Thursday saw Decentralized Social Network DeSo’s native currency (DESO) rally as traders digested an expansion in the content strategy of the project and its plans for partially integrating Circle’s USDC stablecoin.
DESO traded at $17.82 as of press time, a 25.6% daily rise. Strong spikes immediately preceded and followed the announcement for stablecoin at 1:14 p.m. Per CoinGecko, ET Thursday. Current market capitalization for the token is \$165 million. This is one-tenth of its peak value last October.
This self-described “decentralized alternative” to social media giants will allow developers to create “social apps” that cannot be taken offline.
This ecosystem will likely require payments rails, which will lead to the onboarding of a USDC derivative.
DeSo’s blockchain will not host USDC natively, unlike other big-name networks like Ethereum or Solana. Dylan Lee, a project contributor, stated that it will instead issue “Deso Dollars,” to users who connect their Ethereum-based stablecoins to the ecosystem. DeSo will give USDC to other chains, he said.
He said, “It’s our goal not to be tied to one chain.”
DeSo this week also expanded its content strategy to include blog posts and WordPress, adding Medium and Medium to the list.