Friendzone, a new social networking application, will launch on the Polygon network on February 26.
The application is expected to introduce a novel approach to building online communities through adaptive pricing and reward distribution.
Friendzone will first launch on Polygon’s Proof of Stake (PoS) sidechain, with plans to further expand into the Polygon zkEVM layer, according to CoinDesk.
Friendzone follows the launch of Friend.Tech last summer, when its short-lived meteoric rise brought public attention to the social finance (SocialFi) space.
SocialFi is a blend of social media and decentralized finance (DeFi) that allows users to monetize interactions and content creation within a decentralized framework, usually powered by blockchain technology.
According to cryptocurrency data aggregator CoinGecko, SocialFi tokens have a combined market capitalization of US$3.39 billion. Theta Network’s THETA token currently leads SocialFi tokens in market cap with US$965.8 million and is priced at US$0.97.