Cumulative financing exceeds 15 million USD, Web3 acquaintance social networking pioneer UXLINK and its ambition of "social + trading"

Author: Mia, ChainCatcher

Editor: Marco, ChainCatcher

Recently, the v2 version of Friend.tech was released along with the airdrop of its native token FRIEND, quickly attracting market attention. The token price surged by 72.6% within 24 hours, once again pushing Web3 social applications to new heights and making SocialFi the focus of the market.

In the SocialFi space, a plethora of Web3 social applications, including Farcaster and Tomo, are continuously emerging. The Farcaster ecosystem's L3 chain, Degen Chain, performed impressively, setting a record for the highest transactions per second (TPS) in the Ethereum ecosystem on April 18; on April 10, the Friend.tech clone Tomo announced it had completed a $3.5 million seed round led by Polychain; additionally, CyberConnect launched the Cyber re-staking feature powered by EigenLayer and liquidity re-staking protocols.

The SocialFi sector is increasingly favored by both technology and capital.

The development of Web3 social applications has gone through multiple stages. The first generation of social products, represented by CyberConnect, Lens, and Farcaster, focused on improving on-chain social infrastructure, providing a solid foundation for subsequent social applications; the second generation is represented by Friend.tech, which centers on the assetization of social network influence, allowing users to participate more directly in the value creation and distribution of social networks through tokenization of user influence.

The third generation of social products places greater emphasis on real-world social experiences, entering the era of acquaintance-based social networking, with UXLINK as a representative of this generation.

UXLINK is a new SocialFi infrastructure project built on Telegram, focusing on acquaintance-based social networking. Since its launch in April 2023, UXLINK has already registered 5.77 million users and built over 100,000 group chats, reaching over 8 million users through these group chats.

In March of this year, UXLINK completed a $9 million financing round led by OKX Ventures, and just on the 13th of this month, UXLINK announced another $6 million investment from SevenX Ventures, ince capital, and HashKey Capital, bringing the total financing to $15 million.

With the disclosure of financing, UXLINK also launched a large-scale airdrop event. According to the official announcement, UXLINK initiated the "IN UXLINK WE TRUST" Season 1 airdrop activity in early May, expected to cover 550,000 community contributors, with over 50% already completed.

In future plans, UXLINK aims to leverage the trust relationships in acquaintance-based social networking to enter the asset issuance and trading field.

Dual Token Model, Seamlessly Connecting with Web2 Social Giants

Currently, UXLINK's application launch interface has been integrated into existing Web2 social products. By upgrading the data structure of its account system, UXLINK now supports seamless login through Telegram, WhatsApp, and EOA (Ethereum Operation Account) wallets (such as MetaMask and TrustWallet), allowing users to easily log into the UXLINK platform without needing to register a new account.

The core scenario of UXLINK revolves around groups, where users join global communities using invitation codes, achieving interconnectivity within Telegram. The UXLINK Bot provides account, asset, and task management, automatically generating an Arbitrum wallet (UXWallet) for users upon login, facilitating digital asset management. By completing Odyssey tasks and others, users can earn crypto assets, mint identity IDs, and SBTs, establishing their Web3 identity and social graph. Additionally, UXLINK has launched a Social DEX, enabling direct trading of crypto assets on the Arbitrum wallet, enhancing trading convenience.

As a third-generation Web3 social product, UXLINK was designed from the outset to target the acquaintance-based social networking niche in RWS (Real World Social) and has implemented a dual-token model on the asset side.

In the acquaintance-based social networking scenario, UXLINK has realized a social ecosystem that integrates traffic entry, social asset trading, and infrastructure.

SocialFi = Social + Fi, as the name implies, focuses on grasping "Fi." Any Web3 product cannot be separated from assets, and UXLINK also emphasizes a return to "Fi" itself. The design on the asset side adopts a more balanced dual-token model, dividing utility and governance into two tokens: $UXUY and $UXLINK, with the current airdrop being the governance token UXLINK.

$UXLINK is primarily used for project governance and capturing real yield from the UXLINK ecosystem to distribute to community users, with a total supply not exceeding 1 billion, of which 65% is allocated to the community, with user shares accounting for 40% and developers and partners about 25%. The community portion has no lock-up period.

