According to DefiLlama, social finance protocols Tomo and New Bitcoin City currently have more than $1 million locked away in each of their smart contracts, a sum known as total value locked.
Both protocols are similar projects to Base-based FriendTech is the pioneer in a developing field by utilizing a particular combination of social media and finance. The concept of gated communities, where members must pay for “keys” to access group chat, the cost of which increases with each purchase, was popularized by FriendTech.
Compared to Friend Tech, Tomo, which runs on the Linea platform, provides a few unique features, like the ability to message someone directly. Tomo differs from other platforms primarily because it allows users to wager on the value of other users’ keys in the event that they sign up.
New Bitcoin City, based on the Bitcoin Layer 2 network NOS, takes a slightly different tack than most social finance platforms by attempting to function more as a social layer and letting users utilize their keys on its app from other protocols, such as FriendTech.
FriendTech still leads with $43.7 million, but these two projects are the only social finance platforms with more than $1 million in TVL. Before Avalanche-based StarsArena was hacked, it had more than $1 million in TVL.