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Social media-focused altcoins have surged this week after announcing a new partnership with popular cryptocurrency wallet MetaMask.
Decentralized Social (DESO), a decentralized social media platform, climbed 102% today from a seven-day low of $5.43 to a weekly high of $11.
The 226th-ranked crypto asset by market capitalization has pulled back from its weekly high but remains up nearly 40% over the past 24 hours, trading at $10.32 at the time of writing. Despite the slight setback, DESO continues to outperform all other crypto assets within the top 300 in market capitalization rankings.
Layer 1 blockchain project backed by Coinbase aims to redefine the nature of social media applications by solving scalability limitations and protecting users and content creators from centralized authorities .
According to the project press release, Decentralized Social’s new integration with MetaMask “paves the way for DeSo to become the cross-chain social layer for all Web 3.0.”
DeSo founder Nader Al-Naji explains:
Existing blockchains cannot store content efficiently. Storing a 200-character tweet on Ethereum costs about $50, and storing it on Solana, Avalanche, or Polygon costs about 15 cents. is a ten-thousandth of a cent and is the first blockchain capable of disrupting storage-intensive applications like social.
Decentralized Social has so far operated on the Ethereum (ETH) ecosystem, but the project will also expand to Solana (SOL).
Despite this week’s rally, DESO remains down almost 95% from its all-time high of $198.68 set in June 2021.
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Featured image: Shutterstock/eva cool
