Share this article
DeSo Launches $50M Fund for Decentralized Social Ecosystem
The Octane Fund will fuel development of early-stage social media projects for the blockchain.
Updated May 11, 2023, 4:00 p.m. Published Oct 5, 2021, 5:14 p.m.
The foundation of DeSo, the blockchain started by the founder of social media site BitClout, has unveiled a $50 million fund to support the development of a decentralized social media ecosystem.
- Established by Nader Al-Naji (who formerly used the pseudonym “Diamondhands”) as the blockchain for BitClout, DeSo aims to offer a framework for social networks, just as Ethereum provides tools to build decentralized computer programs.
- The DeSo Foundation’s $50 million Octane Fund will help accelerate the growth of the DeSo developer ecosystem. It will draw from the $200 million in venture capital the project has received from Andreessen Horowitz, Coinbase Ventures and others.
- The fund will focus on early-stage initiatives that will then build a demo on the DeSo blockchain or integrate DeSo features into an existing product.
- While BitClout’s purported goal of decentralizing social media earned Al-Naji the pseudonym “the Facebook killer,” he now says that the network was merely a proof-of-concept for DeSo.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read more: BitClout’s Alleged Leader Hit With Cease-and-Desist by Prominent Crypto Law Firm
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase’s Base faces builder backlash over creator coin push
Builders on Base are pushing back against the network’s close alignment with Zora, arguing the creator-coin narrative sidelines established projects.
What to know:
- Base has seen a surge in creator-coin issuance via Zora, with daily token mints surpassing Solana in August, boosting onchain activity and attention.
- Some Base-native projects say marketing and social support has become narrowly focused on Zora-linked initiatives, leaving other established communities without recognition.
- While Base continues to process more than 10 million transactions per day, critics warn that deteriorating builder sentiment could push projects toward rival chains like Solana or Sui.
Top Stories
