Market
UXLINK Reaches 10 Million Users, Leads the SocialFi Revolution
UXLINK has surpassed 10 million registered users, marking a historic achievement in both the blockchain and SocialFi domains. As the first product in these fields to reach such a user base, UXLINK’s success warrants a deeper look into its strategies.
In an exclusive interview, Bob Ng, the Chief Technology Officer of UXLINK, shared his insights on the competitive field, user metrics, and the future of SocialFi.
UXLINK is a leading user-driven Web3 social platform designed for mass adoption. It aims to be both a social DEX and social infrastructure. Unlike other platforms that only allow one-way following relationships, UXLINK fosters two-way, friend-like social connections. It also enables real-time interactions through its UXGroup feature.
Enhancing User Verification for Authentic Interactions
BeInCrypto: The SocialFi sector is a hot topic now. What unique value proposition does UXLINK offer that sets it apart from other social platforms in the market?
UXLINK’s unique value proposition lies in its focus on authentic social interactions and its robust user verification process. By emphasizing “registered users” instead of just unique wallet addresses, UXLINK ensures that the interactions on its platform are genuine and meaningful. This approach helps to build a trustworthy community, which is essential for social platforms. Additionally, UXLINK vets new users through its invitation-only registration process, enhancing the quality of the user base.
BeInCrypto: What advantages does this provide in understanding your user base?
UXLINK focuses on “registered users” to ensure that its user base reflects real individuals engaging with the platform. This approach addresses issues of fake or sybil wallet addresses that can distort data. By using registered users as a metric, UXLINK can better understand and cater to its actual user base, fostering more meaningful interactions and improving the overall quality of the community.
BeInCrypto: Can you walk us through the process and criteria for verifying and registering a user on UXLINK? How does this ensure the authenticity of your user base?
The verification and registration process on UXLINK involves three stages:
- Invitation-Based Registration. New users must be invited by existing users or partners, ensuring that new members are connected to the community.
- Human Interaction Verification. Users must engage in human interaction to prove they are not bots.
- Product Usage. Users must utilize UXLINK’s products to complete their registration.
This multi-stage process ensures that each user is a real person, significantly reducing the likelihood of fake accounts and enhancing the authenticity of the user base.
Addressing Challenges in SocialFi
BeInCrypto: What are your thoughts on the current trends in SocialFi, and how can UXLINK take advantage of these trends?
Current trends in SocialFi include a focus on decentralization, user privacy, and community-driven growth. UXLINK can take advantage of these trends by leveraging its strong community verification processes and commitment to user privacy. Our approach to incentivizing community contributions through UXUY and its emphasis on authentic social connections align well with these trends, making it a leader in the space.
BeInCrypto: Where is the SocialFi sector currently lagging, and what innovations or improvements are needed to advance the field?
The SocialFi currently lags in addressing sybil attacks and ensuring genuine user interactions. This sector needs innovations in user verification, such as multi-stage registration and human interaction requirements, to improve authenticity.Additionally, enhancing user privacy and security while maintaining transparency is crucial. Developing tools and protocols that make it easier for users to interact and contribute to the community can also advance the field.
BeInCrypto: What measures does UXLINK implement to detect and prevent sybil accounts, and how effective have these measures been?
UXLINK implements a three-step process to detect and prevent sybil accounts:
- Step one. Based on human verification or access compliance validation, we will identify wallet addresses as false and exclude them from the system. These accounts will not be counted as registered users, and they will not generate UXUY rewards from “link-to-earn”. While this step can block the majority of false accounts, it must not be too stringent to avoid inadvertently harming genuine users.
- Step two. Upon entering the UXLINK network and generating UXUY rewards, we will further filter based on community contributions and activity levels. For example, if an account remains inactive for six months or fails to successfully claim UXUY, UXLINK will reclaim the rewards and redistribute them within the community to incentivize high-quality users. This reallocation process helps to insure that only users who truly contribute value to the community receive incentives.
- Step three. Before TGE, the community will conduct another round of anti-sybil measures and announce the methods. They will reintroduce the reclaimed UXUY rewards into the community to incentivize high-quality users.
These measures have been effective in maintaining a high-quality user base and ensuring that community incentives are directed toward genuine users.
BeInCrypto: How does UXLINK ensure user privacy and data security, particularly given the platform’s emphasis on social interaction and connection?
UXLINK ensures user privacy and data security by implementing robust encryption protocols and privacy-preserving technologies. The platform respects user privacy by allowing users to interact without necessarily revealing their identities. UXLINK also follows strict data security practices to protect user information from unauthorized access, ensuring a safe and secure environment for social interactions.
UXLINK Brings the Mass Adoption Closer
BeInCrypto: How does UXUY function within the UXLINK ecosystem to encourage community growth and interaction?
