Phaver has launched the SOCIAL token as part of its transition to a decentralized SocialFi ecosystem through the “Phairdrop” event. The token, integrated into the platform’s point economy, offers users rewards for engagement, like boosting Cred scores and unlocking VIP features. SOCIAL, with a supply of 10 billion tokens, began trading on Sept. 24, priced at $0.0148 and a market cap of $146 million. Users with Lens or Farcaster profiles can claim tokens via the Phaver app.

The token’s utility includes advertising, post boosting, and collaboration tools, while Phaver’s point system incentivizes activity. The platform aims to create a sustainable ecosystem by encouraging long-term token holding and partnership opportunities.

Personal opinion: The SOCIAL token could drive engagement and growth in decentralized social media. However, the challenge lies in maintaining its value and ensuring user retention beyond initial token incentives. Show Less