In the current world of Web 2, big data dominates our lives: air tickets that increase in price with just a few more views, frequent push shopping ads, and repetitive and uninteresting posts… As users of social media, we have handed over the control of data to internet giants, who use this data to label us and maximize their profits.

Now, Phaver has emerged in front of everyone as "Web 2.5". Phaver allows users to completely control their data and monetize it, while breaking down the barriers between the Web 2 and Web 3 worlds. Users can smoothly enter the Web 3 world using common Web 2 social networking login methods, such as email and Google accounts, without the need for a wallet. Phaver hopes to attract more people, not just the natives of Web3, to experience a decentralized, data-autonomous, and privacy-protected internet world.

Phaver is committed to creating a super social graph of the Web3 world, and is the only social application that allows cross-publishing and simultaneous integration of the Lens Protocol and Farcaster Protocol. It has created the Phaver Point point system, similar to an airline mileage reward system, to gamify community participation, incentivize creators, and cleverly establish the Phaver Cred credit scoring system, which effectively prevents abuse by bots, fake accounts, and farming behavior, and also revitalizes the practicality of user-held NFTs.

As of now, Phaver's data performance is very impressive. The DAU is as high as 41k, with the DAU data filtered by bots, i.e., the daily push volume within the app after deduplication, reaching 27k. It is currently the largest application in terms of daily active users and posting volume on the Lens Protocol (accounting for 46% of daily posting volume). Even before the full feature set was released, Phaver was already the largest external application on Farcaster (with 22k active accounts connected during the alpha launch), contributing 40% of Farcaster's DAU. Currently, Phaver's active users have connected wallet assets exceeding 200 million USD, and the app has been downloaded 350,000 times. Its X platform has 300,000 fans, and the latest airdrop announcement tweet has reached over 820,000 people.

Airdrop & Token Economics

The Phaver token is $SOCIAL, with a total supply of 10 billion, and will be the first social token to be listed on centralized exchanges (CEX). As a leading multi-protocol social application, Phaver has attracted high-profile partners such as Animoca, Pudgy Penguins, and Lotte Group, unlocking many future whitelists, airdrops, and other benefits for $SOCIAL holders, far exceeding any previous social tokens.

The official announcement on May 8th opened Airdrop Season 1, accounting for 3% of the total circulation, and the snapshot time is yet to be determined. Eligibility for the airdrop can be checked on the website: https://www.phairdrop.com/. Season 1's airdrop sets a limit for each user, with a maximum of 100,000 $SOCIAL per user, which will be fully unlocked at listing. In just the first two weeks, the Season 1 airdrop announcement for $SOCIAL attracted 110,000 visitors and over 60,000 mentions on the X platform, indicating the enthusiasm and anticipation for the listing of $SOCIAL.

Users can exchange points for $SOCIAL tokens, with different exchange rates for users of different Cred levels. The higher the level, the better the exchange rate. For example, the exchange rate for level 2 users is 1000 (Points): 200 ($SOCIAL). To achieve a 1:1 exchange rate, users need to reach level 5 Cred, own a Creator badge, or a Phaver-Up NFT.

The floor price of Phaver-Up NFT is currently 1805 Matic, approximately worth $1170, and can be traded on the NFT trading platform MagicEden. The official announcement states that each Phaver-Up can earn 300 Points and 50 Cred per day, and encourages users to hold Phaver-Up NFTs with higher rarity, with favorable announcements to be made during Airdrop Season 2. Last month, the floor price of Phaver-Up free mint NFT exceeded $1250, and over $3 million worth of NFTs were airdropped to the community, making it the most frequently traded Polygon NFT on Magic Eden last week.

• Community rewards (27%) occupy the largest share of the tokens. They will be gradually released over the next five years and may also receive subsidies from advertising revenue and other sources of income (subscriptions, NFTs, etc.).
• Developer team (18%), including a 1-year lock-up period and a 4-year linear release, to ensure incentives for the team to build a long-term sustainable token ecosystem.
• Airdrops (3%) are to reward early users, with the allocation mainly based on user levels and points, but users with special contributions may also receive additional rewards.

Phaver incentivizes the community to generate high-quality content through a gamified point system and credit scoring system

Phaver Cred

In order to minimize common phenomena such as bot traffic and fake interactions on social platforms, Phaver has innovatively set up the Phaver Cred credit scoring mechanism, which is based on users' on-chain assets (such as PFP and identity credential NFTs). These assets cannot be forged or connected to multiple accounts simultaneously. Phaver Cred determines the user's level in the application and can unlock privileges including free stake and monthly point redemption limits, which increase with the user's level.

