Description

Overview:

DSCVR is social media platform backed by Polychain, initially built on DFinity, now building on Solana.

You might not have heard of DSCVR before, and that's because they’ve taken a different strategy compared to platforms like LENS - they’ve concentrated 100% on a product-first approach. Unlike other Web3 social platforms that bring little innovation, DSCVR is truly user-centric and introduces numerous new features, such as micro-apps (Canvases) that have the potential to capture significant attention within the Web3 industry. Instead of focusing on marketing, DSCVR is prioritizing user retention. Although it's difficult to estimate the number of bot accounts, the platform is gaining solid traction by rewarding genuine human-like activities rather than simple actions that can easily be botted. The Dune analytics.

DSCVR combines the usability of a Web2-style social app with crypto technology that unlocks ownership, monetization and distribution for users, creators, and projects. Through its native token functionality, DSCVR rewards users and supercharges community-building, while its API allows developers to build applications that target through the social graph, distribute through the feed, and monetize in posts.

One of the most interesting features DSCVR is developing is Canvas. A DSCVR Canvas is a framework for building web applications. Canvases can be built using familiar Web UI and server frameworks (Vue, React, Next.js, etc.) and deployed on the infrastructure of your choice (Vercel, Heroku, Cloudflare, etc.). Once built, a Canvas can be easily distributed on DSCVR by being added directly to a post. This feature allows users to never leave the DSCVR site, as they can perform any action directly there - do swaps, deploy tokens, play games and much more.

• Jupiter swaps directly in the post: https://dscvr.one/post/1201336798328913923
• Play any game directly in the post: https://dscvr.one/post/1201336798328914979
• Full list of Canvas examples: https://dscvr.one/p/canvas
• Canvas documentation: https://docs.dscvr.one/build/dscvr-canvas/

Positives:

• Canvas - A utility that allows you to add micro-apps directly into posts
• Built for multichain - Currently supports Solana wallets, with EVM support to be added soon
• Despite not spending any budget on marketing, the platform has achieved solid traction and user retention
• According to DSCVR Dune analytics, their DAU (Daily active users) are ranging around 70,000
• Investors from previous round are doubling down in the current round (Polychain, Upfront Ventures, ..)
• Hackathon Plans - Plans to launch a hackathon with a $100K prize to encourage the creation of new Canvases in the near future
• Team made switch from ICP (Dfinity) to Solana, getting much better traction now

Negatives:

• Burn Rate - $300K per month
• Extremely Competitive Environment - It will be challenging to break through against the competition

Disclaimer

• • Risk of Loss: Investing in cryptocurrency projects carries inherent risks, including the risk of losing your entire investment. Be prepared to potentially lose all the funds you invest.
• • No Guarantees: There are no guarantees of profits, returns, or success when participating in projects. Past performance is not indicative of future results.
• • No Financial Advice: The information provided is not financial advice. Consult with a financial advisor if you are uncertain about participating.
• • Due Diligence: It's your responsibility to conduct thorough due diligence on the project, team and tokenomics before participating. Make informed decisions.
• • Community and Social Hype: Be aware that investment decisions based solely on social media hype or community sentiment can be risky and speculative.
• • Backup Your Private Keys: Ensure you have securely stored your private keys or seed phrase. Losing access to them may result in permanent loss of your assets.