Looking at UXLINK’s Web3 social journey from NOT: Starting from social but not just social

Susan, Golden Finance

Social media is a track that is expected to attract one billion Web2 users to the Web3 industry.

What kind of social products does Web3 need? One protocol and product after another are trying to answer this question. At present, this track is broadly divided into two developments.

One branch has developed some innovative decentralized and highly anonymous social products based on the underlying protocol, such as social products created based on the Lens protocol and the Nostr protocol, which either have an embedded economic model to achieve "social money-making" or are completely anonymous and decentralized products.

The other branch is not so decentralized. It is just a social product that meets the needs of crypto users for social applications. It is just an APP.

All of the above social applications have a problem: there is no way to get Web2 users to migrate in large numbers. Web3 social products cannot just be small-scale enclosures. The industry has been developing for nearly 15 years, and there needs to be products or applications that can be widely used by people outside the industry. Social networking is undoubtedly highly anticipated, which requires a product with low user threshold, large base, easy fission and high viscosity.

What should a Web3 product that can truly attract hundreds of millions of Web2 users look like? UXLINK, created based on Telegram, gives an answer different from traditional Web3 social networking - based on acquaintance social relationships, establish a comprehensive social network for individuals in the Web3 world, and then extend to meet the various needs of users in the Web3 world.

According to official website data, since its launch in April 2023, UXLINK has accumulated more than 7.8 million users, covering 19 countries and regions, and the total amount of three rounds of financing has exceeded US$15 million. The investors come from many first-line institutions and well-known angel investors in Europe, America, Asia, and the Middle East.

What has UXLINK, which is recognized by both users and capital, done?

The first acquaintance social networking, layered applications directly hit the pain points of current social products

Any product with tenacious vitality is inseparable from the innovation of underlying protocols or technologies, and UXLINK is no exception.

The most different point from other Web3 social products is that UXLINK pioneered the acquaintance social model of Web3. It is based on this model that a comprehensive social network for individuals in the Web3 world is established. In this network, people not only build social relationships, but also can capitalize their social data and conveniently participate in various social financial activities. In summary, UXLINK takes acquaintance social networking as the starting point, radiates multiple lines to meet the various needs of users in the Web3 world, and thus weaves a big network.

In order to weave this network, UXLINK did the following things. The first is to build application products. UXLINK's products are divided into three levels. The first layer is the application layer, which mainly includes two types of applications, UX Discover and Social DEX. These two types of applications support users to discover, participate in, and invest in suitable Crypto projects and assets in a social way in group scenarios.

The second layer is the protocol layer. In terms of the protocol layer, two protocols are mainly launched. The first is the RWS protocol, which is used to solve the problem of acquaintance social graphs and can help developers achieve better recommendations and growth. This includes the UXAccount service agreement and the UXGraph service agreement. The second is the AWC protocol, which mainly solves the relationship between identity and assets on the chain, can help developers better understand users, and help AI models perform behavioral analysis and recommendations.

The third layer is the Social Liquidity Layer, the basic network data layer on the social chain planned by UXLINK, which is under planning. This is a user-sovereign, lower-level infrastructure that allows social relationships and data to be assetized and flow, and can support users and developers to safely transfer their social assets in different public chains and different Dapps. And all Dapps built on the UXLINK social chain can natively access this social network. This makes digital assets more liquid based on this network and also provides the possibility for the liquidity of social assets.

It is under this all-round innovation that UXLINK makes up for the major defects of most Web3 social products on the market: high entry barriers, closedness, and poor stickiness.

And through some small things, it can also be reflected that UXLINK is run by a very sophisticated and intelligent entrepreneurial team. UXLINK is installed on Telegram, which is a very smart move. Telegram has 900 million user traffic, which is a smart leverage for UXLINK as a social product that wants to attract one billion users. Although connected to Telegram, UXLINK did not choose to build on the TON chain, but chose the Arbitrum chain. First, the Arbitrum chain has low Gas and low user interaction costs; second, this saves costs for UXLINK to enter other platforms in the future. After all, TON is still a relatively closed public chain.

