Wormhole3 has managed to very successfully deliver its very own alpha version (ver0.4) and, in turn, makes its positioning into becoming the absolute second biggest dApp on the Steem social blockchain. Ever since the year 2018, it has been the team members of Wormhole3 who happened to have been actively and relentlessly scouring the development of blockchain-oriented social applications.
This brought about the deliverance of WhereIN on the Steem blockchain sometime in the month of January 2019. In the year 2020, they managed to deliver Peanut, which was a staking DAO, along with the building of Nutbox, which happened to have been a staking DAO creation platform the very next year.
The TVL for this rose to $36 million within a few days following the launch. At the present moment in time, the entity makes a combination of DAO with Social in order to be able to scour Web3 social from a fresh angle.
Wormhole3 decided to first back the Steem blockchain. Steem blockchain’s many features include multi-level accounts, third-party application payment gas fees, as well as decentralized account authorization. This helps it to get linked to the Web2 platform and turn Twitter, along with various Web2 social platforms, into becoming the application end of the public social chain Steem.
This combination of the Web2 platform becoming the front end, along with the back end remaining the blockchain, provides Web2 users the opportunity of making their entry into the crypto arena smoothly and effortlessly. This opens the pathway for crypto to be able to bring in further retinue of users.
Web2 users require only a single login to Wormhole3 for the sending of tweets, along with the necessary instructions on the chain, and also accumulate their social content on the Steem blockchain. They are also able to shift cryptocurrency. Rewards can be obtained from sources such as BSC, Polygon, Moonbeam, and others.
The top priority for Wormhole3 happens to be the backing of the Steem blockchain. At a later date, it may be possible for the entity to be backing social protocols like Lens Protocol or Nostr and, in turn, make itself to becoming the initial step for moving towards the crypto arena, in the case of Web2 social users. A provision has been made that any person logging into Wormhole3 will be able to conveniently post tweets on-chain.
It will also be possible to post tweets to various on-chain groups. One can tip cryptocurrency, in the case of any tweet, on the Wormhole page. All of the users who happen to be curating a post on the Wormhole3 Curated page will receive a reward. The rewards will duly be allocated at the finishing of the curation. It is delivered to the user’s wallet page. The curator who happens to be having the curation creation NFT will be able to quote any tweet and, in turn, create a curation for the tweet. Other people can then send their replies and earn rewards in the form of cryptocurrency.