Phaver Cred is updated every 30 days, during which time users can earn enough Cred by linking NFTs and maintaining activity to avoid being downgraded. Different NFTs also have different Cred pricing, for example, CryptoPunks are worth 60 Cred, Azuki is worth 15 Cred, Doodles is worth 10 Cred, and so on. In this way, Phaver enhances the identity recognition of different NFT holders and lays the groundwork for future marketing activities with NFT projects.

Phaver Cred currently has 5 levels, and the specific requirements and corresponding benefits for reaching each level are as follows:

• Level 1: The user's initial level, able to post advanced topics, link NFTs, bind Lens and CyberConnect, but no longer receive any free Stake after TGE, and are not eligible to redeem any tokens.
• Level 2: 50 Phaver Cred, 5 free stake points per day, able to view trending posts and have higher exposure when posting, also have whitelist opportunities with partners and a monthly quota to redeem tokens after TGE.
• Level 3: 250 Phaver Cred, 10 free stake points per day, and on top of the Level 2 benefits, have higher priority in post exposure.
• Level 4: 1000 Phaver Cred, mainly for active Web3 "super users" such as NFT whales and KOLs. This level has 20 free stake points per day, posts are recommended and exposed on all pages, and enjoy VIP channel services.
• Level 5: 3000 Phaver Cred, a new level, with 40 free stake points per day, and undisclosed hidden benefits.

Point System and Content Stake Mechanism

Founder Joonatan said, "We hope to establish a system that not only allows users to have a comfortable and free experience in the user interface, but also rewards the efforts of creators. At the same time, we will not build it in an 'intrusive' way." Therefore, they have built an off-chain Phaver Point point system. Users can earn points in various ways, and in the future, they can also purchase points within the app. These points can be exchanged for Phaver tokens, providing users with real economic incentives.

The main ways to earn Phaver Points are:

1. Daily Stake: Stake can be understood as "incentivized likes" or "super likes". Users can stake their favorite content every day. If a user stakes a post early and the post becomes popular later, the staker can receive a reward, and the post creator can also receive a portion of the reward. This gamified content discovery method helps provide higher quality input for the information flow algorithm.
2. As a Creator: Users can earn points by creating original posts or reposting posts.
3. Invite New Users: Each user has an invitation code. By inviting other users to join Phaver, both the inviter and the invitee will receive rewards when the invitee reaches level 2.

Ways to use Phaver Points include:

• Staking for Increased Exposure: Users can stake their own posts to increase exposure, known as Super Posts and Premium Posts. Posts that receive more Phaves not only have a significant impact on rewards but also increase visibility in the user's "recommended" information flow, making high-quality content more likely to rise.
• Subscribing or Unlocking Premium Content: In the future, content creators can set some or all of their content as premium posts, and users will need to pay points to access them. This provides incentives for creators without the need to redirect to other platforms.

Through the 30-day reset system of the Cred system and the token exchange incentives of the Point system, Phaver encourages users to actively participate in the application in a gamified way and contribute to the community.

Team Background

The founding team of Phaver has a strong and complementary background.

CEO Joonatan has ten years of marketing and BD experience in social media, with a deep understanding of what kind of users are willing to pay for what kind of features. CTO Carlo was formerly the chief developer of a large gambling company and has a lot of knowledge in gamification. CFO Tomi is a former investment banker and venture capitalist, responsible for monitoring token issuance, economics, and related matters. There is also a co-founder who created his first cryptocurrency exchange in 2012 and has rich industry experience in the crypto field.

In addition, Phaver currently has a total of 28 employees worldwide, providing local language support in many key markets, including Chinese, Korean, Japanese, Vietnamese, and other languages.

Funding Situation

According to Coincarp's data, Phaver completed a $7 million seed round of financing on October 5, 2023, with participation from Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor, and Superhero Capital. Cryptocurrency exchange SwissBorg also participated in this round of investment and shared its allocation with community members. Phaver was launched as a "Web2.5" mobile app in May 2022 and has raised over $8 million in funding to date, with an estimated valuation of around $80 million.

Conclusion

As an emerging Web3 social platform, Phaver successfully combines the convenience of traditional social networks with the security and user-centric nature of decentralized technology through its unique "Web2.5" design concept and powerful economic incentives. Its multilingual support and global team configuration enable it to quickly enter multiple key markets and attract a wide range of user groups.

The growth potential of Phaver lies in its ability to create a decentralized, data-autonomous, and privacy-protected social environment for users and incentivize user participation and contribution through the point and credit system. With the continuous development of Web3 technology and the increasing demand for decentralized social networks, Phaver is expected to become a bridge connecting the Web2 and Web3 worlds and occupy an important position in the SocialFi track.

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