Los Angeles, California, Oct. 3, 2022, Chainwire
- A USDC integration with DeSo, a new blockchain that has raised $200 million from Coinbase, Sequoia and Andreessen Horowitz, is launching next week.
- The integration gives DeSo a financial bridge to millions of Ethereum users and DApps, giving them one-click access to end-to-end encrypted on-chain messaging and a full “Twitter-like” feature set.
- The integration paves the way for DeSo to become a cross-chain social layer for all of Web3.
Today, social media is controlled by a handful of private corporations, but that could soon change, as blockchains like DeSo begin to onboard millions of Ethereum users from decentralized finance apps into social apps.
As one of the industry’s first illustrations of this, a USD Coin (USDC) integration with the DeSo blockchain, backed by Coinbase, Sequoia, Andreessen Horowitz and others, effectively gives any Ethereum user access to a full-fledged decentralized social network.
The integration will allow millions of existing MetaMask and Ethereum users to onboard onto decentralized social apps with USDC and message one another using gasless end-to-end encrypted on-chain messages powered by DeSo. But that’s not all — these Ethereum users also gain access to gasless profile creation, posting and following other users, with a fully decentralized on-chain follow graph, and much more.
The onboarding process is simple: Users can deposit USDC from MetaMask onto DeSo apps and receive a DeSo-native stablecoin called DesoDollar. Once onboarded with USDC, all stablecoin transactions become virtually gasless, costing less than one ten-thousandth of a cent.
This financial bridge from Ethereum to DeSo will also allow developers to build Web3 social apps for the first time. “Existing blockchains cannot store content efficiently,” said Nader Al-Naji, founder of DeSo. “It costs about $50 to store a 200-character Tweet on Ethereum and about $0.15 to store it on Solana, Avalanche or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like social,” he said.
Although DeSo currently only supports USDC via Ethereum, DeSo also plans to integrate with other stablecoin ecosystems like Solana in the future as well. “It’s not our goal to be tied to a single chain,” said Al-Naji. “DeSo is a cross-chain solution that allows people to connect with each other no matter what ecosystem they’re a part of. DeSo is the unified social layer for all of Web3,” he said.
This is the latest in a recent string of successes for DeSo. The platform listed on Coinbase earlier this year, announced a groundbreaking MetaMask integration last week that has caused a significant price surge, and many new social apps like Diamond, a Web3 social network built on DeSo, have launched and are growing rapidly with a recent surge in user numbers.
In a world where many are dissatisfied with traditional social media, USDC and DeSo offer a decentralized solution that can finally compete with Web2 juggernauts. “DeSo is the first and only blockchain that allows developers to build social apps where you can’t even tell you’re on a blockchain,” said Al-Naji. “That means, for the first time, we have a shot at finally expanding Web3 from disrupting finance to disrupting the trillion-dollar social media industry.”
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. It raised $200 million and is backed by Sequoia, Andreessen Horowitz and several others.
DESO, the native currency of the DeSo blockchain, is listed on Coinbase.
For more information about DeSo and username claiming, visit deso.com.
- DeSo Foundation