Top Web3 Social Graph Project CyberConnect Fully Analyzed

06/03/2023·1years ago

On April 28, 2023, CyberConnect announced via official Twitter that on May 18, the native utility and governance token CYBER of the CyberConnect protocol will be publicly sold through the CoinList platform. This public sale will bring 3% of the total supply of 100,000,000 CYBER into circulation, with 25% unlocked after listing and the remaining 75% linearly unlocked monthly over 6 months, with a public offering price of 1.8 USD per token.

About CyberConnect Financing

Previously, CyberConnect had successful financings in 2021 and 2022:

November 16, 2011, Seed Round: Raised $10 million. This round was led by Multicoin Capital and Sky9 Capital. Investors including Animoca Brands, Draper Dragon, Hashed, Zoo Capital, Smrti Lab, and Mask Network also participated. The funds were mainly used to help the company team expand, develop the Web3 developer community, and subsequently launch the protocol.

May 17, 2022, Series A: Raised $15 million. Led by Animoca Brands and Sky9 Capital, with other investors including IOSG Ventures, Delphi Digital, Protocol Labs, Tribe Capital, GGV Capital, etc. CyberConnect plans to use the funds to continue building the protocol, expand the team, and launch new Web3 projects.

It is worth noting that the institutional price per token for the Series A financing in 2022 was $3, while the public offering price this time is $1.8, 40% cheaper than before.

Project Introduction

CyberConnect is a multi-chain decentralized social graph protocol deployed on Ethereum mainnet, Polygon, Solana, and BNB Chain. It enables developers to create social applications, allowing users to have their own digital identity (DID), content, connections, and tokenized channels. As of March 13, 2023, the CyberConnect protocol has over 350,000 user identities, over 300,000 monthly active users, and a total of over 2.8 million on-chain interactions.

CyberConnect overturns the siloed social networks of Web2, where users are held hostage by platforms and different platforms cannot interconnect information and data. It aims to build a decentralized social graph protocol, aggregating a person's social relationships on one platform, where users can have autonomy. This allows users to no longer need to rebuild their identity, profile, and connections every time they migrate to a new platform. By connecting their wallet to CyberConnect, users can access all connections across the entire Web3 and access all DApps built on CyberConnect seamlessly, regardless of the platform they choose to participate in.

Because CyberConnect breaks down the barriers between different platforms, users can aggregate their social relationships in different interest circles, fields, and platforms into one social network. This also means that users can freely leave one platform or join a new one without worrying about their friends, fans, content, and value being left behind.

The social graph module consists of two parts: the follow button and the follower list. Any social application that focuses on Web3 can integrate CyberConnect, no longer needing to maintain their own social graph database.

CyberConnect mainly includes three user-centric functions:

CyberProfile: A decentralized identity standard that provides access to Web3, used to store all user activity data. Developers can use CyberConnect to map all on-chain credentials/assets to CyberProfile.
CyberConnect Social Graph: Connects user digital identities, data, content, and friends.
CyberWallet: The protocol's smart contract wallet, securely storing user assets.

Token Economics

CyberDAO will be used for protocol governance delegation, and CYBER is its governance token. CYBER is used to protect and manage the DAO, which will control the use of future funds and all core upgrades to the protocol infrastructure.

CYBER will provide the following utilities for the CyberConnect protocol:

Governance: CYBER token holders will vote on proposals to drive sustainable long-term development and improvement of the CyberConnect protocol. Upcoming proposals include: activating service fees for paid transactions through the protocol; changes in service fee collection rates; changes to acceptable tokens for payment; expanding the protocol to new blockchains; budget allocation for developer funding programs and community contributor programs, as well as offline and online community activities for ecosystem development.
Used for paying CyberProfile minting: When purchasing CyberProfile with advanced usernames, CYBER will be used as a gas token.
Used for CyberWallet gas payment: CyberWallet is CyberConnect's smart contract wallet solution, providing users with a seamless transaction experience without needing mnemonic phrases and not requiring native tokens for different chains as gas payment. CYBER will be used as the price list and gas payment method for all transactions within CyberWallet across EVM-compatible chains. The CyberWallet is still under development and will be applicable to Ethereum, Optimism, Arbitrum, BNB Chain, Base, and Polygon networks.

The total supply of CYBER is 100,000,000 tokens, with the CoinList public offering accounting for 3%, where 25% will be unlocked after listing and the remaining 75% will be linearly unlocked monthly over 6 months. The detailed allocation is as follows:

Team and advisors: 15%, unlocked after listing for 15 months, then linearly unlocked quarterly over 3 years;
Private sale: 25.12%, unlocked after listing for 12 months, then linearly unlocked quarterly over 3 years;
Community treasury: 10.88%, 10% unlocked after listing, the remaining 90% linearly unlocked monthly over 5 years;
Community rewards: 12%, with 20% distributed to early users (airdrop) after listing, and the remaining 80% allocated for future community rewards;
CoinList public sale: 3%, where 25% will be unlocked after listing, and the remaining 75% will be linearly unlocked monthly over 6 months;
Ecosystem development: 34%, including:
- Ecosystem partners: 9%, 20% unlocked after listing, the remaining 80% linearly unlocked over 4 years;
- Developer community: 10%, 5% unlocked after listing, the remaining 95% linearly unlocked over 4 years;
- Early integration partners: 5%, 10% unlocked after listing, the remaining 90% unlocked over 3 years;
- Marketing: 10%, 10% unlocked after listing, the remaining 90% unlocked over 3 years.

