Dubai-based social monetisation platform Lyvely has listed its native utility token ($LVLY) on several centralised exchanges, marking a milestone as the first registered SocialFi platform of its kind in the Middle East to do so.
The $LVLY token is now available on Gate, MEXC, and Uniswap, with plans for additional exchange listings in the future.
The platform has also unveiled an updated roadmap, which includes the launch of a mobile app in Q4 2024 and the introduction of new features aimed at expanding its global user base.
Middle East’s first registered socialfi platform launches $LVLY token
Since its launch, Lyvely has experienced rapid growth, boasting over 100,000 new active users, 7 million monthly platform visits, and more than 40,000 connected wallets. The platform has also attracted celebrities as brand ambassadors.
“Lyvely revolutionises social media by bridging the gap from Web2 to Web3 by providing a tokenised ecosystem for the masses. Through our recent listing with the genesis of our digital currency, everyone can now be rewarded through the Lyvely ecosystem and benefit from our collective success,” Farah Zafar, Lyvely co-founder and CEO said.
“Users can interact and transact with DeFi features within our tokenised platform, eliminating the technical barriers that other cryptocurrency ecosystems are known for,” she added.
The platform aims to address issues prevalent in traditional social media networks, such as limited monetisation options, data privacy concerns, and algorithmic biases.
The platform utilises blockchain technology and various FinTech solutions to offer creators multiple revenue streams, including affiliate marketing, member-exclusive content, live-stream selling, paid coaching spaces, and paid communities.
Backed by investors including Phoenix Group PLC, M2, and Cypher Capital, Lyvely has already garnered industry recognition, winning the Mastercard SME “Innovator Award” and being named “Social Platform of the Year” at the Entrepreneur Business Awards 2024.
The company’s founders, Dave Catudal and Farah Zafar, are committed to achieving mass adoption of Web3 and competing with established Big Tech platforms. They emphasise a “build in public” approach, incorporating community and creator feedback into the platform’s ongoing development.
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