The modular social protocol OpenSocial Protocol, announced the completion of a $6 million strategic financing round led by Framework Ventures and North Island Ventures. Other participating investors include Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, and Aspen Digital.
In addition to investment institutions, many well-known industry figures also participated in this financing. Such as Jordi Alexander from Selini Capital, Sreeram Kannan from EigenLayer, Luca Netz from Pudgy Penguins, Sandeep Nailwal from Polygon Labs, Yaoqi from Altlayer, Robinson Burkey from Wormhole Foundation, Gabby Dizon from YGG, Mik Naayem from Dapper Labs, Cygaar from Abstract, Regan Bozman from Lattice Capital, and the well-known financial blogger Muddy Water from Hong Kong.
OpenSocial Protocol, developed by Everest Ventures Group, aims to provide a platform for Web3 users, creators, communities, and developers to quickly build decentralized social applications through modular social protocols and customizable user interfaces. Developers can also deploy decentralized applications on different blockchains using OpenSocial's front-end and smart contract modules. Currently, two applications, SoMon and Zeek, have been developed using the protocol.
Previously, the project has completed two rounds of financing, including an initial $5 million financing and a $15 million ecological fund provided by Everest Ventures Group. With the completion of this round of financing, a total of $26 million in funding supports the development of OpenSocial in the Web3 social field.
Vance Spencer, Co-founder of Framework Ventures, said: "We believe that the OpenSocial team is a leader in decentralized applications in Asia, and it is foreseeable that Asia will bring a huge incremental user base to the industry through SocialFi applications." He also stated: "The team members are particularly good at user growth, and they have the ability to create social applications with millions of active users. We are happy to cooperate with them and jointly build some promising social products."
Travis Scher, Co-founder and Managing Director of North Island Ventures, stated: "OpenSocial is building a sustainable social platform, which will attract millions of new users to enter the crypto field. We are excited to support Allen and his outstanding team in achieving this vision."
Allen Ng, Co-founder of OpenSocial Protocol, stated: "This strategic investment will accelerate the ecological construction of OpenSocial, and we will deploy our modular social infrastructure on many mainstream chains. This will enable communities and creators to quickly create their own dApps within five minutes. Our goal is to empower communities and creators to create 1,000 applications on the OpenSocial protocol by 2025."
With the first application launched, the on-chain active users of OpenSocial Protocol reached 30,000 within two weeks
The vision of OpenSocial is to help communities and creators create thousands of social applications through modular social protocols and customizable user interfaces. These applications will be decentralized, and users will own the content publishing and social graph, combined with the creator economy and community incentive services provided by the platform, empowering communities and creators with a one-stop platform for growth, retention, and monetization in Web3.
SoMon (abbreviation for Social Monster) is a Web3 forum similar to Reddit, launched on June 19 this year, and is the first application launched on the OpenSocial protocol. SoMon quickly accumulated over 30,000 on-chain active users and 300,000 on-chain interactions in just two weeks, with an average online time of nearly 20 minutes, making it one of the fastest-growing social projects in the Base ecosystem.
Another application launched on OpenSocial is Zeek. Zeek is a social collaboration network that prices community value through on-chain social bounty mechanisms and reputation. In June of this year, Zeek completed a $3 million financing.
OpenSocial: Scalable cross-chain applications can be made without programming experience
Creators and communities can easily create applications quickly through OpenSocial's modular social tools. The project provides services including social modules (feeds, chat rooms, posts, comments, voting), social graph, on-chain/off-chain solutions (Data Availability), community, Megaphone broadcasting (advertising tools), and plugins (such as token issuance, DAO governance tools, voting, and mini-games).
"We believe that blockchain will be widely applied and accepted by mainstream users through social interaction. Every content creator and community operator should be the owner and entrepreneur of their own community," added Allen Ng.
Currently, OpenSocial has nearly 80 team members working together to build the next generation of Web3 social products, hoping to create a world where people truly own data sovereignty.
About OpenSocial Protocol
OpenSocial Protocol, developed by Everest Ventures Group, aims to provide a platform for Web3 users, creators, communities, and developers to quickly build decentralized social applications through modular social protocols and customizable user interfaces. Users can also deploy decentralized applications quickly on different blockchains using OpenSocial's front-end and smart contract modules. OpenSocial can provide the best on-chain data and development tools, aiming to build the largest multi-chain community economy. Currently, two applications, SoMon and Zeek, have been developed using the protocol.
Official website: www.opensocial.co
Twitter: https://twitter.com/OpenSocialLabs
Media contact: gemma@opensocial.co
About Everest Ventures Group
Everest Ventures Group (EVG) was established in 2018 and is a Web3 conglomerate that drives the mass adoption of Web3. EVG attracts the next million users by developing various products to implement practical use cases for Web3.
Based in Hong Kong, EVG's international team consists of over 300 people. The conglomerate has incubated and developed over 15 products and projects, including SocialFi (OpenSocial Protocol, SoMon, Zeek), gaming and culture (Mugen Interactive, Legend of Arcadia, Last Odyssey, LiveArt), and financial technology (Aspen Digital).
In the early stages, EVG entered the Web3 field through venture capital, investing in over 10 unicorn companies and more than 150 projects. Investment projects include Celestia, Berachain, Igloo, Abstract, Wormhole, Dapper Labs (Flow), Animoca Brands, Immutable, The Sandbox, Yuga Labs, Kraken, Lukka, Dunamu, and Blocklords, among others. It has now grown into a Web3 conglomerate focused on product and project development, with venture capital as a supplement.
Official website: https://www.evg.co/
Twitter: https://twitter.com/EVGHQ/
Media contact: pr@evg.co
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