The data in this article are as of January 24, 2024.
01 Project Brief
Phaver is a mobile social platform that can be connected to the two major Web3 social protocols Lens Protocol and CyberConnect. It currently has 250,000 users and is the largest application in the Lens ecosystem. Phaver grades users through the Cred credit score system. High-level users can obtain more rights and interests, and gives users token incentives through the Points points system. Currently, the Phaver token has not yet been officially launched.
Official website: https://phaver.com
Twitter: https://twitter.com/phaverapp
02 Project structure
2.1 Product background
Social applications in the Web2 era are independent of each other, and users' social data is separated into major platforms. Whenever we try a new social application, we need to re-establish personal information and connections, and let the new platform's algorithm gain new insights into our preferences and preferences. Make appropriate content recommendations.
Lens and CyberConnect are two different Web3 social protocols, but they are doing similar things: allowing users to have their own data sovereignty, separating the data layer of social applications in a unified format and standard, and establishing a protocol layer. The social data (personal information/content dynamics/connections, etc.) accumulated by users in social applications can be directly bound to the user's identity NFT and stored in IPFS/Arweave. Users can use this set of identities to visit other platforms based on the same protocol. Social applications enable the interoperability of data and identity.
Phaver, launched in 2022, is the first mobile application based on the Lens protocol. The content published by users on Phaver can be synchronized to Lens. At the same time, the content/data generated by users on other applications built based on the Lens protocol will also be synchronized to Phaver. In addition to Lens, Phaver is currently connected to CyberConnect, and will be connected to more mainstream Web3 social protocols including Farcaster in the future, becoming an application layer aggregator of various social protocols. Users can view almost all social media in one Phaver application. Content produced in the protocol and follow the top creators in all protocols.
Phaver is also compatible with Web2 user groups. You can directly log in to Phaver using your email/Google account/Facebook account/Apple ID without connecting to a wallet. The published content is stored in off-chain servers and can be used with Web2 social products. The experience is consistent.
2.2 Level and points system
There are two score systems in Phaver: Cred and Points, which will be related to future token airdrops.
Credit score is equivalent to a chain reputation system. The score determines the user level. High-level users can unlock more functions and obtain more rights, such as higher reading permissions, higher exposure, and more token airdrops. weight etc.
Earning credit points mainly relies on binding NFT/SBT on the chain. Currently, it supports binding Clique SBT (verifying that the user is not a robot by binding Twitter and Discord), Galxe Passport (passing Galxe's KYC certification) and a variety of blue-chip/ Mainstream NFT (BAYC/Azuki, etc.), etc.
Currently, more than 100 types of NFT/SBT are supported and are constantly being updated. In the future, all mainstream NFT/SBT and DID will be supported. A detailed list of updates can be viewed in the official documentation:
https://phaver.gitbook.io/phaver-help-center/managing-your-profile/supported-nft-list-ongoing
Each NFT/SBT will bring a certain number of credit points and points to users every day. For example, currently holding a BAYC can bring 60 credit points and 850 points every day. Credit points are a cycle every 30 days, and 50 points are reached within 30 days. You can upgrade to L2 level, reach L3 level when you reach 250 points, and your credit score will be cleared and recalculated after 30 days.
Compared with Web2 social products that rely on paid or centralized means for reputation authentication (such as Twitter Blue V), the credit score system can more effectively distinguish between real users and robot accounts, and can also provide risk-free points to high-quality NFT holders. income.
The points system is equivalent to Phaver's token incentive system. After the native token is launched, the points will be exchanged for tokens according to certain rules. In addition to binding SBT/NFT, you can also earn points through invitations and pledges:
Invite new users: The invited new user will be promoted to L2, the inviter will get 2000 points, and the invitee will get 1000 points;
Staking: L2 and higher level users can obtain a certain amount of staking points every day. Users can pledge other people’s high-quality posts (staking can be understood as another form of likes). If the post is subsequently pledged by more people, they can Obtain certain points as rewards;
Being pledged: If your posts are pledged by others, you will be rewarded with points;
Advanced themes: Users can create advanced themes for their own high-quality content, which costs 50 points, but will receive 10 points for each pledge;
NFT community: NFT holders can join relevant communities to communicate with partners who hold the same NFT, and community members can receive point rewards. The number of rewards is positively related to the number of people in the community.
03 Economic Model
3.1 Token distribution
Although Phaver has not officially launched its tokens, it has announced an economic model with a total token supply of 10 billion. Later, part of the platform revenue (including native tokens/other tokens/legal currency revenue) will be used to repurchase and destroy tokens. Tokens are distributed as follows:
Community reward: 28%: gradually released over the next 5 years
Ecosystem treasury: 27.7%: used to develop and improve applications, some will be distributed to users and destroyed
Team: 18%: locked for 1 year, followed by linear release in 48 months
Private placement: 18.3%: locked for 1 year, followed by linear release in 36 months
Advisor: 3%: Locked for 1 year, followed by linear release in 36 months
Airdrop: 3%: airdrop for early users
Partners: 3%: locked for 1 year, followed by linear release in 36 months
3.2 Platform/Treasury Revenue
The Phaver platform obtains income through the following methods to strengthen the treasury and bring more empowerment to the tokens:
Points purchase: Points are widely used in the Phaver application. After the token is launched, you can use the token to purchase points. In-app purchase functions (such as Apple App Store/Google Play) will also be launched to support the use of legal currency to purchase points.
