Báo cáo của DWF Ventures: Các nền tảng giao dịch xã hội chuyển trọng tâm sang hiệu ứng mạng và lợi thế thông tin

The Huoxing Finance report states that on August 28, DWF Ventures released a report indicating that as trading fees continue to approach zero, social trading is emerging as a new frontier for financial platforms to compete for users and build moats. Related analysis points out that the rise of social trading stems from users’ psychological desire for social validation and reference in investment decisions—from early broker copy-trading, to investment communities like Reddit and Stocktwits, to today’s platforms integrating verified real-time positions, trading signals, and social connections—social trading is evolving from a simple copy-trading tool into a product format that integrates trading, content, and social interaction. As trade execution becomes increasingly commoditized, future competitive advantages for platforms may lie more in network effects, access to renowned traders, and exclusive information and distribution capabilities. The analysis suggests that social trading platforms are forming a clear growth flywheel: platforms attract renowned traders and their followers; traders build reputations through public trades; followers copy trades, further amplifying market impact, which in turn boosts trader visibility and platform user growth. Public trade signals in this process may even generate a certain “self-fulfilling” effect. Platforms also lower user entry barriers through one-click trading, low-threshold settlement, trading competitions, and fee incentives, while leveraging the social influence of top traders to drive user migration. In the future, the social trading ecosystems in cryptocurrency and traditional stock markets may further converge, and platforms that control traders, user attention, and information flows are likely to develop stronger network effects. However, social trading also faces significant structural risks. Data shows that among approximately 292,000 wallets analyzed by the Fomo platform over the past three months, only 6.16% were profitable based on realized gains. Followers often lack independent investment logic and are susceptible to herd behavior, while conflicts of interest may exist between traders and followers. Additionally, even if platforms can verify public positions, traders may still establish undisclosed positions through other wallets, making information asymmetry difficult to fully eliminate. The analysis suggests that as the boundaries between trading and entertainment continue to blur, platforms capable of establishing unique information layers, aggregating high-quality traders, and building network effects may gain a competitive edge in the social trading market.