Why is Decentralized Social (DESO) crypto gaining attention?

April 20, 2022 04:36 AM AEST | By Rupam Roy
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  • Decentralized Social is a new blockchain designed to power Web 3 decentralized social networks.
  • The token is available for trading on crypto exchanges like Coinbase and CoinEx.
  • It returned over 31% gains in the last 30 days.

Decentralized Social (DESO) crypto rallied over 3% on Tuesday afternoon. Its trading volume was also up more than 17% in the last 24 hours.

The rally followed gains in the broader crypto market, partly due to advances in Bitcoin (BTC) and Ethereum (ETH). The market rose 4.70% to US$1.92 trillion at 1:01 pm ET, while its one-day volume jumped 8.16% to US$89.41 billion.

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What is Decentralized Social (DESO) crypto and why it is rising?

Decentralized Social is a new blockchain designed to power Web 3 decentralized social networks. It was founded by Nader Al-Naji in January 2019. DESO aims to address the shortcomings in the current centralized model of social media platforms.

According to the company, content creators are often underpaid and under-engaged in the current set-up, while only a few private firms control public discourse and monopolize profits.

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Decentralized Social aims to make social media content permissionless and accessible to all and consider it a public utility.

It plans to introduce open P2P financial solutions through an efficient yet scalable database infrastructure in the crypto ecosystem. The project aims to create the next-gen Web 3.0 social networks as decentralized social media platforms draw huge interest.

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According to the company, the future of social media would lie in open protocols, with no single entity controlling the world's information. It said the content would be available on-chain.

DESO said the shift from a centralized social platform to a decentralized system is already taking place. It added that Elon Musk’s offer to buy Twitter could be another great step toward that change, but it is not the only means.

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On April 16, DESO launched a Twitter poll asking users what future they see for social platforms. Over 92% of participants saw a decentralized future, and only around 7% saw a centralized future.

The DESO token can be traded on Coinbase Exchange, CoinEx, Blockchain.com, etc.

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Decentralized Social (DESO) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The DESO token was priced at US$40.34 at 1:06 pm ET on April 19, up 3.58%, while its volume for the trailing 24 hours rose 17.76% to US$1.72 million. It has a market cap of US$358.40 million, and its fully-diluted market cap is US$436.01 million.

The token has a maximum and total supply of over 10.80 million, and its current circulating supply is more than 8.88 million. It returned 31.42% gains in the last 30 days while increasing 6.82% over the past seven days.

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