The utility token $UXUY serves as an incentive token for community and ecosystem development, aiming to promote fair and incentivized growth by rewarding early participants. The earlier users join and contribute to the social network, the more UXUY they earn.

As time goes on and the UXLINK network continues to expand, the amount of UXUY users earn will gradually decrease, presenting an exponential decline trend.

This design emphasizes the scarcity and value of early participation, incentivizing users to join early and engage actively.

$UXUY can be used to pay for Gas fees on the ecosystem chain, including transactions, transfers, and social network interactions. Additionally, due to the token burn mechanism of UXLINK, it ensures the scarcity and value of the tokens.

AI Empowerment

UXLINK is committed to integrating AI into its social protocol and is currently actively developing the AI GroupKit Bot and AI Assistant, with plans to embed these features into social products in the future:

• AI GroupKit Bot:

A decentralized AI distributed application (Dapp) designed for individuals and projects to build and manage their communities. This bot perfectly fits the Telegram system.

• AI Assistant

Can quickly search for online cryptocurrency information and provide AI data support to users.

UXLINK has two core application layer products: UXL Growth (Link to Earn) and Social DEX.

UXL Growth allows users to earn points by contributing social graph data through the Link to Earn mechanism, achieving a perfect combination of social interaction and trading. This innovative mechanism not only captures valuable social data for the UXLINK protocol but also provides strong user growth momentum for various products within the ecosystem. By sharing their social graphs, users can contribute value to the community while receiving tangible rewards, creating a win-win situation.

Social DEX combines AI trading bots with UX Group, providing users with a more efficient and secure experience in the crypto market within an acquaintance environment. Guided by familiar relationships, trading friction is greatly reduced, significantly enhancing trading efficiency and experience.

Social Products Embedded with Asset Issuance

UXLINK states that it is far more than an ordinary social product.

According to official news, UXLINK will implement one-stop services for asset issuance and trading within groups in the future, gradually showcasing its powerful capabilities as a core infrastructure in the Web3 field.

This comprehensive functionality suggests that UXLINK may spark a wave of social fragmentation and give rise to numerous MEME-type assets, further enriching and activating the entire cryptocurrency ecosystem.

The active issuance of assets will also further drive UXLINK's explosive growth, enhancing Web3 user participation and attracting a large influx of Web2 users and capital. In the future, UXLINK is likely to become a relentless "token issuance machine."

Since its launch, UXLINK has achieved significant growth in both user quality and quantity.

Currently, the total number of users has reached 5.77 million, with 101,472 groups and a total coverage of 8.43 million users. Compared to other Web3 social projects, UXLINK leads in key metrics such as total user count, user activity, and Twitter followers.

As UXLINK's infrastructure continues to improve, more and more developers and third-party Dapps are gradually settling on the platform to jointly build a prosperous ecosystem.

According to the official announcement of the first batch of ecological projects, the "Social Ecosystem Alliance" includes over ten projects such as Bubble AI, 1Gen Labs, Pond, MetaCene, BacGames, Space Nation, and EarlyBird3, covering the AI and GameFi sectors.

Currently, UXLINK is also planning to launch a Social Liquidity Layer social chain to address issues related to the flow and staking of social data, providing liquidity possibilities for users' social data assets and further exploring the value of social networks.

Additionally, with the explosion of the AI sector, UXLINK is embracing more AI projects for collaboration. In the face of the current data crisis in the AI field, the rich data resources and application scenarios provided by UXLINK in the Web3 social domain are crucial foundations for AI projects in terms of data.

UXLINK's data not only integrates on-chain and off-chain data but also builds a three-dimensional data network based on accounts. This data structure tightens the connections between data, providing more dimensions and layers of learning materials for AI models. For AI projects, UXLINK's data and protocol act like high-quality fuel, facilitating the smooth operation and continuous optimization of AI models.

UXLINK Valuation Analysis

With UXLINK completing a new round of financing led by SevenX Ventures, ince capital, and HashKey Capital, the total financing amount has now exceeded $15 million. According to official data, UXLINK's valuation has now reached $200 million.

