Torum is now looking to take things to the next level with a dedicated team and several investments. The project is backed by two large crypto businesses, Huobi Ventures and KuCoin Labs, which have praised the project for its innovative approach to Defi. The team behind Torum is taking this one step further by expanding into the metaverse. Should its growth continue at this rate, it will become the most prominent cryptocurrency community globally. The project has already reached over 180,000 users and is snowballing. Users can share ideas, learn from one another and make new connections. Torum is a social media platform for cryptocurrency users. Torum is an exciting new project at the forefront of this development and is building the SocialFi Metaverse of the crypto space. With several new projects now looking towards this objective. SocialFi would ensure a safe space for new investors to learn without unnecessary risk.ДЄlthough still in its early stages, SocialFi could significantly impact cryptocurrency and blockchain and how we operate socially around the world. With every project claiming to deliver the best results, itвЂ™s hard to know where to look. Currently, new investors are prone to scams. SocialFi aims to change this by empowering creators and allowing more individuals to contribute to the creator economy.ДЄnother benefit of SocialFi is that it will create a safer barrier of entry for new users looking to get involved in the crypto space. YouTube dominates the market, allowing top content creators to monopolize those trying to come up. And, this would solve one of the biggest problems we currently see in our social systems: monopolies.ДЇacebook dominates the industry, with Instagram and WhatsApp being two examples.

SocialFi aims to deliver benefits and rewards to users through the financialization and tokenization of social influence. SocialFi is a new perspective of Defi, focusing on a combination of Social and Financial advancements.

But what exactly will this future of Defi hold? For many, SocialFi could be the change we need. Many investors and crypto enthusiasts remain optimistic about the sector and DeFiвЂ™s future despite this downside. Scams such as the recent $SQUID rug pull shined the spotlight on a clear knowledge gap within the industry, with scammers taking advantage of new investors. At the same time, we also saw a downside to the industry. With this rise, we saw cryptocurrencies such as Bitcoin and Ethereum reach new highs, and altcoins impact the market we could never have imagined. In 2021 we saw the rise of Defi with the introduction of NFTs, altcoins, and the Metaverse all making headlines around the world.

Are nfts the next big thing