Form, the first SocialFi L2, comes out of stealth with native yield campaign

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Oct 08, 2024, 08:05 ET

NEW YORK, Oct. 8, 2024 /PRNewswire/ -- Form, an Ethereum-based layer 2 ecosystem for the SocialFi category, incubated by Roll Labs, has come out of stealth and announced its native yield and pre-deposit campaign on Ethereum.

The first stage of Form's native yield campaign, called Meditations, introduces its pre-deposit phase and some notable ecosystem partners: Renzo, a top liquid restaking protocol, Turtle Club, a syndicate for DeFi liquidity, Nucleus, a default yield provider for L2s, tokens from Pendle – the tokenized yield-trading protocol and Solv Protocol, a leading Bitcoin staking platform.

What's next for SocialFi? SocialFi took the crypto world by storm in 2023 with products that melded social tokens, bonding curves and token-gating seamlessly to create the category. SocialFi's product-market-fit became a bonding curve that represented the layer of interaction between a creator and their audience but the contracts created by these platforms were largely centralized and did not include the ERC20 standard, leaving creator's tokens stuck on the platform and unable to interoperate with the broader Web3 space.

As user growth slowed for SocialFi in 2023, many teams decided to sunset their products. Form's core contributors see the next evolution of SocialFi as an ecosystem of bonding curve apps with innovation at the contract level to bring interoperability and DeFi composability to the space.

"SocialFi's legacy on Ethereum can't be centralization. Users have the right to transact, the right to own and the right to bear a market as they see fit with their tokens. We see these as first principles for anyone advancing SocialFi and have made these principles part of our vision at Form. SocialFi users should be able to mint and trade tokens on bonding curve apps and use those same tokens across DeFi, DEXes and even CEXes" says Sid Kalla, core contributor at Form.

Since starting the social token protocol Roll on Ethereum in 2019, the Form team has spent time thinking through social crypto and saw the evolution of what they call "thesis chains", or chains that intensely focus on one particular category or asset class, without being distracted by anything else.

"Vitalik touched on this briefly in a post but we see thesis chains as the future of Ethereum. These are chains that have a specific comparative advantage against others and have weathered many cycles. Examples would be Ronin as a thesis chain for games with over 1 million daily active users, Immutable is not too far behind as well. Chiliz is a thesis chain for fan tokens, no one has come close to them. Just as there are 'thesis cities' like Las Vegas, thesis chains will begin to proliferate the space. Form will be the number one thesis chain on Ethereum for SocialFi" says Bradley Miles, core contributor at Form.

All of this has led to Meditations, Form's pre-deposit campaign that introduces Form points, native yield and partner assets to begin the road to mainnet. Following in the footsteps of L2s like Blast, Zircuit and Swell, Form has listed select assets from Renzo and Pendle that can be deposited in Form's staking contract.

"Renzo is thrilled to announce its participation in Form's pre-deposit campaign, where users can deposit ezETH and pzETH, enabling them to receive EZ points as well as dynamic Form points, which can later be converted into FORM governance tokens at the project's TGE." says Diogo Costa, growth marketing lead at Renzo.

Tokenized Bitcoin will also play a big role in Form's SocialFi ecosystem as the Solv Protocol team intends to bring the decentralized bitcoin reserve SolvBTC to Form mainnet.

"At Solv Protocol, we are committed to pushing the boundaries of Bitcoin's utility across decentralized finance. By integrating SolvBTC into Form's SocialFi ecosystem, we're taking a major step forward in expanding Bitcoin's role beyond just a store of value. This collaboration will allow users to harness the power of Bitcoin while engaging with the next evolution of SocialFi. We believe that SolvBTC's decentralized nature will provide a strong foundation for Form's vision of a more secure and interoperable SocialFi landscape." says Ryan Chow, co-founder at Solv Protocol, which currently holds over $1B TVL in tokenized Bitcoin across several chains.

Form's larger vision for their SocialFi ecosystem is establishing default yield-bearing assets that can be integrated into the on-chain SocialFi experience, letting users continually receive yield while minting and trading SocialFi tokens on the network. Form is one of the genesis partners of Nucleus, which powers the launch of Form ETH, the first native yield asset for the SocialFi space. Like the pre-deposit campaign, users can deposit ETH assets as collateral and receive Form points and other incentives in addition to Form ETH.

"We're excited to work with the Form Network team to enable their users who utilize Nucleus's Yield by Default to own a portion of the economic value and infrastructure that will power the Form's SocialFi ecosystem to earn without compromises." says, Chunda McCain, co-founder of Nucleus.

Bolstering Form's native yield and pre-deposit campaign is a phantom liquidity protocol called Turtle Club that has generated significant risk adjusted returns for their users, giving members access to exclusive yield boosts that a user would not normally have access to.

"It's an absolute pleasure to collaborate with the talented team at Form Network, who have been at the forefront of SocialFi and social tokens for years." says Essi Lagevardi, CEO & Co-Founder of Turtle Club.

The road to Form's mainnet starts today with Meditations and will phase into an incentivized mainnet where users can usher in the next wave of SocialFi apps in the Ethereum ecosystem.

About Form
Form is the first L2 built for SocialFi on Ethereum. The chain is utilizing the OP Stack to bring a scalable, low-cost SocialFi ecosystem to 50 million users by 2030. For more information please visit https://form.network/.

Contact: [email protected]

SOURCE Form