InfinitySwap’s Social Sharing Wallet — bringing SocialFi to DeFi
You may have seen previews for our platform, including our IC-native crypto market tracker, staking and swapping UIs, and wallet homepage. If not, check out our website for the latest versions. But while awaiting the completion of our backend, we want to share one of the more interesting DeFi elements, or should we say Social-Fi elements, of our completed wallet UI and its role in our upcoming airdrop.
Wallet Portfolio Management
Every user of the InfinitySwap wallet will have the option to share a profile corresponding to their portfolio.
As shown above, each user will have an invite link that can be shared across all major social medias, allowing them to share their portfolio with friends and bring others into the ecosystem. Instructions are still to follow, but this wallet setup and invitation are important for making the first airdrop distribution around the introduction of new users. Many of the participants will have their first interaction with the Internet Computer through these links, meaning the airdrop will be based on actions that demonstrate familiarity with the ecosystem.
Come our AMM launch, this invite link will be more than just an airdrop referral code. It will become a copy-trading link that works natively on InfinitySwap. That means friends will be able to match your portfolio and follow trades on a rolling basis with a rewards mechanism that benefits the trader.
Why Social-Fi?
As with any first mover, the social-trading concept may feel odd at first. That is until we realize the social trading system we see every day is already backward. The natural fit for social-trading is having it take place natively in DeFi. Let’s explain.
Today’s social media is burgeoning with crypto influencers that earn in all sorts of ways by making all sorts of calls on different coins. Scarcely ever does an influencer reveal their own trades, which leads to a huge disconnect between retail portfolios and that of the influencers they follow. This is pretty common knowledge, but then why is the crypto market still so heavily controlled by Web2 media outlets?
There has been a lot of attempts at the problem, the largest of which are crypto copy-trading platforms. With so many to choose from, it makes you wonder why this isn’t a more powerful force in the space. They all have a few things in common that wedge a divide between their platforms and the larger crypto space. One is a complex setup for both traders and followers that often requires KYC, accounts with a select supported exchange, and API keys for that exchange. All these platforms are centralized, off-chain, and incompatible with decentralized exchanges. Accounts on these sites often don’t directly correspond to social media accounts. Copy-trading platforms have not taken off because they are inconvenient for users, have a severely limited number of available coins, and share no compatibility with DeFi.
In the blockchain world, few attempts have been made to merge DeFi with copy-trading, and it’s for the same technical reasons social hasn’t been mixed with DeFi — it doesn’t scale. One notable attempt was Melon Protocol, a decentralized fund that allowed anyone to create a basket of Ethereum-based assets and anyone to follow that basket for a fee. The project ultimately failed because the cost to set up a fund was over $1,000 in gas, and trades had similarly astronomical gas fees, and this was on Ethereum more than two years ago. Using this same model on some other blockchain infrastructure was never an option because it closes out the Ethereum ecosystem, i.e., the lion’s share of DeFi.
The Internet Computer is finding its niche in the now coined Game-Fi and Social-Fi, not as a fluke, but because it’s of the first infrastructures designed to support this natural progression. With chain-key technology, Ethereum compatibility is on the table and will one day connect IC dapps to the largest DeFi ecosystem. With this iteration to our AMM, copy-trading will not require extra steps, as it’ll already be a native part of the Social-Fi experience.
Social-Fi on InfinitySwap
InfinitySwap’s UI remains strikingly familiar to the simplest DeFi apps but adds a sharable link reminiscent of what you would find in a typical social app. It works directly with the Web2 socials we all already engage with, and in our first release, it will calibrate airdrop amounts based on levels of engagement within our app.
More details are still to follow. Stay up to date @Infinity_Swap and join our Early Access List at www.infinityswap.one or our twitter https://twitter.com/infinity_swap
InfinitySwap
InfinitySwap is a next generation AMM (automated-market-maker). We are a platform to create, stake a
