation of decentralized social applications (dApps). The platform uses CYBER tokens for governance, paying transaction fees, and purchasing premium usernames (CyberProfiles), making it an integral part of the ecosystem's functionality and management. 


The protocol leverages unique technologies such as account abstraction to simplify user onboarding and interoperability across multiple blockchains, enhancing user experience and reducing the entry barriers typically associated with blockchain technologies. This approach not only fosters a more user-friendly environment but also expands the potential for mass adoption. Economically, CyberConnect aims to redistribute power and profits back to the users and creators, contrasting sharply with traditional social media platforms that capitalize extensively on user data without adequate compensation. 



LUKSO (LYX) is a Layer 1, EVM-compatible blockchain designed to bridge the digital with the physical through enhanced integration of blockchain technologies into everyday lifestyles, particularly focusing on creative industries. As a project that bridges the physical and digital worlds, LUKSO enables creators and consumers to engage in innovative ways. With Universal Profiles, LUKSO offers a single digital identity that simplifies the Web3 experience, enhancing security and accessibility across various applications. This platform supports the ERC725 standard, enabling users to manage public and verifiable information effortlessly. Lukso was launched via KuCoin Spotlight in May 2020.


The LYX token, which transitioned from the Ethereum-based LYXe token, facilitates network security and transaction validations through a Proof-of-Stake (PoS) consensus mechanism. This shift not only boosts efficiency but also dramatically reduces the energy consumption typical of traditional Proof-of-Work (PoW) systems. For creators and users, LUKSO's environment supports various economic activities such as digital collectibles, designer ICOs, and peer-to-peer markets, presenting new opportunities for growth and engagement in digital and phygital realms​. 

Theta Network (THETA) 


Theta Network (THETA) operates as a decentralized video delivery network (VDN) aimed at leveraging P2P sharing of computing resources and bandwidth to address issues in the video streaming industry, such as high costs, centralization, and inefficient infrastructures. Theta optimizes video streaming quality and reduces costs by aggregating users' unused computational resources. Users are incentivized through crypto rewards, primarily using two native tokens: THETA for governance and TFUEL for operations like transactions and deploying smart contracts. This dual-token system facilitates active user engagement, as participants earn TFUEL for sharing their resources and viewing content. 


Theta Network is built on an EVM-compatible multi-blockchain architecture, allowing for the integration of advanced Web3 applications such as NFTs, decentralized exchanges, and DAOs. This compatibility encourages developers to create diverse applications atop the Theta platform, enhancing its utility in the media and entertainment sectors. Economically, Theta presents significant benefits to users by enabling cheaper video streaming solutions and providing opportunities for earnings through resource sharing and content engagement. The network's innovative approach to decentralized video streaming and digital content rights management positions it for potential market growth as it continues to expand its ecosystem with strategic partnerships and broadening its technological capabilities​. 

XCAD Network (XCAD) 


XCAD Network (XCAD) is an innovative Watch-to-Earn platform within the SocialFi space, focusing on bridging the gap between YouTube content creators and their fans through a tokenization model. It allows creators to issue their own cryptocurrency tokens, which fans can earn by watching videos and engaging with content. These creator tokens offer fans governance rights, influencing the type of content produced, and can be traded or used to purchase merchandise and exclusive content. The XCAD Network enhances user engagement by integrating directly into the viewing experience through a browser plugin, making it seamless for users to earn and trade tokens while consuming content.


XCAD operates on multiple blockchains, including Ethereum, Zilliqa, Binance Smart Chain, and Polygon, enhancing its accessibility and utility across different platforms. The network employs a unique economic model with its native XCAD token serving as the backbone for various activities, including staking in creator pools and governance. The tokenomics are designed to incentivize both creators and fans, with a total capped supply of 200 million tokens, ensuring a balanced distribution and sustainable growth. is an innovative SocialFi platform built on the Base blockchain, designed to redefine social media interactions by integrating financial stakes into social interactions. This platform enables users to buy and sell "Keys," essentially shares of their social influence, transforming social capital into tradable assets. Users can access private chats and other exclusive content by holding these Keys, which appreciate in value based on the user's social engagement and demand. This mechanism not only allows for a novel way to monetize online presence but also adds a speculative dimension to social interactions, as the value of Keys can fluctuate like traditional securities​. 