UXUY functions as an on-chain Proof of Work (POW) score within the UXLINK ecosystem. It incentivizes community growth and interaction by rewarding users for their contributions to the community. Users earn UXUY through defined POW activities, and these rewards can be claimed on-chain. This system encourages active participation and rewards genuine contributions, fostering a vibrant and engaged community.
BeInCrypto: How does UXLINK maintain high levels of user engagement and retention, especially in comparison to other platforms?
UXLINK maintains high levels of engagement and retention through its focus on social connections and community contributions. By fostering real-world social relationships and group activities, UXLINK creates a strong sense of community. The platform also incentivizes active participation through UXUY rewards and ensures that contributions are recognized and rewarded. These strategies lead to higher user stickiness and retention rates compared to other platforms.
BeInCrypto: What do you see as the biggest barriers to mass adoption of SocialFi platforms, and how is UXLINK working to overcome these obstacles?
The biggest barriers to mass adoption of SocialFi platforms include user trust, privacy concerns, and the complexity of blockchain technology. UXLINK addresses these obstacles by building a trustworthy community through rigorous verification processes, prioritizing user privacy, and providing user-friendly interfaces. By simplifying interactions and making blockchain technology more accessible, UXLINK aims to overcome these barriers and drive mass adoption.
BeInCrypto: How does UXLINK assess and reward community contributions, and what impact does this have on fostering an active and engaged user base?
UXLINK assesses community contributions through its UXUY POW score, which records and rewards user activities. Contributions are evaluated based on predefined community activities, and users earn UXUY as a result. This rewards system encourages active participation and fosters an engaged user base by recognizing and incentivizing valuable contributions to the community.
Future Prospects and Strategic Collaborations
BeInCrypto: What upcoming projects or features can UXLINK users look forward to, and how do these align with your vision for the platform’s future?
UXLINK users can look forward to new features that enhance social interactions and community engagement. Upcoming projects include collaborations with ecosystem partners to establish a socialized layer for asset generation and distribution. These developments align with UXLINK’s vision of creating a trustworthy social platform and infrastructure that empowers users and developers alike.
BeInCrypto: How does UXLINK plan to collaborate with other ecosystem partners to enhance its platform and user experience?
UXLINK plans to collaborate with ecosystem partners by integrating their services and technologies into its platform. This will enable users to access a wider range of applications and services seamlessly. By leveraging these partnerships, UXLINK aims to enhance the user experience and provide more value to its community, driving growth and innovation within the SocialFi sector.
Disclaimer
In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Dogecoin (DOGE) Shows Renewed Energy: Rally Incoming?
Dogecoin is consolidating gains above the $0.380 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.
- DOGE price started a fresh increase above the $0.3750 resistance level.
- The price is trading above the $0.3800 level and the 100-hourly simple moving average.
- There was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rally if it clears the $0.400 and $0.4080 resistance levels.
Dogecoin Price Eyes More Upsides
Dogecoin price remained supported above the $0.350 level and recently started a fresh increase like Bitcoin and Ethereum. DOGE was able to clear the $0.3650 and $0.3750 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3950 level or the 61.8% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low.
The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the $0.4080 resistance might send the price toward the $0.4200 resistance. Any more gains might send the price toward the $0.4500 level. The next major stop for the bulls might be $0.500.
Are Dips Supported In DOGE?
If DOGE’s price fails to climb above the $0.400 level, it could start a downside correction. Initial support on the downside is near the $0.3850 level. The next major support is near the $0.3750 level.
The main support sits at $0.3550. If there is a downside break below the $0.3550 support, the price could decline further. In the stated case, the price might decline toward the $0.3200 level or even $0.300 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3850 and $0.3750.
Major Resistance Levels – $0.4000 and $0.4200.
Market
Solana Hits New All-Time High After 3 Years
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price 25% Rally: Breaking Barriers and Surpassing Odds
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
-
Market22 hours ago
South Korea Unveils North Korea’s Role in Upbit Hack
-
Regulation11 hours ago
UK to unveil crypto and stablecoin regulatory framework early next year
-
Market16 hours ago
ETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge
-
Altcoin24 hours ago
Why FLOKI Price Hits 6-Month Peak With 5% Surge?
-
Bitcoin17 hours ago
Marathon Digital Raises $1B to Expand Bitcoin Holdings
-
Altcoin21 hours ago
Vitalik Buterin, Coinbase’s Jesse Pollack Buy Super Anon (ANON) Tokens On Base
-
Altcoin16 hours ago
5 Key Indicators To Watch For Ethereum Price Rally To $10K
-
Market15 hours ago
SEC Moves Toward Solana ETF Approval Amid Pro-Crypto Shift