SocialFi crypto projects of 2024: The complete guide for investors and users

SocialFi combines social interactions with financial opportunities within a decentralized ecosystem. Imagine platforms where every post, like, or comment you make translates into real income through cryptographic tokens — this is the essence of this revolutionary sector.

What is SocialFi and why is it growing?

At its core, SocialFi is based on a simple but powerful idea: users should earn financial benefits from their online interactions. Instead of giving tech giants a monopoly over your data and attention, blockchain platforms allow you to control your content and earn directly.

According to dAppRadar, in 2023, the social sector of blockchain showed impressive results: the daily number of unique active wallets reached 250,764, representing a 518% increase compared to 2022. This jump highlights the growing interest of users in decentralized social platforms.

As of early May 2024, the market capitalization of SocialFi tokens exceeded $4.6 billion, with a 24-hour trading volume of over $215 million — indicators of maturity and stability in this segment.

Who benefits from SocialFi?

SocialFi platforms offer new opportunities for various user categories:

Content creators: Instead of relying on YouTube or Instagram monetization systems, creators can issue their own tokens and receive direct support from fans without intermediaries.

Influencers and artists: New social capital models allow turning influence into tradable assets, rewarding followers and audience engagement.

Tech-savvy users: Those who understand blockchain and Web3 gain access to advanced financial tools and experimental projects.

Privacy-oriented individuals: SocialFi platforms typically offer greater control over personal data than traditional social networks and protect ownership rights of your content via NFTs.

Traders and investors: Social tokens, crypto rewards, and new financial instruments create fresh investment opportunities.

Leading SocialFi projects in 2024

Cheelee (CHEEL): Interaction rewarded with tokens

Current data: CHEEL is trading at $0.52 with a decrease of -25.37% over 24 hours; trading volume is $540K; market cap is $29.70M.

Cheelee is a platform on BNB Smart Chain that rewards users for watching videos and engaging with content. The dual-token economy (CHEEL for governance, LEE for transactions) provides flexibility and protection against volatility through a dedicated Stability Fund.

The platform uses advanced bot protection algorithms, making it a fair and secure ecosystem for earning.

CyberConnect (CYBER): Social graph under your control

Current data: CYBER is priced at $0.70 with a daily change of -1.75%; volume $76K; market cap $38.65M.

CyberConnect offers a decentralized protocol where you control your digital identity, content, and network connections. Operating on Ethereum and EVM-compatible chains, it enables developers to create decentralized social applications.

Account abstraction technology simplifies login processes, lowering barriers for mainstream users unfamiliar with cryptocurrencies.

LUKSO (LYX): The creative industry meets blockchain

LUKSO is a first-layer blockchain designed specifically for digital creators. Universal Profiles (Universal Profiles) provide a unified identity for Web3 work, and the ERC725 standard makes managing public information easy.

The LYX token migrated from Ethereum to its own chain, implementing an energy-efficient Proof-of-Stake consensus. The platform supports NFT collections, designer ICOs, and P2P marketplaces for creators.

Theta Network (THETA): Video streaming scales up

Current data: THETA is valued at $0.27 with a decline of -1.74%(; TFUEL — $0.02 with a decrease of -1.11%); trading volumes are $217.61K and $23.73K respectively; market caps are $265.10M and $127.68M.

Theta addresses fundamental issues in video streaming through a decentralized delivery network. Users earn rewards for sharing resources and watching videos via TFUEL tokens.

Its multi-blockchain architecture with EVM compatibility allows integration of NFTs, DEX, and DAO, expanding its utility in the media industry.

( XCAD Network )XCAD###: YouTube meets cryptocurrencies

Current data: XCAD is trading at $0.01 with a decrease of -2.20%; volume $29.44K; market cap $1.02M.

XCAD enables YouTube creators to issue their own tokens, which fans can earn by watching videos. Token holders influence the type of content produced and can trade their tokens.

A browser plugin integrates earning directly into viewing, offering seamless convenience without switching apps.