According to Golden Finance, the founding team of UXLINK has rich entrepreneurial experience in Web2 social products. They have relied on WeChat applet to create a social product with more than 80 million users and more than 100 million US dollars in financing.

Be a data production and optimization machine

To simply and roughly understand the meaning of UXLINK to users, it is "Link To Earn". But if you look deeper, you will find that its essence is actually "Data To Earn". The social behavior of users on UXLINK is data, and users can get rewards by providing data. The bottom layer of UXLINK is actually a data production machine.

A major improvement of Web3 compared to Web2 is that user data on Web2 is in the hands of large companies, and individuals have become data "slaves" working for large companies. The characteristics of Web3 data rights confirmation allow users to control their own social data. If other projects or others want to use the data, they need to obtain permission from the data owner or pay compensation.

UXLINK has undoubtedly taken this principle of the Web3 world to the extreme. At present, UXLINK frequently cooperates with AI projects. AI is actually a very centralized product that uses a large amount of personal data to train models.

UXLINK chooses to cooperate with a large number of AI projects to provide them with high-quality data and application scenarios. UXLINK is one of the few Web3 projects that can provide three-dimensional data in the form of account units that can integrate on-chain and off-chain. This kind of data can enable AI models to learn, predict and judge better. In the process of providing data, users will also receive UXLINK rewards - airdrops. When ordinary users use UXLINK applications, they are helping UXLINK construct social data, and after these data are used commercially, users will receive corresponding rewards.

In addition, UXLINK is also optimizing the user experience based on user data. In a non-closed-loop social network, the core experience of users is largely determined by data, that is, what kind of objects users interact with, what kind of information they obtain, what kind of assets are distributed and recommended, etc. The data returned by users after interaction will further tune the data model. UXLINK has a built-in data machine, which can maximize the core experience of users in existing scenarios.

In order to attract more users to join UXLINK, the airdrop officially launched by UXLINK can be regarded as "sunshine". The first season airdrop of UXLINK token $UXLINK is in progress, and it is planned to cover 10% of the best users, exceeding 550,000 scale.

UXLINK's economic model is a dual-token model, in which $UXUY (on-chain points) are all obtained by community users through Link to earn, and most of the governance tokens $UXLINK are also allocated to the community, which are all written in the white paper.

The native utility token $UXUY mainly serves as the core incentive for the development of the UXLINK community and ecosystem. It is not pre-minted, and all community users obtain it through Link to earn. Users can earn by inviting others or contributing to the ecosystem, which also means that the earlier you create a social network, the more $UXUY you will get. The governance token $UXLINK is mainly used for community governance and to obtain income from UXLINK projects and products, of which 65% is distributed to the community. It is worth noting that there is no lock-up period for the airdrop of governance tokens, while the governance tokens held by partners and teams will have a lock-up period of 3-6 months and follow the rule of linear quarterly release for 2 years. This move also reflects UXLINK's determination to deepen its presence in the SocialFi track.

In this process, users and UXLINK are undoubtedly win-win, and the positive flow of the economic system has been formed. For users, their contribution behaviors in social and trading will be rewarded with tokens. The fundamental factor in user benefits is how much money UXLINK can make. The interests of users and UXLINK are highly bound.

UXLINK's business model is very simple and clear. UXLINK officials told Golden Finance that UXLINK's profits are mainly divided into two parts. One is the B-end charging, and merchants need to pay UXLINK for calling the UXLINK protocol and data. For example, this year UXLINK held an airdrop2049 event that won the support of 50 ecological partners and received 200,000 U of income. The second is the C-end charging, and users will be charged handling fees for transactions on the platform. Currently, UXLINK's monthly income has reached 300,000 US dollars (Tonken).

Ambition does not stop at social networking

According to UXLINK personnel, UXLINK has 9 million EOA accounts on the entire network, which is nearly 10 times that of Friend.Tech and about 30 times that of Farcaster.

In terms of social networking, UXLINK is undoubtedly the leader in the industry. Social networking connects people together, and UXLINK's ambition is not just to build a social product. UXLINK wants to provide users with all the scenarios they need to play Web3.