The economic model of is built around the trade of these Keys, with its tokenomics involving real-time market dynamics influenced by supply and demand. The platform has seen significant activity, with millions in transactions shortly after launch, demonstrating substantial initial user engagement and interest. However, challenges such as scalability, security concerns, and maintaining user activity have been noted. The platform's V2 update aims to address these issues, enhance user experience with improved features, and potentially expand its ecosystem​.'s upcoming v2 airdrop may include non-transferable tokens, causing concern among users. The new POINTS token on will enable the creation of social clubs with associated platform fees. Users can stake their Ether and POINTS tokens to earn rewards on the platform.


Open Campus (EDU) 


Open Campus (EDU) is a pioneering SocialFi platform that leverages blockchain technology to revolutionize the educational sector. It connects learners, educators, content creators, and educational institutions in a decentralized environment where everyone can participate and benefit. Utilizing the EDU token within this ecosystem, participants can monetize educational content, access it, or engage with it through a variety of integrated third-party platforms like TinyTap, GEMS, and Genesis. These platforms use Open Campus to decentralize educational resources, offering a wide range of learning materials from early childhood to K-12 education​. 


The technology behind Open Campus includes the EDU token, which is integral for transactions within the platform. This token is used for payments, governance, and donations, making it central to the protocol’s operation. Token holders can vote on platform upgrades, propose new features, and participate in governance through the Open Campus DAO, enhancing the platform's democratic and decentralized nature. The EDU tokenomics are designed to support a sustainable economic model for all stakeholders involved, providing a steady flow of resources and rewards that incentivize content creation and engagement. 

Hive (HIVE)


Hive (HIVE) is a decentralized social media platform that empowers its users to create, curate, and consume content while earning cryptocurrency rewards. Built on its own blockchain technology, Hive ensures fast transactions and scalability. Users engage on the platform by posting content, voting on the quality of content, and interacting through comments. This engagement is incentivized with HIVE tokens, which reward content creators and curators for their contributions to the platform.


The Hive ecosystem is unique due to its decentralized nature, which allows it to operate without central authority, thereby preventing censorship and promoting freedom of speech. This setup also means users retain complete control over their content and data. Economically, Hive provides various benefits to its users, including the potential for earnings through active participation and content creation. The platform's model encourages a vibrant community ecosystem where engagement directly translates to financial benefits. Moreover, Hive's adaptability to support diverse applications beyond simple blogging, such as video games and commerce, offers significant potential for market growth and increased user adoption in the Web3 space.


Steem (STEEM) 


Steem represents a distinctive blockchain-based social media model designed to reward users directly for their contributions. By leveraging a "Proof of Brain" social consensus mechanism, Steem distributes cryptocurrency rewards to users for creating and curating content, effectively monetizing online interactions such as posting, commenting, and voting. The platform operates on a zero-transaction-fee model, utilizing a bandwidth-limiting system to manage network resources instead of financial barriers, encouraging more active and fair participation without economic disincentives​. 


On the technical front, Steem is robust, supporting high transaction volumes that surpass those of Bitcoin and Ethereum. It introduces innovations like a hierarchical private key system for varying security needs and a delegated proof of stake (DPoS) consensus, allowing rapid and scalable transaction processing. Economically, Steem aims to shift the value gained from user-generated content back to the creators themselves, potentially providing a more equitable digital economy. The network's native tokens, STEEM and Steem Dollars (SBD), facilitate this by rewarding users and allowing them to stake tokens for greater influence within the ecosystem​. Steem's market potential lies in its ability to attract a diverse range of users—from casual social media enthusiasts to developers and entrepreneurs interested in building decentralized applications on its platform​. 


Chingari (GARI) 


Chingari, powered by its native cryptocurrency, GARI, offers a blockchain-based social platform that heavily incentivizes user engagement through crypto rewards. Users of Chingari can earn GARI tokens by creating content, participating in community engagement such as liking, sharing, or commenting on content, and through direct interactions in live and audio chatrooms. Creators can also receive tips from their audience through GARI tokens. The platform supports a vibrant economy where tokens can be used for various in-app purchases, such as buying video NFTs, tipping creators, and accessing premium content​. Gari Network was the 19th project launched on the KuCoin Spotlight platform, with its token sale occurring in January 2022. 


