DeSo-Backed SocialFi App Focus Secures $20M Funding in under 24 Hours

DeSo-Backed SocialFi App Focus Secures $20M Funding in under 24 Hours

DeSo, the group that garnered $200 million from major firms like Coinbase, Sequoia, a16z, and Social Capital, has released a brand-new SocialFi app called Focus. It wants to upend the trillion-dollar social media industry and the creative economy by launching innovative services that compete with Patreon, X and Onlyfans.

With OnlyFans completing approximately $8 billion in transactions in 2023 and charging 20% for every transaction, the market’s TAM is substantial. The necessity for a fairer solution is highlighted by the large reduction in creative revenues caused by these hefty levies.

With Focus, you can get all the features of billion-dollar social media sites like X, Patreon, Onlyfans, and others in one app. Its permissionless crypto-native monetization functionalities, which are not available in web2, are powered by the DeSo blockchain.

“Decentralized social media is facing the same skepticism Bitcoin did at its inception. Critics believe it can’t challenge major players, won’t scale, and faces a ban if it does. Ask yourself: do you want to be on the side that’s short-sighted and left behind or embrace optimism and innovation? This is your chance to be part of a monumental technological shift.” – Nader Al-Naji, Founder of DeSo.

Focus has no corporate backing and is completely decentralized, led by seasoned cryptocurrency expert Nader Al-Naji—only coins and code.

With anonymous crypto-enabled monetization mechanisms like paid reposts (decentralized advertisements), paid messages, unlocked content, subscriptions, and Creator Coins—which let users participate directly in the income streams of other creators—Focus opens up new avenues for users to generate income.

Focus users can transact in a range of cryptocurrencies, including USDC, Bitcoin, Ethereum, Solana, DeSo, and Focus tokens, all for less than 1/10,000th of a cent per transaction, including for cross-chain assets, because of the DeSo blockchain and its Revolution Proof of Stake technology.

In addition, DeSo allows content to be stored directly on the chain for 1/10,000th of a cent per post—much cheaper than Ethereum, which charges over $100 per post, or Solana, which charges about $1.

This implies that Focus can lead the way in novel content mechanisms and monetization that are not achievable with slower, more restricted fiat payment rails or outdated, high-fee blockchains.

Like staking, Focus allows users to reserve tokens in any supported currency through HeroSwap, including BTC, ETH, SOL, USDC, and DESO. A 100% bonus in $FOCUS tokens will be awarded to early adopters who reserve tokens during the first week, which runs from January 11 to January 18.

Focus democratizes distribution by paying out 100% of all fees to $FOCUS token holders directly, in contrast to typical social networks. This runs counter to the current social media companies’ business model, which concentrates all value in the hands of a select few shareholders and venture capitalists.

Focus is launching The Social Airdrop, a viral airdrop strategy that distributes $FOCUS tokens in proportion to a user’s impact on external social networks in order to further encourage user participation.

A joining bonus of roughly $100 in $FOCUS tokens would be awarded to someone who receives a thousand views on each post under the new airdrop model. On the other hand, a someone like Elon Musk who receives millions of views on each post would receive a bonus of up to $100,000 in $FOCUS tokens.

A referral program is another feature of the Social Airdrop that enables users to recommend others to the platform in exchange for 10% of the referee’s joining bonus and 5% of all sales the referee makes on the platform.

At launch, FOCUS intends to support DeSo, OnlyFans, X, Instagram, YouTube, TikTok, Twitch, and a few other email domains.

Prospective users should visit and reserve their funds before January 18 at 11:11 am EST in order to receive a 100% bonus in $FOCUS when they reserve tokens. Weekly additional drops will occur until the app launches.

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