‘Solcial’ Raises $2.9M to Build Censorship-Free Social Media on Solana

The site will place a heavy focus on monetization opportunities for content creators.

AccessTimeIconSep 27, 2021 at 9:17 p.m. UTC
Updated May 11, 2023 at 5:48 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Solana ecosystem is getting a social network.

Solcial has raised $2.9 million to expand in a round led by Alameda Research with Solana Foundation, Rarestone Capital, GBV, Shift Capital and Noia Capital participating.

  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • Over $1B in U.S. Treasury Notes Has Been Tokenized; FATF Calls for More Regions to Regulate Crypto
    02:04
    Over $1B in U.S. Treasury Notes Has Been Tokenized; FATF Calls for More Regions to Regulate Crypto
  • Moondance Labs CEO on 'Barriers of Entry' for Building Layer 1s
    01:28
    Moondance Labs CEO on 'Barriers of Entry' for Building Layer 1s
  • What Challenges Do Appchains Solve?
    00:59
    What Challenges Do Appchains Solve?
  • Around 5% of Solcial’s planned SLC tokens are earmarked for seed funders, according to pseudonymous founder “Idris,” for a valuation of about $58 million.

    The platform, which has not yet launched, plans to build a hub for sharing content, following the news and even trading assets, in a censorship-free environment. It’s hardly the only crypto stab at hands-off social media (BitClout is perhaps best-known) though one of the first on Solana.

    “It has to be very cheap, and very fast to post a comment or a photo,” Idris said in a Telegram chat. “People have high expectations (in terms of user experience) with centralized social networks, and we have to have a decentralized solution that could match.”

    Even so, Solcial is content on courting the crypto crowd for now. It will place a heavy focus on monetization opportunities of content creators, Idris said. He declined to elaborate on how that model will work but said, “Essentially, Solcial will allow to turn anyone into a business.”

    BitClout also tried to put a crypto twist on content monetization. The “crypto social network” backed by Andreessen Horowitz lets users speculate on the value of creator coins that in many cases are listed without their namesakes’ consent.

    “Their launch wasn’t well received,” Idris said in the Telegram chat. They said Solcial “looked at BitClout and all the other attempts” to find the right fit for decentralized social media.

    Solcial plans to launch in December, Idris said. Until then, it’s is looking to hire marketers and project developers.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Danny Nelson

    Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.