Cardano Spotlight: SIDAN Labs AMA & SocialFi

Author

Utsav Sheth
January 26, 2024

What's Spotlight? Every week, we highlight the most interesting events happening around Cardano. We want to help you cut the noise and find the signal.

We present our AMA session with developers on Cardano who are developing open-source code to further Cardano. Then, we move to discuss SocialFI on Cardnao.

Code & Content - Sidan Labs AMA

Code and content are the pillars of the crypto industry. Cardano's blessed with hardworking developers who create open-source code that pushes Cardano and crypto forward. We are hosting a conversation with some of the best developers in the industry - Sidan Labs, Gimbalabs, and MeshJS.

Cardano is in the tooling phase, where we must build the proper infrastructure to enable impactful blockchain usecases. Sidan and their partners are working to develop open-source libraries in Rust to enable a high-frequency trading platform using transaction chaining.

But code is just one side of the coin; it has to be complemented by content. This is the second focus of our discussion - developer education.

Join our live-stream AMA session to learn more about this initiative and to support the builders:

Livestream AMA: Cardano Spot Livestream

Date: 30th Jan, 12 PM UTC

Guest:

• Hinson Wong: Co-founder, SIDAN Lab

• James Dunseith: Founder, Gimbalabs

• Jingles: Founder, MeshJS

Host:

• Sebastian Zilliacus: Co-founder of Cardano Spot

• Anuj Chaudhary: Content Head at Cardano Spot

SocialFi on Cardano


The hottest discussion around Cardano this week has been SocialFi. We had a SocialFi project inspired by the Friend Tech model launch on Cardan0. Let's understand the model, the pros & cons, and the outcome.


Hyena Coin's Sahara Social quickly garnered attention from the Cardano community with its explosive go-to-market strategy. This is inspired by Friend Tech, which popularized the concept of keys. The core idea is that everyone who signs up on this platform will have their keys, and people can access their chat by buying them.

The protocol and the creators earn a share of the revenue from the buying or selling keys. This has a high potential to go viral because it incentivizes creators to get users onto the platform. We saw this transpiring with Hyena Coin, as some big-name influencers quickly signed on to the platform.

However, the core issue with the model is that it's highly speculative, where things can go up or down exponentially. Creators don't have long-term incentives as they can quickly make money while the long-term returns are low.


We saw this with Friend Tech, where the protocols had a mania bubble and have struggled ever since. SocialFi is quite a unique opportunity, but it can't be reached speculatively!

Hyena Coin, however, had a nasty outcome. Less than a day after its launch, they had a questionable hack. The lead dev allegedly took control of the account and rugged all the user's money - 94K Ada. Read the whole story here.

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