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Backed by renowned billionaire Chamat Palihapitiya, altcoin skyrocketed after listing on popular cryptocurrency exchange Coinbase
Decentralized Social (DESO) is a tier 1 blockchain that aims to provide scalability for social media applications. The project is open source and stores all data on the network.
DESO can be used to purchase social tokens and NFTs as well as create profiles and posts in Decentralized Social apps. Following the news of the listing, the altcoin rate rose 38% to $ 138.34. Over the past month, the asset has been trading in the range of $ 75 – $ 105.
In September, the token rate reached a quarterly high, reaching $ 150. Earlier, the project changed its name from BitClout and attracted more than $ 200 million in investments.
In October, Social Capital CEO Chamat Palihapitiya mentioned DESO in the context of his basket of investments to protect against inflation, along with assets such as BTC and Solana.
According to the Decentralized Social website, the project wants to provide creators with an opportunity to monetize their activity:
“The DeSo development team is constantly looking for ways to leverage the power of the blockchain to create as many new monetization methods as possible for creators. Since DeSo is an open platform, each new function immediately becomes available to thousands of developers who will create unique products. “
DESO will be available for trading in pairs with USD, EUR and USDT.
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