SocialFi Wins The BNB Chain Debate: Did You Win Too?
Catch the results of the BNB Chain Debate between SocialFi, DeFi, and GameFi. Did you manage to win too?
The BNB Chain Debate Competition was a successful Web3 virtual debate event held on 5 Jan 2023. To kick off the New Year, three top debaters made cases for different Fi trends for 2023.
Maggie, the CEO and founder of Yuliverse made an exceptional case for SocialFi. Adam Zhao, the CEO of Era7 shared ideas on behalf of GameFi. Antonio Morales, the community lead of Stader debated for DeFi as the trend of 2023.
Diksha from BNB Chain moderated the hour-long debate. Each debater was required to adhere to the rules of the debate including presenting evidence in support of an argument, backing up statements with accurate facts, and not bringing up new points during cross-questioning. The Q&A round was pretty intense but not covered in this article. Don’t worry if you missed the debate. You can watch a video recording of the debate here!
Here’s a brief glimpse of what went down in the debate:
Antonio made the argument for DeFi with over 40 Billion in TVL across multiple protocols cementing itself as an established blockchain sector with still room to grow. Staking is an important component of DeFi with liquid staking making up 5% of all tokens staked (and growing). DeFi also has the highest market capitalization of 35 Billion on Coingecko, more than GameFi and SocialFi. 2022 also saw big names such as JP Morgan utilize Ethereum and Polygon.
Adam spoke on behalf of GameFi and how investing in gameplay helps improve retention for the sector. Based on market size and existing investments made in Web3 gaming, GameFi is poised to be the trend of 2023. Roughly 30% of all investments went towards GameFi with big AAA games and builders making Web3 games. While SocialFi has room to grow, it will still take about a couple of years before it becomes a major trend.
Maggie made an excellent case for SocialFi as the Fi trend of 2023 by bringing in new traffic and moving social networks to the blockchain. SocialFi are decentralized social applications built on the blockchain that combine social and financial elements. Users earn tokens through social behaviors in Web3 SocialFi platforms. Yuliverse is an example of a leading SocialFi dApp inspired by PokemonGo and Tinder to bring Web3 users the world’s first parallel reality gaming metaverse on BNB Chain. Moreover, SocialFi tackles the limitations of existing social platforms such as centralization, expensive traffic, and data ownership.
Results of the Debate
Debate watchers could mint a Debate Voting NFT on Galxe and use their NFT to cast their vote for their favorite debaters. Using NFTs to vote for debate competitions gives voting NFTs utility and multiple use cases. For example, each wallet can hold only one voting NFT and can vote only once to prevent illegitimate voting or voter fraud.
Votings opened after the end of the debate on 5 Jan and closed on 12 Jan 2023. The results of the debate competition were announced on 13 Jan 2023 with over 13107 voters voting for their favorite debater in the BNB Chain Debate Competition. The number of votes cast for each debater included:
- First place with 6201 votes: SocialFi (Yuliverse)
- Second place with 3681 votes: GameFi (Era7)
- Third place with 3225 votes: DeFi (Stader)
SocialFi won the BNB Chain Debate Competition and placed first as the emerging Fi trend for 2023. SocialFi combines gaming, finance, and the networking effects of social apps making it a recipe for success if executed properly.
Not only did the debaters have a winner, but even the audience got a chance to win during the debate event. Voters who voted for the winning debater also had a chance to win crypto from a prize pool of up to $9000 BUSD. 90 Lucky voters who voted for SocialFi in the BNB Chain Debate Competition won $100 BUSD each based on a lucky draw.
Did you vote for the winning debate team? Log on to DappBay to see if you’re a lucky winner.