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The SocialFi platform Tomo, along with investors like Consensys and Symbolic Capital, has raised a seed fund of 3.5 million dollars, led by Polychain Capital. This inflow of capital is concurrent with the introduction of new features, including the TomoID wallet and a revamped reward point system.
Ryan Fang, the founder of Tomo, expressed his gratitude for the support from investors and highlighted Tomo’s mission to innovate in the SocialFi space. Fang sees Tomo as a pioneer in developing a multi-chain Web3 Social Wallet and aims to create a platform where every connection has financial value.
Polychain Capital CEO Olaf Carlson-Wee emphasized the importance of Tomo in bringing a large new user base to the web3 environment. He noted that integrating Tomo’s financial incentives with social media feedback loops optimizes value distribution between creators and fans.
While specific details about Tomo’s valuation and financing structure are not disclosed, the platform operates similarly to other SocialFi apps. Users can purchase access to content creators’ content and messages using a “Key” system, and content moderation is governed by community rules. Transactions are performed in USD but realized in ether, with a 10% royalty fee shared between Tomo and the content creator.
Tomo facilitates the adoption of blockchain technology by connecting users through their existing social media channels and integrates fiat on-ramping solutions for seamless wallet setup. Leveraging ERC-4337 technology on Ethereum Layer 2 networks Linea and Base, Tomo provides cost-effective and scalable operations.
The launch of ERC-4337 in March 2023 enabled wallets to function as smart contracts with advanced features such as multi-factor authentication and wallet social recovery, allowing for account abstraction on Ethereum.
In terms of total value locked (TVL) in SocialFi applications, Tomo currently ranks fourth with assets nearing 1 million dollars. The leader in this field is FriendTech on Base with a 40 million dollar TVL, followed by The Arena on Avalanche and Alpha on NOS in second and third place, respectively.
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