Decentralized Social (DESO) Outpaces Crypto Market, Gains 102% This Week Amid MetaMask Integration
A social media-focused altcoin is surging this week after announcing a new partnership with popular crypto wallet MetaMask.
Decentralized social media platform Decentralized Social (DESO) surged to a weekly high of $11 today, marking a 102% increase from its seven-day low of $5.43.
The 226th-ranked crypto-asset by market capitalization has retreated since its weekly high, but is still up nearly 40% in the past 24 hours, trading at $10.32 at the time of writing. Despite a slight pullback, DESO continues to outperform all other cryptoassets within the top 300 by market capitalization ranking.
The Coinbase-backed layer-1 blockchain project aims to redefine the nature of social media applications by solving scalability constraints as well as protecting users and content creators from centralized authorities.
Decentralized Social’s new integration with MetaMask “paves the way for DeSo to become the cross-chain social layer for all of Web 3.0,” according to a press release from the project.
Explains DeSo founder Nader Al-Naji,
“Existing blockchains cannot store content efficiently. It costs about $50 to store a 200-character Tweet on Ethereum and about fifteen cents to store it on Solana, Avalanche, or Polygon. By contrast, DeSo is one ten-thousandth of a cent, making it to the first blockchain capable of disrupting storage-heavy applications such as social.”
Decentralized Social has so far operated in the Ethereum (ETH) ecosystem, but the project also plans to expand to Solana (SOL).
Despite the gains this week, DESO is still down nearly 95% from its all-time high of $198.68, which it reached in June 2021.
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