SoFi - So, What's Happening?
Sinking Islands
SoFi emerged back in 2016 with the arrival of Steemit and subsequently Hive. However, there have been numerous one-hit wonders in the interim. Projects that launched with a bang, only to fade out into obscurity. Uptrennd and Torum come to mind. Both are now forgotten SoFi platforms that once enjoyed enormous user bases. However, due to various complications and dynamics, both have become redundant.
Unfortunately, they are not the only ones. Gfam, an XRP-based platform, also recently went offline. Wherever you turn, SoFi casualties seem to be everywhere. This is rather sad, as SoFi holds such great promise. It’s a niche that has the ability and potential to enrich its users. This dynamic should be driving adoption. However, we are experiencing more of a shrinkage.
This is rather concerning, especially since we are technically still in a bull market. Hive continues to soldier on. However, its token valuation appears to be stuck around the $0.20 mark, which is a far cry from the all-time high of $3.41. INLEO’s LEO token is finally performing after being trapped in the single-digit domain and is currently ranging between $0.11 and $0.13.
Producing The Goods!
Hive and Arena appear to be the only two platforms producing the goods. Arena works really well for creators who already have a strong following on X. In many ways, Arena is the monetized version of X, despite X already having a monetized edge. From what I can tell, Tangled is also producing the goods for a handful of engaged and active users and creators.
With such great potential, one would consider an alternative reality. However, that’s not the case; SoFi is struggling to find models that last. Short bursts of success are often the case in the SoFi space. Bursts that fizzle out with little to no warning. The HIVE price might be struggling. However, the platform continues to produce the goods with an active and engaged community.
This is key! Active communities are essential. Active, engaged, and committed. I have also noticed that SoFi users appear to be returning to older income models, such as survey sites like Cointiply and CoinPayU. This is primarily due to higher earnings relative to the time spent producing content. I have a referral on Ysense who does very well doing surveys. They appear to have cracked the code.
SoFi exists primarily due to monetization. Remove the rewards, and users will return to legacy platforms. That being said, earnings remain key for developers. Platforms must get this aspect right; without it, there is little hope of success. Grill is another SoFi platform that started so well, but then fell off a cliff. This, too, was an earnings-related issue. Can you see how critical it is for SoFi platforms to nail this particular aspect?
Final Thoughts
Earnings are a make-or-break element of SoFi platforms. Projects must ensure this is firmly in place and works well. Nobody should expect to get rich through SoFi. However, earning is the aim. Hence, the term Social Finance. There have been many failures. However, a handful of projects are still producing the goods. We need to see more of these. All the best, see you next time!
Disclaimer
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This article was first published on Sapphire Crypto.
Posted Using INLEO