Meet GroupFi: Your Real Web3 Social Protocol

And probably the only one you will ever need

GroupFi Protocol
6 min readSep 2, 2023

In this article, we will introduce you to GroupFi, the latest groundbreaking innovation from the Tanglepay team, and explore our vision for the future of social products in the world of Web3. Are you ready to dive in with us? Let’s go! :)

Why did we create GroupFi?

We are all social animals living in groups. The evolution of society is both the cause and the result of our social life. As Web3 becomes an inevitable future, a profound question arises: Who are we in this new digital realm? Do our Web3 identities mirror our Web2 selves, or do we have the opportunity to redefine ourselves with absolute freedom and engage in meaningful social interactions with like-minded individuals?

Our firm belief is in the latter option. In the Web3 landscape, we become the masters of our own data. Our Web3 identity is defined by the digital assets we possess. By choosing to embrace or disengage from specific cryptocurrencies and NFTs, we decide who we are, and where we exist.

However, as our Web3 identities slowly take shape, a significant gap becomes evident: there are no suitable products to fulfill our social needs in this context. On one hand, many communities still rely on Web2 platforms like WhatsApp, Telegram, Discord, and others, where we continue to function as Web2 entities. On the other hand, while some communication occurs within products like XMTP, most are wallet-centric direct messaging systems ill-suited for group interactions.

This is where GroupFi steps in. We introduce a token and NFT-based group social protocol, facilitating seamless cross-application group communication and ushering in a new era of interconnected Web3 interactions.

How does GroupFi work?

GroupFi has the potential to empower countless use cases and scenarios. It operates as an open-source protocol, enabling all builders to become part of our ecosystem and tailor it to their needs. By establishing a partner network with various projects from diverse ecosystems, we aim to promote resource-sharing and collective growth.

In our initial step, we have chosen to create a trollbox as an illustrative example, as it often serves as the foundation for many social products. This allows us to showcase a practical application of the GroupFi protocol and, hopefully, inspire the development of more scenarios. The MVP version of this trollbox is slated for release in Q4 2023.

What can you expect from this MVP version of the trollbox?

The trollbox will be integrated into different websites. Once integrated, it enables users to participate in the same chat group(s) directly on one website or from different websites, as long as they own the same tokens and NFTs. There is no need to switch to third-party social platforms. Users possessing the same type of tokens and NFTs will naturally converge in the same group and can start group conversations at any time, from anywhere.

Let’s show you an example:

My uncle Sam and I are big fans of Shimmer, and we both have some SMR tokens (although he’s keeping his exact stash a secret — probably counting them digit by digit). While I’m usually chilling in Soonaverse, my uncle is more of a trader and can’t go a day without checking Iotabee. Then one day, my uncle notices that SMR is going rocket-high on Iotabee. Instead of using 10 different social products ( Whatsapp, Discord, Telegram, Tinder, or whatever), he takes the easy route. He just fires up the GroupFi trollbox on Iotabee and drops a message in the SMR token group, saying, “Hey, buddy, check SMR on Iotabee, it’s going crazy!”. And the best part? Since the trollbox also hangs out on Soonaverse, I catch his message in our group chat there, pronto! I waste no time and shoot back, “HODL or SELL? x)”

The fun part is that the trollbox is also invited to several other websites (like that one friend who never misses a party). So, the genuine SMR hodlers from Tanglebeast, Iotapunks, Coinmarketcap… all see the same messages in the same group at the exact same time, even if they’re virtually living on different websites! Just a few seconds later, a stranger named Mr. Beast from the Tanglebeast website quotes my question: “Absolutely HODL, it’s just getting started!”

Users can engage in the same group chat from different websites

This is just one simple example of how this trollbox can make your Web3 social life more enjoyable than ever. With time, we believe that the GroupFi protocol will nurture more use cases and services, and the only limitation will be your imagination. With such endless possibilities, it is extremely easy to access: simply connect with your crypto wallet. The MVP version supports Tanglepay, while the next version will support Metamask and other EVM wallets. By managing your digital assets within your wallets, you maintain complete control over the groups you can access and can join or leave them at your convenience.

Trollbox, Group Info, User Profile

What are the key benefits of the GroupFi protocol?

As a Web3 infrastructure, GroupFi unlocks countless development possibilities, beginning with social products. Let’s continue to use the trollbox as an example. This seemingly simple use case offers significant benefits: for projects, it is a game-changer, as it keeps users engaged on their websites instead of diverting them to other social platforms, leading to a significant improvement in user interaction and time spent on the page (TOP); for users, it provides convenient cross-application communication, enabling them to engage with their selected groups whenever and wherever they desire, creating an immersive environment that ensures conversations seamlessly occur and persist in their intended locations. In the near future, we can also envision the integration of additional services, such as purchasing tokens through chat channels, facilitating DAO governance, and more.

The power of Shimmer

GroupFi’s key differentiator is Shimmer Layer1 technology. While there have been explorations in the universe of Web3 social platforms, many are limited by substantial gas fees. We firmly believe that a social product with a high entry cost doesn’t align with the principles of Web3. Thanks to Shimmer Layer1 technology, GroupFi employs an innovative dual-chain structure, making it both on-chain and feeless, thus highly scalable. On the message layer, Distributed Ledger Technology (DLT) is utilized for free messaging; while on the user layer, the protocol is compatible with EVM, reaching a broader range of ecosystems and user bases for increased adoption. This groundbreaking combination of the best of both worlds shapes the future of genuine Web3 social protocols, making them both on-chain and freely accessible.

If you are interested in learning a little bit more about the initial technical details of this protocol, feel free to check this medium article published by TanglePay earlier this year.

The era of Web3 is upon us. Before diving into this expansive realm, let’s pause for a moment and reflect on ourselves: Who do I want to become in Web3? Where can I discover the communities to which I truly belong? Will my community thrive and become even stronger with time? We firmly believe that the answer lies within GroupFi, powered by IOTA & Shimmer. Join us on this journey, as we shape our digital identities, forge the future, and embrace a global web of trust and freedom.

Get in touch: Twitter



GroupFi Protocol

A Future Web3 Social Protocol: Cross-dapp token/NFT-based group chat