CYBER Public Sale Information

Issue date: May 18

Issuing platform: CoinList

Public offering amount: 3,000,000 tokens

Offering price: $1.8 per token

Unlocking mode: 25% unlocked after listing, the remaining 75% linearly unlocked monthly over 6 months

Registration deadline: May 15, 20:00 Beijing time

Registration link:

https://sales.coinlist.co/cyberconnect

Additionally, users with the following identities are given priority queueing rights at the time of issuance on CoinList, including:

Owners of advanced CyberProfile (ccProfile);
High-level users in the CyberConnect FanClub;
Owners of W3ST collections;
Early supporters on Discord (top 1K, 10K, 100K);
Holders of Link3 Mystery Boxes or The Shards NFT series;
Holders of NFTs from previous community activities—verified Web3 Dweller, Connect2022 Grand NFT, #Let’sCyberConnect Season 1 POAP, and community treasure hunt OATs holders;
Donors who have contributed to CyberConnect on Gitcoin.

CyberConnect Outlook and Challenges

Ecosystem Expansion

CyberConnect has developed an all-in-one-profile product—Link3, and expanded to events, posts, fanclub, actively guiding users to find high-frequency usage scenarios that combine web2 and web3.

CyberConnect has taken a protocol-product-ecosystem development route, first establishing the protocol, then creating its flagship product Link3, and horizontally expanding and developing the ecosystem.

In addition to creating secondary products, they have also expressed in previous hackathons that they welcome already established DApps to join in co-building the ecosystem, rather than starting everything from scratch. CyberConnect also does not overly require the pure Web3 native nature of applications; any meaningful interaction scenario can be grafted onto CyberConnect to let users use it first and become a gateway for data on-chain.

These ecosystems bring more diverse application scenarios to the protocol, aligning with the strategic priority of building a social graph. For example, gaming DApps like DegenReborn, restaurant review DApps like Plato, reading DApps like ReadON, and metaverse DApps like Oasis, and even the largest application in the Lens ecosystem, Phaver, have joined the CC interface, enriching the ecosystem.

Roadmap

This is just the beginning of CyberConnect's journey in building a social network in Web3, creating a future where we have ultimate control over our digital lives. According to its 2023 roadmap, in the coming months, CyberConnect will release several important features, including launching the "Login with CyberConnect" SDK and the decentralized content publishing tool Link3 Post provided by CyberConnect in the second quarter of this year; launching CyberConnect V3 and deploying it on more EVM-compatible chains in the third quarter of this year; releasing a test version of Cyber Wallet that supports ERC-4337; and launching the CyberConnect Ecosystem Grant Fund in the fourth quarter of this year.

Potential Risks and Challenges

Privacy issues. CyberConnect is based on wallet address identity verification, making users' on-chain assets completely open and transparent. Currently, CyberConnect retrieves users' DApp information and displays it on their personal homepage, which may affect user scale due to privacy concerns. Users currently cannot choose which information to display, and the right to independently show and hide personal information and related content should be fully given to users.
Resource requirements. CyberConnect's future expansion with DApps requires strong BD resources. From a technical architecture perspective, CyberConnect's presentation is not a huge network but is mainly presented to users through DApps in a data-sharing manner.
Data security. CyberConnect also shares data with other Web3 projects such as zkLink (a chain interoperability protocol including exchanges and operational funds), UniPass (multi-chain unified encrypted identity), ensdomains (Ethereum domain names), etc. Data sharing is undoubtedly helping with ecosystem expansion and construction, but it also undoubtedly adds many hidden uncertain risks.

Conclusion

CyberConnect is a project worth paying attention to in the social track, truly connecting user relationships in the Web3 protocol. Allowing users to carry their social graph while switching services, with their previous relationship network, is one of the core public services that Web3.0 can provide. With two successful tens of millions of dollars in financing over the past two years, supporting rapid protocol development, active organization of operations, and community Q&A, CyberConnect is a competitive player in the Web3 social track. We hope CyberConnect can enrich the ecosystem, continuously innovate, and bring us more impressive performances as a decentralized social platform. If you are interested in more detailed content, you can click the following links to learn more about CyberConnect:

Official website: https://cyberconnect.me/

Twitter: https://twitter.com/cyberconnecthq

CyberConnect Chinese wiki: https://jayjiang.gitbook.io/cyber/

CYBER public sale registration link: https://sales.coinlist.co/cyberconnect

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