ASK LEO: Why Are Hive And Blurt  Blockchains Not Popular As Other Non SocialFi Blockchains? 

in LeoFinance2 years ago


If we remove sentiments, you will agree with me that Hive and Blurt Blockchains are not as popular as they should be, especially when you consider the use cases in these blockchains.
Several times, and in different crypto groups, I have discovered that popular SocialFi projects like Hive and Blurt are known to few. Could it be because these Blockchains are more into Social interaction? or that they have not done a good job when it comes to marketing?. As far as my knowledge can carry me, SocialFi projects incorporate Defi and NFTs in their features which is basically what other Blockchains offer, so what then is the reason why there are fewer users of these SocialFi projects?.

With the likes of Hive where there is a tool ( Hive engine) for creating tokens, I wonder why new and potential crypto projects have not launched on it. Most token creation that happens there is mostly from communities on the Hive and new GamFi projects. The games built on Hive Blockchains circulate mostly among those in the blockchain, and it is not odd since the blockchain itself has not gotten the attention it deserves from the world. It is even sad to see the difficulty encountered in creating a new Hive account. This could be part of the reason why the adoption is not fast.

Sometimes ago, I read a post where @theycallmedan and some others were suggesting token swap/ cross-chain features for Hive. I have not heard much again on it but the fact is that these are great ways to get Hive to the world. For example, if there are cross-chain features on Hive blockchain which make it available on the likes of Decentralized exchanges like Uniswap ( Ethereum network) Pancakeswap ( Binance Smart Chain), etc, there will certainly be more adoption from projects and traders. Hive listing on centralized exchanges is good but getting them to Decentralized Exchanges will be a bonus and will promote cross-chain transactions.

Amidst all these, I sometimes feel that the DPOS mechanism present on Hive scares away projects and individuals to an extent, especially after seeing that they are already bigger fishes in the Blockchain, but this is not my subject of discussion today. DPOS may have its flaws but it is still the safest and most environmentally friendly mechanism. We just need to jointly get Hive to people outside Hive, and also seek ways to mitigate power abuse.

It is not profitable that most of the promotion on projects on Hive, activities on Hive Blockchain, etc are mostly on Hive, Discord, and sometimes Twitter. For example, @leofinance has their token on both Binance Smart Chain and Polygon network but has never had an AMA on any general-purpose Binance Smart Chain or Polygon communities ( if I remember well). Their Facebook and Twitter promotions may be effective to an extent but there will be a clear difference when you are advertising to targeted audience.

In the end, SocialFi projects, in general,l, have not received as much attention as they should, and this is why adoption is slow. If people are aware that they can monetize their content, and interact with Defi and NFTs on the SocialFi projects, they will certainly be moved to join. If you read to this point, I do appreciate your comment or criticizing or perhaps your suggestion on the topic.
Thanks for stopping by today.


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