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Socrates Unveils 3 Million USDT Influencer Accelerator Program and Airdrop

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[PRESS RELEASE – London, United Kingdom, December 15th, 2023]

Socrates, a global web3 social media platform rewarding users for debating, has launched an Influencer Accelerator Program to drive user engagement and community-building on the platform. The 3 million USDT fund goes live on 21st December, open to all web3 influencers regardless of following. On the same night, Socrates will host four events worldwide in London, Mexico City, Hong Kong and Buenos Aires to celebrate the recent launch of the app and distribution of the fund.

Socrates: Shaping Web3 Social Media with Rewarding Q&As

In the dynamic landscape of web3 social media, Socrates has emerged as a leading platform, sparking passionate discussions within the GameFi and SocialFi domains. Users can participate in multiple-choice Q&As, debating and sharing knowledge, including a unique incentivised ecosystem, where any interaction requires contributing to the question’s prize pool. Potential rewards* are then distributed once the question has closed, having already seen question prize pools amassing over 10,000 USDT* and creators earning nearly 1000 USDT just by asking a question.

Since its global launch in November, Socrates has become the go-to space for web3 users and key industry leaders to share their points of view and form like-minded communities, and the company now calls on influencers to unlock the thrilling potential of the platform for Play-to-Earn incentives.

Socrates’ Genesis Airdrop

Socrates is also excited to announce its Genesis Airdrop scheduled for December 18th, 2023, at 9am UTC. This event marks a significant milestone in rewarding the early adopters and contributors who have been instrumental in the platform’s growth since its launch last month. The airdrop will distribute a total of 100,000 tokens, with allocations of 10% to NFT Pen holders, 20% to active content creators, and the remaining 70% to early product supporters. The eligibility snapshot will be captured on December 16th, 2023, at 23:59 UTC. With this airdrop, Socrates aims to thank its users for their diverse and insightful contributions while looking forward to more such rewarding opportunities in the future.

Socrates’ 3M USDT Influencer Program

In a groundbreaking move, Socrates has recently introduced the 3 million USDT Influencer Accelerator Program. It’s not just a fund; it’s an invitation for influencers to dive into the hottest spot in the web3 universe where they can spark debates and take back substantial rewards.

To show Socrates support for selected influencers, Socrates will inject 3 million USDT* into questions created by selected influencers from the 21st December. This injection is poised to create a global buzz, emphasising the platform’s commitment to recognising and rewarding influential voices. The amount injected will be determined depending on their influence, where both influencers and users can earn a share of the 3 million USDT*.

Socrates’ Reward Syste

On the Socrates platform, everyone has the chance to earn rewards by posing questions, providing answers, and engaging in various interactions. Both influencers and platform users can benefit from the large prize pools created by the 3 million USDT injection, where selected influencers will secure guaranteed rewards by simply posing questions.

For influencers, benefits include:

  • As question creators, they are guaranteed a minimum of 5% share of the total points awarded to prize winners from question’s prize pool, including the points injected, known as the Question Creator Prize. If their question goes trending, they can also receive an additional trending bonus
  • Leveraging the global reputation of Socrates to nurture and expand their communities, amplifying their online presence and growing awareness
  • Learning important strategies for effectively utilising Socrates and interacting to maximise their chances of earning rewards

For everyday Socrates’ users can also benefit by keeping a watchful eye on the questions posted by influencers on the platform in the coming weeks:

  • By actively engaging with influencer’s questions, users stand the chance to earn significant rewards from the question’s large prize pools

Who Can Join and How?

The program is open to all web3 influencers with a strong community and following, a good understanding of the SocialFi and GameFi spaces, and who think they can make an impact on our platform.

influencers looking to be a part of this unprecedented opportunity can now submit their applications through the application form as soon as possible. Selected influencers are required to attend vital training sessions, enabling them to capture public attention through intriguing questions and answers and leveraging Socrates’ unique product features.

Double Celebration: Offline Events Across the Globe

In addition to the launch of the fund, four events in London, Mexico City, Hong Kong and Buenos Aires will turn the 21st December into a double celebration, honouring the recent launch of the Socrates app last month. The offline events are set to welcome an impressive guest list, featuring web3 industry leaders, Socrates’ 200+ employees, key partners, and influencers. Attendees can anticipate product demonstrations, live music, on-stage debates, and more, with an exclusive announcement set to be revealed on the night. The London event will also be livestreamed globally for everyone to experience the celebration.

