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
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
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 Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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