After doing social networking well, more things will come naturally. UXLINK allows users to discover good projects, participate in good projects, invest in good projects in social behaviors, and monetize their social behaviors.

To this end, UXLINK has built-in a series of tools to facilitate financial behavior. These tools include: 1. Built-in wallet UX Wallet, which allows users to mint social tokens (SBT) and create social assets to tokenize their social graphs. 2. Providing AI analyzers and trading robots can help users participate in the market and social trading more effectively. Social trading is also seen as a simple way to monetize personal connections. 3. A group toolkit is created specifically for group owners to maximize social influence, social model richness and financial returns. 4. GroupKits manages group assets, casts group ID NFTs and graphs, and issues and joins trading groups Gpass through tools such as GWallet, GGraph and GPass.

Developers' products can also be exposed and grown through UXLINK. For example, UXLINK is rooted in Telegram and can perfectly meet the needs of new assets at various stages from issuance to operation. A group can embed many functions, so that the one-stop service increases the liquidity of assets. On the other hand, developers can use UXLINK's services for social fission and product growth, and can also use UXLINK to understand users' digital identities, digital assets, social networks and asset information on social networks. This undoubtedly lays the foundation for developers to make better products.

From the above, we can see that UXLINK's ambition is to become a super platform that integrates industry asset issuance, trading, and Dapps Launch, rather than just a social product.

For users of UXLINK products or investors of its tokens, one certain event is that UXLINK will give everyone a good return.

UXLINK Prospects: Looking at UXLINK from NOT

As a social product built on Telegram, UXLINK will naturally be compared with NOTCOIN, which is also in the Telegram ecosystem and has recently become popular in the crypto community.

With the support of the Telegram ecosystem and a large number of users, NOTCOIN's token NOT was simultaneously listed on Binance, OKX and other first-tier exchanges on May 16. After two weeks of consolidation, the price of NOT began to rise in early June, once reaching a new high of $0.028. As of press time, the price of NOT is stable at around $0.022. The total supply of $NOT tokens is about 102.7 billion, and it is in full circulation. The current FDV is about 2.3 billion US dollars, and the market value ranks in the top 60.

UXLINK also has the support of Telegram ecology and a large number of users, so the comparison between NOT and UXLINK can clearly predict the market prospects of UXLINK.

Comparison of the number of users: NOTCOIN is considered to be the first "out-of-circle" project in the Telegram ecology. Since the beginning of this year, NOTCOIN has been rapidly spread with its own meme attributes and brainless Tap-to-Earn gameplay. It has won 5 million users in one week of its launch, with a peak daily active user base of more than 6 million. Since its release in April 2023, UXLINK has become the traffic king of the new generation of social products with its unique Link-to-Earn gameplay. According to the project's official website, UXLINK has more than 7 million registered users from 190 countries and regions, and 100,000 groups can reach more than 8 million users.

Mass Adoption Methodology Comparison:

We found that the biggest common point between UXLINK and Notcoin is that most of the tokens are issued to the community, and $UXLINK is better than $NOT in the economic model, that is, $UXLINK has clear empowerment and deflation expectations, while $NOT does not.

Holder Quantity Comparison: Comparing the number of holders of the two, holders are the key indicator to measure the degree and potential of Mass Adoption, and a considerable number of holders is the basis of consensus. Since UXLINK has not yet issued a coin, we use on-chain points and NFT holdings to estimate the future $UXLINK token holders. According to Dune data, UXLINK currently has over 4.4 million on-chain points and NFT holders, including over 1.5 million NFT holders. Only high-quality community users who meet certain points requirements can mint NFTs to become NFT holders, and NFT holders can get 100% of airdrops. Therefore, it can be assumed that UXLINK had about 1.5 million holders before listing. This number is almost the same as the size after $NOT list.

Number of UXLINK asset holders Source: Dune

Through the above comparison, it can be concluded that $UXLINK is expected to become another token sweeping the industry like $NOT. And because $UXLINK itself has the attributes of empowerment and deflation, it will have stronger vitality compared to a simple Meme. UXLINK's ambition will be turned into real money flowing into the user's wallet.