  • Socrates is not just a platform; it has transformed into a thriving community where influencers redefine their online identities, participate in thoughtful debates, and unlock significant rewards! Sign up for the Influence Accellerator Program now!
  • For detailed information about the 100,000 airdrop, please refer to Socrates’ Twitter account
  • Members of the public interested in live-streaming the event can view it on Socrates’ social media platforms in the evening (local time) of the respective locations.
  • Users can join the Socrates community online app.socrates.com, or download the app on Google Play and Testflight
  • Users can sign up now with the invitation code 8kbe8hsq or use the invitation link

* USDT awarded in the form of points that can be redeemed 1:1 for USDT

About Socrates

Socrates is a global web3 social media and entertainment platform based on blockchain, where users earn rewards by participating in multiple-choice Q&As, debating, and sharing knowledge. Combining the best of Social-Fi and Game-Fi, the organisation aims to pioneer a new era of dialogue and knowledge beyond borders, empowering and rewarding individuals to share their vision and shape the future through diverse perspectives.

With social media and mainstream media currently directing human thoughts, Socrates inspires individuals to think freely about issues and combats misinformation. The platform features an innovative and intuitive user interface, allowing anyone to openly debate and discuss any topic, ranging from politics to sports and entertainment. Users can create multiple-choice questions in-app, allowing others to interact by answering, giving reasons, and liking comments.

Integral to Socrates’ mission, they’re dedicated to providing a space for people to voice their honest opinions, presenting unique perspectives in a streamlined format. The platform has also created an incentivised ecosystem where any interaction requires contributing to the question’s prize pool, with potential rewards being distributed once the question has closed. Valuable contributions and more popular ‘trending’ questions may offer larger rewards, ensuring users initiate or contribute to the dialogues that matter.

Utilizing decentralized blockchain technology, users can access the platform by linking their non-custodial wallet and spending crypto. With a focus on transparency, safety, and security, the community will benefit from web3’s unparalleled privacy features and spam reduction.

Socrates is a global organisation with a unique decentralized model that places its members at the core. With many members from leading fintech, web3, and crypto companies, the company has considerable plans for expansion, and is dedicated to giving everyone the freedom to share their opinion without constraint, fostering a community-driven platform that transcends geographical boundaries.

Learn more at socrates.com.

Contact

PR Executive
Marco Lucchesini
EAK Digital
marco.lucchesini@eakdigital.com

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Cryptocurrency

All TRX Holders Turn Profitable as Tron Hits Major 2025 Milestone

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While the crypto market recovered last week, the Tron ecosystem quietly recorded a significant milestone for the year.

As reported by Burakkesmeci, an analyst for the market intelligence platform CryptoQuant, all cohorts of investors holding TRX, the native asset of the Tron network, have seen their positions turn green.

TRX Holders Enter Profit Zone

Burakkesmeci disclosed that TRX investor sentiment turned bullish as the coin recorded 115% gains in a year. The journey to this milestone kicked off on May 5 when TRX rallied to $0.25, bringing all investor cohorts, from long- to short-term participants, into the green territory.

Investors who held TRX for one week, one month, three months (short-term), six months, and one year (medium/long-term) all became profitable. According to the analyst, this development is significant for market sentiment and network dynamics because it shows the level of user confidence in Tron’s future potential.

As of May 15, TRX investors holding the asset for one week were in 10% profit, while those holding for a month were 6% in the green. Three-month-old holders were in 11% profit, while six-month and one-year-old investors had recorded gains of 52% and 115%, respectively. Burakkesmeci insisted that short-term holders being in profit drives strong positive sentiment in the market.

“These investors are more likely to share their success stories, which can encourage new participants to invest in Tron, potentially creating a feedback loop of increasing demand and momentum,” he stated.

At the time of writing on May 16, TRX was worth $0.272 following a significant, but volatile price move over the last seven days.

Tron Attains Higher Reliability and Security

Besides Tron’s latest win in profitability, the network has become more reliable and secure, with block production consistently averaging 99.7% of the expected 28,800 blocks daily. Tron has come a long way from 2020 to 2021, when it witnessed more network volatility and disruptions in block output.

A recent report by CryptoQuant said Tron is now recording a steady upward trend in production efficiency.

