![image.png](https://i.imgur.com/oEoVjUK.png)
<sup>[src](https://www.coolwallet.io/what-is-socialfi-a-beginners-guide/)</sup>

### Why SocialFi might lead the charge in 2023

The cryptocurrency ecosystem is currently hungry for a fresh product in the market to scoop up, this may partially fuel a pump if it ever comes by.

SocialFi is the combination of social experience and finance, what is popularly called the everything app will be built around the technology of social involvements and financial inclusion. The reason socialFi will lead the charge in 2023 is mostly because of its design, enabling individuals to carry out basic routined shits while parallelly enjoying the social experience of the network. While twitter is where most crypto peeps have their eyes fixed, it may disappoint at a grand scale when looking at all that is in demand. 

### The demand: free, non-censoring, flexible, high paying and immutable

In the quest to have something without censorship a lot of people ended up migrating to Mastodon, a move which was short-lived as most of the traffic still went back to twitter due to the fact that Mastodon was none of what it was preached to be, it was simply a chameleon at the end of the day, taking the form of what it really wasn't and still isn't. 

I believe that successful SocialFi platforms will have to find a way to achieve three things most importantly - flexibility, censorship resistance and high payment. With the ability to easily navigate and engage with an audience without censorship, a platform will easily score high on user retention and with high payments, it will literally earn high interest from money thirsty individuals which is a good thing because with them comes a great wave of content and valued activities. 

The industry is hungry for a new system of monetization that is not only flexible but has lower chances of censorship. The current problem with monetizing social media accounts is the fact that these accounts are not actually owned by the builders but more like rented. 

With the company having the ability to censor whatever, whenever and even going as far as getting disabled or deleted, this has been the challenges some youtubers face, the same with facebookers and twitter users. No matter what nature of monetization these platforms cook up, it's always an exploitation of a user's effort and assured censorship from day one. 

### Looking at LEO as a challenger

As we all know, LeoFinance is undergoing a change that could potentially leave a great mark in the history of its evolution. Turning LeoFinance into a SocialFi application ultimately makes it a big competitor in the race for the top of crypto popular and potentially high performing projects this year. 

Threads, which brings micro blogging to the blockchain and gives the growing audience of crypto users a platform to immutably exchange valuable data between themselves while totally monetizing the process is charged for some greatness in my opinion. 

Now I do not know all that is planned out for LeoFinance in terms of broader monetization tools, but I can say more than what we currently enjoy on Hive is being developed. It would be cool to thrive in an ecosystem where the reward pool becomes only a fraction of the revenue creators enjoy, thus only a passive source of income, this would radically change how people see Hive and how we use it. 

Leo sets itself off for something great with project blank just around the corner, you can never tell the actual impact it will have, but with SocialFi being my speculation of what will lead the trend in 2023, Leo happens to be building just in the right market and at the right time as well. 

*Thank you and please leave a comment, your thoughts matter to me* 


Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@badbitch/why-socialfi-might-lead-the-charge-in-2023)