( Friend.tech: Social capital as a tradable asset

Friend.tech on the Base blockchain revolutionizes the concept of social influence through a “keys” system — essentially shares of your social presence. Owners gain access to private chats and exclusive content.

V2 update aims to solve scalability and security issues. The upcoming airdrop may include a new token POINTS, allowing the creation of social clubs with platform fees. Users will be able to stake Ether and POINTS for rewards.

) Open Campus ###EDU###: Decentralizing education

Current data: EDU is priced at $0.14 with minimal change of -0.23%; volume $25.66K; market cap $91.77M.

Open Campus connects students, teachers, and content creators within a unified ecosystem. The EDU token is used for monetizing educational content, access, and governance via DAO.

Partnerships with TinyTap, GEMS, and Genesis provide a wide range of learning materials from preschool to K-12.

( Hive )HIVE###: Social media without censorship

Current data: HIVE is trading at $0.09 with a decrease of -1.48%; volume $18.28K; market cap $46.37M.

Hive is a fully decentralized platform where users create, curate, and consume content, earning HIVE tokens. The absence of central control ensures free speech and full data ownership.

The ecosystem supports video games and commerce, opening significant growth potential in Web3.

( Steem )STEEM###: Social consensus as reward

Current data: STEEM is trading at $0.07 with a decrease of -2.56%; volume $12.84K; market cap $34.95M.

Steem uses the “Proof of Brain” mechanism to distribute cryptographic rewards for content creation and curation. The platform operates without transaction fees, using a bandwidth limiting system.

Technically, Steem supports transaction volumes surpassing Bitcoin and Ethereum, with Delegated Proof of Stake consensus for speed and scalability.

( Chingari )GARI###: Social platform on Aptos

Current data: GARI is trading at $0.00 with a growth of +1.42%; volume $34.60K; market cap $892.79K.

Chingari runs on the Aptos blockchain, enabling up to 1200 transactions per second. Users earn GARI for creating content, likes, reposts, comments, and live chats.

Creators receive tips from the audience; tokens are used for NFT videos, premium content, and community engagement.

( Lens Protocol: Ownership of your social graph

Lens Protocol on Polygon allows users to fully own their content via NFT profiles. Each user’s data — )posts, followers, interactions### — is linked to a unique NFT.

Its modular architecture enables developers to build diverse dApps, from social networks to marketplaces, keeping your social graph portable.

Investing in SocialFi: Key criteria

When choosing SocialFi projects for investment, consider:

Technological infrastructure: Check scalability, security, transaction speed, and data management reliability.

Community strength: An active user base is the best indicator of project viability. Projects like Hive and Theta Network show how user engagement drives growth.

Innovation: Look for projects with unique solutions — Friend.tech with trading influence keys, XCAD with YouTube integration, Lens Protocol with portable social graphs.

Economic sustainability: Study tokenomics, token distribution models, and incentive structures. Projects overly dependent on a single reward source pose long-term risks.

Scalability solutions: How does the project handle growth? Theta, Aptos-integrated Chingari, and Lens Protocol demonstrate different approaches to this challenge.

The future of SocialFi: Trends and challenges

Upcoming trends:

Decentralization will continue to replace centralized platforms, offering users greater control and direct monetization. Microtransactions will shift creator earnings from advertising to direct payments from audiences.

AI integration in content generation and personalization will expand, but balancing AI and originality will be critical. Social commerce will keep evolving — shopping without leaving the platform will become standard.

Video content is shifting from short clips to several-minute formats, enabling deeper storytelling and better engagement.

Main challenges:

Scalability without centralized control remains a technical hurdle for growing platforms. Cryptocurrency token volatility exposes users to financial risks. Regulatory uncertainty and security issues require careful monitoring.

Conclusion

SocialFi stands at the intersection of social networks and blockchain, offering a transformative approach to online interactions. When selecting projects, pay attention to technological reliability, active communities, innovative features, and sustainable economic models.

Despite scalability and market volatility challenges, SocialFi shows significant potential to democratize social platforms and return a larger share of profits directly to users and content creators.