DeBank Chain - The New Twitter?

DeBank is launching its own Chain, aiming to become the next Social layer in crypto

Aug 15, 2023

Great news for anyone that follows the developments of the social layer in crypto!

Debank just announced the launch of its own Chain - to be built on the OP stack!

If you have followed this blog for a while you know about my conviction that Web3 Socials will usher a new wave of social media 2.0.

A few months ago we talked about Lens and Momoka - this time we focus on DeBank.

Why is DeBank special?

They already incorporate the truest way to follow users in crypto: their wallets.

While Social Media 1.0 is all about following people’s identities based on their names and surnames, Web3 Social Media will be based on hexadecimal codes.

This is a huge differentiating element from their competitors, such as Lens, and I personally believe one of the main reasons why Lens is not getting traction.

You already follow people on DeBank — now you’ll be able to interact with them.

Let’s take a deep dive into DeBank Chain.

They are expecting to rollout mainnet development in 2024.

Why DeBank Chain?

Why an app chain?

The nature of the social layer DeBank is trying to develop requires an infrastructure about to scale to support hundreds of thousands of microtransactions, at a much smaller cost than Ethereum or other L2s currently allow.

One of the customized features of their rollup is in fact the modification to the consensus mechanism to reduce gas costs by x100/x400.

There’s a lot of talk about Account Abstraction (AA) on CT.

Some of the benefits that can be achieved by leveraging AA and smart contract wallets include:

Define your own flexible security rules
Recover your account if you lose the keys
Share your account security across trusted devices or individuals
Pay someone else's gas, or have someone else pay yours
Batch transactions together (e.g. approve and execute a swap in one go)
More opportunities for dApps and wallet developers to innovate on user experiences

This will also greatly benefit security as the account system will create a new private key dedicated for DeBank L2, without having to use the main L1 private key — thus contributing to increased security and also a clear separation between the different accounts.

The development of DeBank app chain comes as no surprise, given the previous product development of the company, such as DeBank Stream.

Stream represents the first development of DeBank into a social layer for crypto.

It is a Twitter-like feed associated with your wallet address where you can share your thoughts and get compensated for the value you create.

This is a staple of Web3 social media, such as Lens: rewarding users for the value they create. And for a Social Network, that value is mostly time and attention.

Accordingly, on the right side of the UX, you’ll be able to see the users who created the most value on Stream in the previous 24h. The contributions are not money they will get, but a monetary estimation based on the realized value of the post: the amount of total money of readers divided by the number of readers.

Nonetheless, DeBank also offers monetary rewards for users engaging in the content, as they contribute to bringing more attention to them (based on how much you are worth).

While whales are able to produce bigger engagement due to the higher number of followers, Stream also allows content creators to build a reputation based on the Total Value Locked by their followers, which affects your rank and the rewards you receive when interacting with the platform.

Pick a side: be a whale or a content creator and monetize your .. skill.

You can already take a look at the Testnet Explorer for DeBank:

Over 12k addresses have already interacted with it.

The DeBank team has proven itself by developing one of the best and most widely used wallet and portfolio trackers — now it is leveraging that foundation to scale up and become the new Social Layer of crypto.

It was already clear when they launched Debank Hi, a very simple tool that allows you to message any wallet by sending them an offer. For instance, if you want to message the account below - it’ll cost you $5, which he’ll receive in his account.