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Overview

Learning from building CyberConnect

CyberConnect has been developing decentralized social networks since 2021, backed by $25M in funding from Multicoin, Binance Lab, Animoca Brands, Hashed, The Spartan Groups, Delphi Digital, and many others. Our flagship product, Link3, along with hundreds of third-party apps, is built on the CyberConnect Social Graph Protocol. After recording over 2 million users completing more than 20 million transactions and spending over $2.6 million on gas fees, we've identified the main challenges facing developers building on a blockchain-based social network.

  1. Poor interface to interact with the blockchain-based system. i.e., “not your key not your crypto” is just too difficult for regular users without strong financial incentives. Smart accounts or account abstractions will make onboarding to decentralized social networks similar to web2 ones.
  2. High gas fees, even on Ethereum L2s, are still blockers for meaningful consumer usage. TPS limit is also a bottleneck for large-scale social networks. We need an L2 that is optimized for low gas and high TPS.
  3. Social applications need better blockchain economics. Transactions for different types of applications like social, gaming, and DeFi fundamentally have different economics. If blockchains only care about transaction revenue, DeFi applications with better unit economic profitability will always drive out other types of applications. We need a social blockchain to build a social infra layer that developers can build on.
  4. A value layer for social network data is required for new monetization methods where users can benefit fairly from their content creation and online presence. This is especially important with the rise of LLM and AI generated contents.