Cryptocurrency
Coinbase-Backed DeSo SocialFi App Focus Raises $75 Million in One Week
[PRESS RELEASE – Los Angeles, California, February 7th, 2024]
Key Takeaways
- Focus, the revolutionary new decentralized SocialFi app, raised $75 million in one week
- Focus rivals subscription platforms like OnlyFans and Patreon, a multi-billion-dollar industry
- Users can reserve with DESO, BTC, ETH, and more to earn a 90% bonus in $FOCUS tokens for a limited time
Focus, a new decentralized SocialFi app built on the DeSo blockchain, has made waves in the crypto industry by amassing over $75 million in token reservations within its first week of launch.
This unprecedented achievement not only demonstrates the platform’s potential but also reflects the growing interest in decentralized social media.
Focus (focus.xyz) is built by DeSo, the team that raised $200M from Coinbase, Sequoia, a16z, Polychain, and other top funds. It aims to disrupt the trillion-dollar social media market and creator economy by introducing groundbreaking features rivaling X, Onlyfans, and Patreon.
The total addressable market for this sector is substantial, with OnlyFans projected to process approximately $8 billion in 2023 while charging a 20% transaction fee. These high fees significantly cut into creator profits, emphasizing the need for a fairer solution.
Focus combines the best of Onlyfans, Patreon, X, and other billion-dollar social platforms into one app and features permissionless and anonymous crypto-native monetization features that are not possible in web2.
Built on the Decentralized Social (DeSo) blockchain, Focus distinguishes itself with a unique approach to content ownership, creator monetization, and user engagement.
In response to this overwhelming achievement, Nader Al-Naji, the Founder of DeSo and visionary behind Focus, shared his insights:
“The response we’ve received is nothing short of spectacular. It’s a testament to the community’s belief in a decentralized future for social media. Our platform is not just about reshaping social media; it’s about empowering users and creators in a way that’s never been done before. This milestone is just the beginning of our journey towards a more decentralized social landscape.”– Nader Al-Naji, Founder of DeSo
Focus’s mission extends beyond the realm of conventional social media.
Focus aims to revolutionize the way we interact online by offering unprecedented monetization opportunities for creators, coupled with advanced AI tools, while also tackling the challenges of censorship and content authenticity.
Thanks to the DeSo blockchain and its Revolution Proof of Stake system, Focus will support the storage of content directly on-chain for 1/10,000th of a cent per post, which is much less than Solana at ~$1 per post or Ethereum at ~$100+ per post.
One of the key features attracting users to Focus is the opportunity to reserve $FOCUS tokens. This process is akin to staking, with a unique twist – users can reserve tokens using various supported currencies such as BTC, ETH, SOL, USDC, and DESO.
Focus allows anyone in the world to become an owner, even prior to the app launch. Imagine owning a piece of Meta or Twitter before it was even released. Users who participate in the early reservation period is able to buy $FOCUS tokens, and also receives an extra bonus equal to the amount listed, currently set at 90% and drops by 5% each week until the app launch. This is a benefit designed to reward early supporters and adopters of the platform.
The reservation process is user-friendly and fully refundable, ensuring participants can confidently support the platform while maintaining financial flexibility. As Focus gears up for its app launch, the excitement within the community is palpable. With its innovative approach to tokenomics, Focus is poised to redefine the landscape of social media and cryptocurrency.
To reserve tokens and earn a 90% bonus in $FOCUS, prospective users should visit Focus.xyz and reserve their funds before 11:11 am EST on February 8th. The bonus will drop every week until the app goes live.
About Deso
DeSo is the first and only censorship-resistant Layer-1 blockchain purpose-built to power storage-heavy apps and scale decentralized social networks for mass adoption. Their mission is to decentralize social media like Bitcoin and Ethereum are decentralizing finance. DeSo has gained significant adoption and boasts 2.6M users (wallets) and 93M transactions. With Focus, DeSo aims to usher in a new age in crypto led by cutting-edge consumer apps that scale to billions of users.
Contact
Head of Growth
Ed Moss
DeSo Foundation
ed@deso.org
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The calm weekend was followed by a Monday massacre for bitcoin as the asset plunged by seven grand within an hour or so.
Expectedly, the altcoins have it even worse, with massive price drops from the likes of DOGE, ADA, XRP, SOL, and many others.
BTC Dumps by $7K
Last Monday began somewhat similarly to this one, as BTC dumped hard to just under $100,000. However, it quickly bounced off and even skyrocketed to a new all-time high of over $109,000. More volatility ensued during the day, especially during and after Donald Trump’s inauguration.
His failure to mention crypto during his speech resulted in another correction but BTC remained north of $100,000. It jumped to $107,000 later on in the week but lost some ground during the weekend, which it spent at around $105,000.
Once the Monday Asian trading session kicked in, bitcoin’s price headed straight south. In a matter of a few hours, it dumped by over seven grand and briefly slipped below $98,000, leaving millions of liquidations.
Despite bouncing off to $99,000 now, BTC is still 5% down on the day. Its market capitalization has plunged to $1.960 trillion on CG, but its dominance over the alts has gone to over 56%, as most have suffered a lot more.
Alts Bleed Out
As mentioned above, the alternative coins have gone into deep red territory. Ethereum leads the adverse trend with a 7% drop that has pushed it below $3,100. XRP lost the $3 mark and has plummeted to $2.8. Solana, Dogecoin, Cardano, Chainlink, Avalanche, Stellar, and SUI are all down by double digits.
Even more painful declines of up to 20% come from VIRTUAL, XCN, SOS, RAY, PEPE, OP, BONK, and many others.
The cumulative market capitalization of all crypto assets has seen over $250 billion gone since yesterday. The metric has plunged to a multi-week low of $3.5 trillion on CG.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
XRP failed to hold above $3 and the price action is now turning bearish.
Key Support levels: $2.6, $2, $1.6
Key Resistance levels: $3, $3.3
1. First Major Sign of Weakens for XRP
It was critical for XRP to hold above $3 if there was hope of higher highs. This level was lost today and the price fell to $2.7. This drop has also turned the level at $3 into a key resistance.
The cryptocurrency fell by 11% today which shows sellers are returning. While this is a market-wide correction, the timing was quite unfortunate for XRP as this is turning the chart bearish.
2. Falling Volume Hinted at Correction
The first giveaway that a correction could be coming for XRP was seen on the volume profile. While the price made a higher high above $3, the volume did not do the same. This was an early sign that a bearish divergence was forming which called for caution.
3. Bearish Divergence Detected
The bearish divergence was quite obvious on the volume profile, as seen below. However, the same situation can also be seen on the MACD and RSI momentum indicators. This only strengthens the argument that XRP could have made a local top at $3.4 and a correction may follow now.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
ADA crashed by 10% today as bears return.
Key Support levels: $0.90, $0.73
Key Resistance levels: $1, $1.3
1. Price Struggles at Key Support
Cardano is about to decide where it goes next. If the key support at 90 cents does not hold, then it will turn into a resistance and see the price fall lower towards 73 cents next. At that point, ADA will make a lower low which could indicate a prolonged correction has begun.
2. Momentum is Reversing
The volume is making lower highs, the price is making lower highs, and so does the RSI and MACD histogram. These are all bearish signals. It would be surprising to see the key support hold considering the above. However, until the 90 cents level breaks, it is too early to call it.
3. Impending Bearish Cross on Weekly Timeframe
A big warning sign is given by the weekly MACD which shows that a bearish cross is imminent. If so, that could be the start of a long correction that can see the price fall towards 73 cents or lower. This scenario is likely if the overall market enters a deep correction.
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