Guide to Navigating the Social Graph Phaver

In the world of Web 2, big data dominates our lives: flight tickets that increase in price with just a few more views, frequent shopping ads, and repetitive, dull posts… As users of social media, we have handed over control of our data to internet giants, who use this data to label us and monetize it to the fullest extent.

Now, Phaver appears before everyone in the guise of "Web 2.5." Phaver allows users to fully control their data and monetize it while breaking down the barriers between the Web 2 and Web 3 worlds. Users can log in using common Web 2 social site methods, such as email or Google accounts, and smoothly enter the world of Web 3 without needing a wallet. Phaver hopes to attract more people, not just Web3 natives, to experience a decentralized, data-autonomous, and privacy-protecting internet world.

Phaver is committed to creating a super social graph for the Web3 world and is the only social application that allows cross-posting while integrating both Lens Protocol and Farcaster protocols. It has created the Phaver Point system, similar to airline mileage reward systems, to gamify community participation and incentivize creators, while cleverly establishing the Phaver Cred system, which effectively prevents abuse by bots, fake accounts, and farming behavior, and enhances the utility of NFTs held by users.

As of now, Phaver's data performance is impressive. The DAU has reached 41k, with the DAU data filtered for bots showing a daily push volume of 27k. It is currently the application with the highest daily active users and post volume on Lens Protocol (accounting for 46% of daily posts). Before the full feature set was released, Phaver was already the largest external application on Farcaster (with 22k active accounts connected at the alpha launch), contributing 40% of Farcaster's DAU. Currently, the wallet assets connected by Phaver's active users exceed $200 million, the app has reached 350,000 downloads, and its follower count on the X platform has reached 300,000, with the latest airdrop announcement tweet achieving over 820,000 impressions.

Airdrop & Token Economics

The Phaver token is $SOCIAL, with a total supply of 10 billion tokens, which will become the first social token to be listed on centralized exchanges (CEX). As a leading multi-protocol social application, Phaver has attracted high-profile partners such as Animoca, Pudgy Penguins, and Rakuten Group, unlocking many future whitelist, airdrop, and other benefits for $SOCIAL holders, far exceeding any previous social tokens.

The official announcement for Airdrop Season 1 was made on May 8, accounting for 3% of the total circulation, with the snapshot time yet to be determined. Eligibility for the airdrop can be checked on the website: https://www.phairdrop.com/. The Season 1 airdrop has set a cap for each user, with a maximum of 100,000 $SOCIAL tokens per user, which will be fully unlocked upon listing. In just the first two weeks, the announcement of the $SOCIAL Season 1 airdrop attracted 110,000 visitors and over 60,000 mentions on the X platform, indicating strong enthusiasm and anticipation for the $SOCIAL token launch.

Users can exchange Points for the $SOCIAL token, with different Cred levels allowing for different exchange ratios; the higher the level, the better the exchange rate. For example, a level 2 user has an exchange ratio of 1000 (Points): 200 ($SOCIAL). To achieve a 1:1 exchange ratio, users need to reach Cred level L5, hold a Creator badge, or possess a Phaver-Up NFT.

Currently, the floor price for Phaver-Up NFTs is 1805 Matic, approximately valued at $1170, and they can be traded on the NFT trading platform MagicEden. The official Twitter states that each Phaver-Up can earn 300 Points and 50 Cred daily, and encourages users to hold rarer Phaver-Up NFTs, with benefits to be announced during airdrop Season 2. Last month, the floor price for the Phaver-Up free mint NFT exceeded $1250, airdropping over $3 million in value to the community and becoming the most frequently traded Polygon NFT on Magic Eden last week.

• Community rewards (27%) account for the largest share of tokens. They will be gradually released over the next five years and may also receive subsidies from advertising revenue and other income sources (subscriptions, NFTs, etc.).
• Developer team (18%), which includes a 1-year lock-up period and 4 years of linear release, ensures incentives for the team to build a long-term sustainable token ecosystem.
• Airdrop (3%) is designed to reward early users, with distribution primarily based on user levels and points, but users with special contributions may also receive additional rewards.

Phaver Incentivizes the Community to Generate Quality Content with a Gamified Points System and Cred System

Phaver Cred

To minimize common issues on social platforms such as bot spamming and fake interactions, Phaver innovatively established the Phaver Cred mechanism, a reputation scoring system based on users' on-chain assets (such as PFP and identity verification NFTs), which cannot be forged or connected to multiple accounts simultaneously. Phaver Cred determines a user's level in the app and can unlock privileges, including free staking and monthly point redemption limits, which increase as the user's level rises.

