A Growing Trend
SocialFi is beginning to shift gears. I have been expecting this and have addressed SoFi aggressively over the last few months. It is still a very small niche. However, expansion is inevitable. An Avalanche-based Platform, the Arena, has onboarded almost a quarter million users. This is before the launch and airdrop of the ARENA token. Hive is also a large community and has firmly established itself as the leading SoFi platform.
Hive’s market cap is currently 5% larger than Steem’s and I envision a substantial increase in the coming months. Many smaller SoFi projects are being embraced by creators such as Grill on Polkadot’s Subsocial chain, and now, Kaichi. Being a Solana-based project will aid in its adoption, especially as Solana has yet to establish a leading SoFi platform. DSCVR seems to be under the Solana banner now, but the earning potential is low.
A DSCVR token airdrop based on the DSCVR points system might change that. However, at this stage, that is purely a speculative viewpoint. Kaichi, on the other hand, has an airdrop lined up with users already engaging and farming points. Kaichi is a good opportunity for those who arrived late for the Arena and want to farm a meaningful airdrop by engaging on the platform. SoFi airdrops are the easiest to qualify for. Engage and earn, period!
Multi-Faceted Income Model
Kaichi has a very interesting approach to its business model, as it is not a single-income model as seen in the Arena. The buying and selling of tickets is where Arena users are killing it at the moment. It will be interesting to see what transpires once the Uprising event and airdrop have been concluded. Kaichi enables creators to create their own Creator Tokens, which can be traded inside the app.
As a creator, you get to hold a percentage of the tokens. This is an incentivization to drive the valuation of your token for both you and your token holders. Kaichi also supports in-house tipping in USDC, Solana, and Creator Coins. These models are not new and can be seen in the Arena and DeSo. However, the income-generative aspects of Kaichi extend further.
A referral program operates on multiple levels and in multiple ways. The official document provides a detailed explanation of Kaichi’s income opportunities. Furthermore, once the KAI token is launched, staking will also be available. The Kaichi model appears to be complex compared with other SoFi alternatives. However, this is largely due to the idea being heavily reliant upon the creators.
Creators must take ownership of their tokens. This is accomplished by pushing quality content, adoption, and brand awareness. This is the Creator Economy 2.0. Kaichi creates an opportunity for creators to build their brands and begin tokenizing their social capital. Kaichi users are currently engaged in farming airdrop points by posting and engaging on the platform.
You can view Kaichi’s Odyssey Community Leaders on the official Kaichi leaderboard. Ideally, qualify for a decent KAI airdrop, as KAI tokens can be staked for additional income opportunities. This can help to boost influence and income generation. Whoever gains the most initial attention usually rises to the top. That’s how it usually plays out regarding SoFi models.
A lot will depend on the in-house trading of Creator Coins. This will produce a viable economy. Value is the bedrock of every economic model. There needs to be value in place and trading activity based on that value.
Final Thoughts
The Kaichi model looks good on paper. However, we need to see it in the marketplace. The efficiency of the staking protocol is also an important aspect of Kaichi’s future success. However, for now, we farm points for KAI tokens while we build awareness and attention to our brand. SoFi is going to be a strong sector in terms of growth and ROI over the next year. All the best, see you next time!
Disclaimer
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This article was first published on Sapphire Crypto.