Solcial, A Web 3 Decentralized Social Media Platform Built On Solana Blockchain.

The Solana ecosystem is getting a social network. Solcial has raised $2.9 million to expand in a round led by Alameda Research with Solana Foundation, Rarestone Capital, GBV, Shift Capital and Noia Capital participating.

According to CoinDesk, around 5% of Solcial’s planned SLC tokens are earmarked for seed funders, according to pseudonymous founder “Idris,” for a valuation of about $58 million.

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The platform, which has not yet launched, plans to build a hub for sharing content, following the news and even trading assets, in a censorship-free environment. It’s hardly the only crypto stab at hands-off social media (BitClout is perhaps best-known) though one of the first on Solana.

“It has to be very cheap, and very fast to post a comment or a photo,” Idris said in a Telegram chat. “People have high expectations (in terms of user experience) with centralized social networks, and we have to have a decentralized solution that could match.”