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SocialFi platform Tomo has raised $3.5 million in seed funding led by Polychain Capital, alongside investors including Consensys and Symbolic Capital. This influx of capital coincides with the introduction of new features, including the TomoID wallet and a revamped points reward system.
Ryan Fang, founder of Tomo, expressed his gratitude for the support from investors and emphasized 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 link has financial value.
Olaf Carlson-Wee, CEO of Polychain Capital, underlined the importance of Tomo in bringing a large new user base to the web3 environment. He noted that Tomo’s integration of financial incentives into social media feedback loops optimizes the distribution of value between creators and fans.
While details on Tomo’s valuation and funding structure have not been disclosed, the platform works similarly to other SocialFi apps. Using a “Keys” system, users can purchase access to creators’ content and messages, and content moderation is governed by community guidelines. Transactions are denominated in USD but executed in ether, and a 10% royalty is split between Tomo and the creator.
Tomo facilitates the adoption of blockchain technology by connecting users through existing social media handles and integrates fiat on-ramping solutions for seamless wallet setup. Leveraging ERC-4337 technology on Ethereum Layer 2 networks Linea and Base, Tomo offers cost-effective and scalable operations.
The release of ERC-4337 in March 2023 allowed for account abstraction on Ethereum, enabling wallets to function as smart contracts with advanced features such as multi-factor authentication and wallet social recovery.
In terms of total value locked (TVL) on SocialFi apps, Tomo currently ranks fourth with assets approaching $1 million. Leading the niche is FriendTech at Base with $40 million TVL, followed by The Arena at Avalanche and Alpha at NOS in second and third place respectively.
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