Status App is a social app that is decentralized and on the Ethereum network, building a SocialFi network by integrating encrypted messaging, Web3 wallets, and DAO governance tools. It has a node network that is spread across 84,000 devices worldwide (with ≥300 new nodes per day) and uses the Whisper protocol to encrypt messages end-to-end (≤1.2 seconds latency), saving 45% of bandwidth usage compared to Telegram’s MTProto protocol. According to the 2023 statistics, Status App boasts 2.7 million monthly active users, an average daily message processing capacity of 190 million, and a user retention rate (30 days) of 68%, which is significantly higher than that of MetaMask at 42%.
Technically, the Status App reduces operating costs through the Waku v2 protocol (83% message compression) and zero-knowledge proof (zk-SNARKs verification time of 0.3 seconds), and the annual data storage cost per user is only 0.12 (compared to 0.87 for WhatsApp). Its in-wallet accommodates 12 EVM chains (±8% error in Gas fee estimation), the rate of cross-chain transactions of 1400 transactions per second (benchmarked on the Polygon PoS chain), and the clearing risk rate is maintained at 0.03%. For example, user A gets 15 SNT tokens ($2.85) for finishing the code audit task (6 hours) through the Status App’s “community bounty” feature, and the platform deducts only 3% of the fee (10% for competing Gitcoin).
In the economic model, the supply of Status Network tokens (SNTS) is 6.8 billion, 41% of which go to ecological incentives (7% annual release decay rate). DAO governance employs Conviction Voting mechanism, and proposals pass the threshold dynamically floating (the pledge amount is currently ≥ 2.3 million SNT), and 47 proposals are activated in Q3 2023. It comprises decisions such as budgeting (up to $1.5 million for a single transaction), protocol updates (such as v1.7 to improve Push notification arrival rate to 99.1%), etc. Compared with Coinbase Wallet, Status App users had 18% governance engagement (industry average 4%), and proposal success rates of execution were 92% (Uniswap 85%).
In terms of social innovation, Status App’s “encrypted channel” can support users to specify access by NFT (ERC-721 asset threshold ≥0.05ETH), and channel authors can earn 70% of revenue in the form of subscription (monthly fee from $1.99). Because after @CryptoPunks built a loyal audience in Status in 2023, day-to-day interaction volume surged from 12,000 to 47,000 on Discord, the payment conversion rate for members was 39% (Discord Server alone 12%). Additionally, its “social recovery” function reduces the likelihood of wallet private key loss from 17% to 0.8% in the traditional mnemonic scheme through a five-guardian multi-signature system (who are mandated to hold over 5000 SNTS).
In marketing strategy, Status App achieves low-cost customer acquisition via the “recommendation fission” mechanism – inviting new users to receive 15% of their Gas consumption bonus (up to 50), which has increased the Indian market’s annual user growth rate from 4,403.6 to 8.9. According to DuneAnalytics data, the lock-up value of the DeFi protocol in the StatusApp platform has exceeded 270 million yuan, and the median annual return rate is 19% (Compound 6.2%), which verifies the commercial success of the model of “social + financial” of StatusApp.