Founded in 2019, DeSo offers monetization features such as creator coins, nonfungible tokens, tokens and tipping. The firm claims to store user identity, profiles, content and social graphs 100% on-chain, and its content cannot be banned or blocked on a protocol level. Recently, the firm released new in-app proposals such as Openfund 2.0, a decentralized exchange platform.
In September 2021, DeSo raised $200 million in funding led by A16z, Coinbase Ventures, Sequoia, Pantera Capital and others, including, perhaps ironically, Reddit co-founder Alexis Ohanian. Currently, over 150 projects are listed on the DeSo community, although their market caps are somewhat small.
Via a July 6 announcement, decentralized social media protocol DeSo has issued a $1 million bounty for building a competitor to Reddit using its native blockchain.
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