Friendzone Launches on the Polygon Proof of Stake Network

Friendzone has officially launched on the Polygon Proof-of-Stake network. It is a sustainable and scalable Web3 platform redefining Social Finance (SocialFi) on the blockchain. 

In a press release shared with Cryptowisser, Friendzone said the launch of the Social Capital Marketplace is the first of many of its key milestones as it seeks to become the leading social media dApp in the Web3 ecosystem. 

Friendzone is a decentralized protocol that combines the engagement of traditional social media with the unique financial rewards enabled by Web3 technology. Thus, paving the way for the creation of more empowering online communities.

The team added that the launch on the Polygon PoS comes following the closure of a significant funding round led by angel investors including Kain Warwick (Founder of Synthetix), Kieran Warwick (Founder of Illuvium) and Danny Wilson (CFO of Illuvium). Other notable investors include Thomas Aslanian (Product & Token Lead of Immutable), Anton Buenavista (Founding Team Pendle Finance), Jackson Chan (Co-Founder of PHD Capital) and many other incredible angels with experience at Synthetix, Pendle Finance, Bybit, Metastreet Labs and Renzo Protocol. 

Thanks to this funding round, Friendzone has now raised more than $750,000. The project has also welcomed the aforementioned investors, plus TN Lee (Co-Founder of Pendle Finance) and John Park (Partner at Sparklabs) to its growing advisory board. 

Friendzone to Take SocialFi Up a Notch

The team pointed out that while they are competing in an increasingly crowded SocialFi space, Friendzone differs from others thanks to its nuanced incentive and protocol design. 

The platform intends to overcome the scalability and liquidity challenges facing other SocialFi platforms, allowing it to become the first protocol of its kind to go mainstream. The Friendzone economics allow the platform to promote sustained engagement and network growth without being constrained by the accessibility and liquidity bottlenecks that have held back alternative SocialFi protocols. 

By enabling custom creator controls, Friendzone empowers everyone to be a creator with the ability to customize their social media activity and create tailored offerings ranging from public events to private groups. 

There is also a staking feature on Friendzone that takes into account both the quantity and duration of the user’s stake. This staking model aims to ensure a more equitable distribution of each creator’s revenue, incentivizing network users to actively contribute to the success of every creator with a share of their rewards. 

Friendzone on Polygon PoS Comes to Thousands of Users

The Friendzone team revealed that the protocol had generated enormous interest prior to its launch on Polygon PoS, with more than 5,000 whitelisted users signed up. The protocol will limit the number of users allowed onto the network in batches of 1000 to ensure stability during its incentivized beta rollout.

Afterwards, Friendzone will progressively onboard more users as the project demonstrates its worth and evolves from its beta stage.

Friendzone also informed the initial 1000 users selected to participate at launch to head over to X, formerly known as Twitter, to claim their Friendzone handles, which will be the same as their X handles.

During the initial launch, the protocol will incorporate a new points system. This system will enable early adopters who beta-test the product to begin accumulating points to enhance their rewards and reputations on the platform. 

While commenting on this latest development, Kevin Lu, CEO & Co-Founder of Friendzone, said,

"We are immensely proud to launch Friendzone with the support of the Polygon ecosystem, a collaboration that marks a significant milestone in our journey. The Polygon PoS Network’s exceptional scalability, speed, and security offer the perfect foundation for Friendzone, enabling us to redefine social media engagement and monetization in the Web3 space. The commitment to innovation and the success of projects built on Polygon PoS is unparalleled. This strategic relationship is a testament to our shared vision of empowering users and creators in a disruptive decentralized digital economy." 

Friendzone is delighted to integrate with the Polygon network as it enables it to make future plans toward tapping into an innovative zkEVM-based Layer-2 architecture. 

SungMo Park, Head of BD APAC at Polygon Labs also commented that,

"Friendzone represents the first of its kind in the SocialFi space, pioneering a new era of social media that rewards engagement with real value. We are proud to have Friendzone build on Polygon PoS and to work closely with their team to achieve our mutual goals. Their innovative approach to integrating social interactions with value incentives sets a new standard in the industry. This collaboration underscores Polygon's dedication to supporting groundbreaking projects that push the boundaries of what's possible in Web3 and beyond."

Friendzone is the premier social Web3 platform introducing real-time adaptive pricing and native reward distribution to ensure fair and dynamic value exchange, tailored to a creator's reputation and community support. The platform is the first to incentivize sustained engagement and offers creators extensive control over content monetization, promoting a robust and inclusive digital circular economy at scale.