UXLINK currently has approximately 5.77 million users, 814K Twitter followers, around 240,000 official TG group members, and a high on-chain UAW of 896.26K. Considering UXLINK's innovative characteristics as a next-generation social application and its improvements over the first two generations of social products, its total user count and active user base significantly surpass CyberConnect.

The total supply of 1 billion tokens is compared with some already issued SocialFi projects as follows:

Currently, UXLINK's total market capitalization and the reasonable purchase point for single token prices have become hot topics within the crypto community. Some community members hold an optimistic view on the future value of UXLINK tokens. According to some seasoned analysts, as the attention on Web3 social narratives continues to rise, coupled with UXLINK's initial low circulation, its fully diluted valuation (FDV) after launch is expected to be between $1 billion and $1.5 billion, corresponding to a token price potentially ranging from $1 to $1.5.

Additionally, influenced by the successful precedent of the FRIEND airdrop, the announcement of UXLINK's airdrop has sparked a surge in user interactions, further raising market expectations for UXLINK tokens. Coupled with the recent Bitcoin (BTC) pullback and bottoming, the market may see a rebound, which could further boost UXLINK token prices. Therefore, some optimistic investors believe that the price estimate range for UXLINK tokens is likely to fluctuate between $1 and $2. (For reference only, not investment advice)

Airdrop in Progress

Currently, UXLINK has announced the launch of its first airdrop activity and issued the "IN UXLINK WE TRUST" series of NFTs as airdrop vouchers. Minting the airdrop voucher UXLINK NFT guarantees the receipt of its native token $UXLINK airdrop, with 100% unlock after TGE.

This airdrop will cover approximately 10% of active users. Given that UXLINK currently has over 5.77 million total users, this means it will cover over 500,000 community members, undoubtedly making it a massive airdrop event.

Airdrop Criteria

• Community contributions (number of friend invites, UXUY points balance)
• On-chain interaction behavior
• Linked wallet assets

NFT Benefits

UXLINK issues the "IN UXLINK WE TRUST" series of NFTs as airdrop vouchers, which will be categorized into four levels: "MOON," "TRUST," "FRENS," and "LINK," based on users' community contributions, on-chain interactions, and asset status, corresponding to different rights and $UXLINK token airdrop amounts: 25,000, 750, 50, and 10 tokens, respectively.

Additionally, NFT holders enjoy substantial benefits, including:

• 100% receipt of the $UXLINK native token Season 1 airdrop;
• Priority participation in $UXLINK Season 2 and Season 3 airdrops;
• Eligibility for joint airdrops from UXLINK ecosystem projects;
• Community governance voting rights.

At the same time, NFTs serve as permanent identity markers for UXLINK users, which will be used for tiered operations and future airdrop rights (including $UXLINK airdrops and other ecosystem/collaborative project token airdrops).

From the current minting progress, over 170,000 people have qualified for the airdrop, with approximately 5,100 people obtaining NFTs of the first two levels, and the Season 1 airdrop activity has already completed over 50%.

Currently, UXLINK has launched three types of airdrop voucher NFTs for limited community sale: "MOON," "TRUST," and "FRENS" NFTs. Buyers will inherit the corresponding token airdrop and enjoy other equivalent rights of UXLINK NFTs. According to the official announcement, the sale will last for two weeks, while the minting of the Season 1 airdrop voucher is still ongoing.

As a third-generation SocialFi product, UXLINK cleverly transforms the traditional social traffic pool into a Web3 traffic entry through the "acquaintance-based social" model, learning from the experiences of previous products in the same sector.

UXLINK chooses familiar and mature usage scenarios for users, such as Telegram and Facebook, and provides a more authentic and in-depth social experience through peer-to-peer trust-building, further enhancing user stickiness and activity.

At the same time, through unique token designs and airdrop rules, it further realizes the ecological health of decentralized social networking and the sustainability of SocialFi.

With the continuous emergence of innovative projects like the Farcaster protocol and UXLINK, we have reason to believe that the beautiful vision of decentralized social networking is gradually becoming a reality.