Social finance apps Tomo and New Bitcoin City break above $1 million in TVL

Quick Take

  • FriendTech competitors are growing in number, and also in the amount of funds locked into their smart contracts. 
  • They’re also offering more features to rival the first mover.

Social finance protocols Tomo and New Bitcoin City now have more than $1 million locked in each of their smart contracts, a figure known as total value locked, per DefiLlama.

Both protocols are similar projects to Base-based FriendTech, the first mover in an emerging space that's leveraging a specific blend of social media with a financial twist. FriendTech popularized the idea of having gated communities where users need to pay for so-called keys to access group chats, with the price of the keys getting more expensive each time one is bought.

Innovating with new social finance ideas

Running on the Linea platform, Tomo offers a few different things compared to FriendTech, such as the ability to message someone directly. But the main aspect that makes Tomo different is that it lets users bet on the value of people's keys, if they were they to join the platform. Tesla CEO Elon Musk's keys, for instance, are currently valued at 0.478 ETH ($743), and that's the price they would start trading at if he were to join the platform. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Based on Bitcoin Layer 2 network NOS, New Bitcoin City is taking a slightly different approach from most social finance platforms by trying to be more of a social layer, allowing users from other protocols like FriendTech to use their keys on its app.

New Bitcoin City has added a few levels of customization, including the ability to set the fee that a group chat owner charges for the purchase of their keys (between 0-8%) and the number of keys needed to access their group chat. It also lets users agree to buy each other's keys for a period of 30 days, a process referred to as (3,3).

These two projects are currently the only social finance platforms with more than $1 million in TVL other than FriendTech, which still dominates with $43.7 million. Avalanche-based StarsArena had more than $1 million in TVL before it was hacked. It's set to reopen today with trading to start at a later date.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.


To contact the editor of this story:
Nathan Crooks at
[email protected]