Brand cooperation: As mentioned earlier, users can obtain credit points and points by binding mainstream NFTs. Currently, a variety of NFTs are supported. The subsequent platform will cooperate with more NFT brands and explore paid cooperation (using native tokens/stable coins or legal currency) possibility.
Advertising function: Advertising is launched in a privacy-friendly way. Users can see random ads without providing any personal information, or provide customized ads by providing personal interests (giving users points rewards), or pay a certain amount of points every month. to block ads.
Users can purchase points to place ads above and below their posts to increase exposure.
04 Team/Financing/Partners
4.1 Core Team
CEO/Lianchuang: Joonatan Lintala
Former Google employee, employee No. 7 at advertising platform Smartly.io, where he built its first global sales team, and board advisor for shoe brand Pomar and TikTok marketing partner Shook Digital.
CFO/Lianchuang: Tomi Fyrqvist
He has worked at Goldman Sachs, Alibaba and AXA Ventures, led the global business development of Daraz, an e-commerce company owned by Alibaba, and served as a strategic development and fundraising consultant for several cryptocurrency companies.
CTO/Lianchuang: Carlo Hyvönen
Worked as chief developer at Finnish gaming company Veikkaus for 5 years, building a recommendation system covering 2 million+ customers.
Head of Data Analysis/Co-creation: Tom Hämäläinen
Founder and Chairman of Coinmotion, Finland’s largest crypto payment service provider.
4.2 Financing
In October 2023, Phaver announced the completion of a US$7 million seed round of financing, with a valuation of approximately US$80 million. Polygon Ventures, Nomad Capital, Symbolic Capital, Kyro Ventures, Cryptomind, dao5, Foresight Ventures, Alphanonce, f.actor, Superhero Capital, SwissBorg and other institutions participated in the investment. According to Crunchbase data, Phaver has previously received US$1.6 million in financing from angel rounds, pre-seed rounds and other rounds.
4.3 Partners
Phaver's strategic partners include Lens Protocol, CyberConnect, XMTP Protocol, Polygon, and Cointelegraph.
Partners include TokenProof, Bankless Labs, XMTP, Panony (PA News), Foresight News, Eternal Proxy Service (EPS), DegenScore, Delegate.cash.
NFT community partners include Pudgy Penguins, Gas Hero, Mocaverse, Azuki, Chinese Ape Club, YogaPetz, Matr1x, Trekki NFT, Hashkey NFT, CNP (Ninjadao), ICP, Kudasai Japan, Yuliverse, Smurfs Society, HighStreet Market (Forever FOMO Duck Squad), Bellygom...
05 Project Summary
Many projects have emerged on the Web3 social track. Compared with other isolated Web3 social applications, application ecosystems built through common protocol layers such as Lens/CyberConnect will have more development prospects. Users have data sovereignty and can interoperate with other application data. , making it have stronger practical significance and narrative space.
Since the social track has a huge user group, more social protocols will inevitably emerge to divide the market in the future. Although application layer data under the same protocol are interoperable, the separation of different protocols will also lead to the fragmentation of user data.
In the future, Phaver will be connected to all mainstream protocols and become a social aggregator. Users can publish content to multiple protocols with one click, and can also view high-quality content generated in all protocols in Phaver, which is equivalent to re-aggregating data separated at the protocol layer to the application layer. The user experience is better, and it is also in the process of casting. With its own moat, Phaver can remain invincible no matter how the market share of various protocols changes.
Phaver's user classification system can effectively screen out real users, making robot accounts/batch masturbation accounts unprofitable, while giving more incentives to high-quality content creators. In addition, Phaver will continue to support all mainstream NFT/SBT/DID, striving to allow every real on-chain user to obtain risk-free point rewards in Phaver, which is equivalent to continuously motivating all active Web3 players, which will help attract A large influx of real users.
In terms of platform income, Phaver has a variety of clear and reasonable income channels, which can provide continuous empowerment for tokens and products.
The core of social applications lies in the number of users, which can be simply summarized into two points: attracting new users and retaining them. Based on what was mentioned above, Phaver’s recruitment relies on point rewards for real users on the chain; the essence of retention is the user migration cost. As an aggregator, Phaver’s migration cost will be higher than other applications. Of course, as a Web3 application, financial attributes are inevitable. If high-yield competing products appear, it will still pose a certain threat to Phaver.
To sum up, Phaver deserves continued attention.