Phaver Cred is updated every 30 days, during which users can earn enough Cred by linking NFTs and maintaining activity to avoid being downgraded. Different NFTs have different Cred valuations; for example, CryptoPunks are worth 60 Cred, Azuki is worth 15 Cred, and Doodles are worth 10 Cred, etc. This approach enhances the identity recognition of different NFT holders and lays the groundwork for future marketing collaborations with NFT projects.

Phaver Cred is currently divided into 5 levels, with the requirements and corresponding benefits for each level as follows:

• Level 1: The user's initial level, allowing them to post advanced topics, link NFTs, and bind Lens and CyberConnect, but no longer receiving any free staking after TGE and not qualifying to redeem any tokens;
• Level 2: 50 Phaver Cred, 5 free staking points daily, access to trending posts, and higher exposure for posts, with future whitelist opportunities from partners and a monthly limit for redeeming points for tokens after TGE;
• Level 3: 250 Phaver Cred, 10 free staking points daily, with higher priority for post exposure while enjoying all benefits of Level 2;
• Level 4: 1000 Phaver Cred, primarily for NFT whales, KOLs, and other active Web3 "super users." This level has 20 free staking points daily, and posts can be recommended for exposure on all pages, along with VIP access services.
• Level 5: 3000 Phaver Cred, a newly added level, with 40 free staking points daily and hidden benefits yet to be announced.

Point System and Content Staking Mechanism

Founder Joonatan stated, "We want to build a system that provides users with a comfortable, free experience on the user interface while rewarding the efforts of creators. However, we will not build it in an 'intrusive' way." Therefore, they have constructed an off-chain Phaver Point system. Users can earn points through various means, and in the future, they will also be able to purchase points within the app, which can be exchanged for Phaver tokens, providing users with tangible economic incentives.

There are three main ways to earn Phaver Points:

1. Daily Staking: Staking can be understood as "incentivized liking" or "super liking." Users can stake on their favorite content daily, and if a user stakes early on a post that later becomes popular, both the staker and the post creator can receive rewards. This gamified content discovery method helps provide higher quality input for the information flow algorithm.
2. As a Creator: Users can earn points through original posts or reposting.
3. Inviting New Users: Each user has an invitation code, and by inviting others to join Phaver, both the inviter and the invitee will receive rewards when the invited user reaches level 2.

Ways to use Phaver Points include:

• Staking for Increased Exposure: Users can stake their created posts to increase exposure, referred to as Super Posts and Premium Posts. Posts that receive more Phaves not only have a significant impact on rewards but also enhance visibility in users' "recommended" information flows, making high-quality content more likely to rise.
• Subscribing or Unlocking Premium Content: In the future, content creators can set part or all of their content as premium posts, requiring users to pay points to access. This provides incentives for creators without needing to drive traffic to other platforms.

Through the 30-day reset system of the Cred system and the token exchange incentives of the Point system, Phaver encourages users to maintain activity within the app and actively participate in community building in a gamified manner.

Team Background

Phaver's founding team has a strong complementary background and comprehensive strength.

CEO Joonatan has ten years of market and BD experience in social media, with deep insights into what types of user groups are willing to pay for what features. CTO Carlo was a chief developer at a large gambling company, knowledgeable about many gamification aspects. CFO Tomi is a former investment banker and venture capitalist, responsible for overseeing token issuance, economics, and related financial matters. Another co-founder created his first cryptocurrency exchange in 2012, bringing rich industry experience in the crypto field.

Additionally, Phaver currently has a total of 28 employees globally, which helps provide local language support in many key markets, including Chinese, Korean, Japanese, Vietnamese, and several other languages.

Financing Situation

According to Coincarp data, Phaver completed a $7 million seed round of financing on October 5, 2023, with participation from Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor, and Superhero Capital. The cryptocurrency exchange SwissBorg also participated in this round of investment and shared its allocation with community members. Phaver launched as a "Web 2.5" mobile application in May 2022 and has raised over $8 million to date, with a valuation of approximately $80 million.

Summary

As an emerging Web3 social platform, Phaver successfully combines the convenience of traditional social networks with the security and user-centricity of decentralized technology through its unique "Web 2.5" design philosophy and strong economic incentive mechanisms. Its multilingual support and global team configuration enable it to quickly enter multiple key markets and attract a wide user base.

Phaver's growth potential lies in its ability to create a decentralized, data-autonomous, and privacy-protecting social environment for users, incentivizing participation and contribution through its points and reputation systems. With the continuous development of Web3 technology and the growing demand for decentralized social networks, Phaver is expected to become a bridge connecting the Web2 and Web3 worlds and occupy an important position in the SocialFi space.