Popular crypto wallet MetaMask has announced a partnership with an altcoin project. Following the announcement of the new partnership, a social media-focused token is on the rise. Here are the details…
Social token DESO rises over 100 percent
The social media industry has eclipsed almost all industries around the world. Because they can increase the online presence of any brand on the internet. With web3 development happening faster around the world, web2 operations are also lagging behind. The social token DeSo application, which we will talk about in our article today, is a web3-oriented social platform.
Decentralized social media platform Decentralized Social (DESO) rose over 100 percent from $5.43 to $12.9 on a weekly basis. The 202nd-ranked cryptocurrency by market cap has experienced slight declines intermittently. However, despite this, DESO outperformed all other cryptocurrencies in the top 300 by market cap.
The Coinbase-backed layer-1 blockchain project is focused on solving scalability limitations. It also seeks to redefine the nature of social media apps by decentralizing users and creators. According to a press release, the new integration of Decentralized Social with MetaMask “paves the way for DeSo to become the cross-chain social layer for all Web 3.0”.
DeSo founder spoke
In other words, the DeSo application has joined forces with MetaMask, the most popular crypto wallet in the field, to provide end-to-end communication services to users. Simply put, for example, in the Compound protocol, a user can send a message to the Uniswap user. This creates interoperability between ecosystems without gas fees. DeSo founder Nader Al-Naji exemplified the beneficial factors behind the project with the storage of content on social media. Al-Naji used the following statements:
Current Blockchains cannot store content efficiently. Storing a 200-character Tweet on Ethereum comes to around $50. It costs about fifteen cents to store it in Solana, Avalanche, or Polygon. In contrast, DeSo charges a fee of one ten-thousandth of a cent. This makes it the first blockchain to deliver disruptive technology to storage-heavy applications like social media.
Decentralized Social has operated in the Ethereum (ETH) ecosystem until now. However, the project also plans to expand to Solana (SOL). Despite gains this week, DESO is still 93.7% below its all-time high of $198 recorded on June 19, 2021. cryptocoin.com As we have also reported, the date when the cryptocurrency hits its all-time low is September 1, 2022. That is, about a month ago.
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