“The absence of large swings in block production indicates a maturing network with robust governance and operational performance, reinforcing TRON’s credibility as a high-throughput blockchain platform,” CryptoQuant added.

Meanwhile, Tether (USDT) supply on Tron recently surpassed Ethereum for the first time in crypto history.

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Cryptocurrency

These Altcoins Plunge Hard but Bitcoin (BTC) Maintains $103K (Market Watch)

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Bitcoin’s price slipped below $103,000 earlier today, but the bulls managed to defend that level, and the asset is back well above it now.

However, several altcoins have marked massive losses over the past day, led by another double-digit price plunge from PI.

BTC Stays Calm

Bitcoin started the business week on the right foot as its price shot up from under $104,000 to a multi-month peak of just shy of $106,000. This came as a direct consequence of the trade deal struck by the US and China.

However, the asset couldn’t maintain its run and dropped by roughly five grand in the following hours to a weekly low of under $101,000. Nevertheless, the bulls didn’t allow a breakdown beneath $100,000, and the cryptocurrency began its recovery that pushed it to $105,000 by Thursday.

Another rejection followed, and more volatility ensued on Friday, but overall, bitcoin has been able to remain in a relatively tight range between $102,500 and $104,000. The past 24 hours brought some more minor fluctuations around these levels, and BTC now stands close to the upper boundary.

Its market cap has remained above $2.050 trillion on CG while its dominance over the alts has risen by over 0.5% daily to 60.4%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

PI Keeps Dumping

Most larger-cap alts have turned red in the past 24 hours. ETH has slipped below $2,500 after a 3% daily decline. A similar nosedive is evident from DOGE, while SHIB and LINK have dropped by over 4%.

However, PI leads the pack in terms of the biggest daily losses. Pi Network’s native token has plummeted by 20% and sits below $0.7.

Other larger-cap alts in the red today include PEPE, UNI, ONDO, AAVE, NEAR, APT, and more.

The total crypto market cap has seen over $70 billion disappear in a day and is down to $3.4 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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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.

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Cryptocurrency

FTX Creditors to Receive Over $5B Starting May 30

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The FTX Recovery Trust has announced it will begin disbursing more than $5 billion to creditors from May 30.

This payment round marks the second distribution to eligible parties as the firm continues its efforts to reimburse those affected by its collapse.

Repayment Efforts

In a May 15 release, the company’s bankruptcy estate categorized creditors into five “convenience classes” with specified payout rates. Members of creditors Class 5A will receive a 72% distribution, while Class 5B will be paid 54%.

Classes 6A and 6B, comprised of small lenders and Alameda Research trading partners, are each set for 61% distributions. Finally, Class 7 Convenience Claims will receive 120%.

John J. Ray III described the upcoming payments as a major development, stating:

“These first non-convenience class distributions are an important milestone for FTX. The scope and magnitude of the FTX creditor base makes this an unprecedented distribution process.”

He added that the announcement demonstrated the strong results of the team’s recovery and coordination efforts and emphasized that their focus remained on maximizing returns for creditors and addressing unresolved claims.

Eligible creditors are expected to receive their funds through their selected distribution service provider, either Bitgo or Kraken, within one to three business days after May 30. However, customers who onboard with a Distribution Service Provider will forfeit the right to receive cash directly from the bankrupt exchange, with all funds sent through their chosen provider instead.

The FTX Recovery Trust also said that the repayment schedule for upcoming creditor classes will be announced in due course. If all claims are filed, total repayments could reach up to $16.5 billion.

Separately, the FTX bankruptcy estate initiated legal proceedings in April against NFT Stars Limited and Delysium. The lawsuits aim to recover digital assets allegedly withheld from the estate and are part of the company’s efforts to reclaim funds and maximize recoveries following its November 2022 collapse.

Criticism Over Valuation Method

FTX currently has about $11.4 billion allocated for creditor repayments. The first round of reimbursements began on February 18, 2025, directed at creditors with “convenience claims” under $50,000. Approximately $1.2 billion was paid out in that phase.

The second distribution phase will now target those with requests exceeding that amount. These include major investors and institutions that held millions in crypto on the platform.

Despite progress, the repayment model has faced criticism for calculating reimbursements based on crypto values at the time of the bankruptcy filing. This has led to some creditors receiving less than the current market value of their holdings.

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