Chingari stands out by utilizing the Aptos blockchain, enhancing the scalability and speed of transactions, which are crucial for maintaining a smooth user experience in a social media environment. This integration has allowed Chingari to handle up to 1,200 transactions per second, showcasing its capability to support a large user base and a high volume of microtransactions without congestion. For creators and users, the economic benefits include a new revenue model where they can monetize their online presence directly without intermediaries. 

Lens Protocol 


Lens Protocol, launched on the Polygon blockchain, offers a decentralized social media platform enabling users to maintain ownership and control of their content through NFTs. Each user's data, including posts, followers, and social interactions, is associated with their unique NFT profile. This approach not only secures user ownership over their digital identity and content but also allows them to carry their social graph to any application built on Lens Protocol. The platform supports the creation of various dApps, from social networks to marketplaces, and uses Web3 technology to empower users and developers. 


Lens Protocol’s technology is notable for its modularity, allowing developers to innovate and extend functionalities easily. The platform operates on a PoS system, which is more energy-efficient than traditional PoW systems. Users can interact through a composable social graph, creating a rich ecosystem of interconnected applications and services. Economically, Lens Protocol facilitates new monetization strategies for creators by leveraging blockchain technology, enabling them to profit directly from their work without intermediaries. 


How to Invest in SocialFi Coins: Key Considerations 

When considering investment in SocialFi projects, focus on several crucial factors to determine their potential for success and sustainability:


  1. Technological Robustness: Look for projects demonstrating advanced technological infrastructure that can handle scalability and security demands. This includes efficient transaction processing and robust data handling capabilities.

  2. Community Engagement: Successful SocialFi projects typically have active, growing communities. Engaged users not only contribute to the platform’s vibrancy but also validate its value proposition. Platforms like Hive and Theta Network show how community governance and active participation drive growth​. 

  3. Innovation: Invest in projects that offer unique solutions or improvements over existing social media models. For example, projects like and Stars Arena provide novel monetization avenues for users through features like social tokens and content trading​. 

  4. Tokenomics and Economic Sustainability: Understand the economic model behind the project, including token distribution, usage, and incentive structures. Projects that rely heavily on token rewards need a sustainable model to maintain user interest over time​. 

Future of SocialFi: Prospects and Challenges

Looking ahead, SocialFi could significantly impact the crypto market by reshaping social media interactions:


  • Decentralization and User Empowerment: More users might migrate towards platforms that offer greater control over their data and the ability to monetize content directly​. 

  • Enhanced Content Monetization: The integration of microtransaction capabilities could revolutionize how content creators earn revenue, moving away from traditional advertising models to more direct compensation methods. 

  • Increased Use of AI: Artificial intelligence is playing a larger role in content creation, from generating text to crafting personalized experiences. AI tools are helping brands create more engaging and relevant content quickly, although it's important to balance AI use with originality to maintain authenticity​. 

  • Social Commerce Integration: Direct shopping experiences on social platforms continue to evolve. Brands are integrating e-commerce more seamlessly into social media, allowing users to make purchases without leaving the platform. This trend is enhancing the way brands leverage social media for direct sales​. 

  • Extended Video Content: Social media platforms are favoring longer video formats, moving away from brief clips to videos that are several minutes long. This shift allows for more in-depth content that can hold viewers' attention longer and provide more value​. 

However, some challenges could affect the widespread adoption of SocialFi:


  • Scalability: Handling large volumes of data and interactions without centralized control remains a technical hurdle. 

  • Market Volatility: The reliance on crypto-economic models exposes users and creators to financial instability due to token price fluctuations​. 

  • Regulatory and Security Concerns: As with any emerging technology, navigating the regulatory landscape and ensuring user security are critical for gaining mainstream trust​. 


SocialFi stands at a promising crossroads of social media and blockchain, offering a transformative approach to online interactions and monetization. As you explore SocialFi investments, consider projects demonstrating technological robustness, active community engagement, innovative features, and sound economic models. Despite potential challenges such as scalability and market volatility, the future of SocialFi looks promising as it aims to democratize social media, giving more power and profit back to the users themselves.


Further Reading