A total of $11 million in financing, with a valuation of $130 million: Can Push Protocol become the WeChat of the Web3 world?
The reasons why Web3 social has difficulty gaining traction have been uncovered in the successful experiences of this new project?In decentralized networks, the importance of communication is self-evident. Without effective node intercommunication, the network will become isolated information islands. The social track is particularly important; only through smooth and secure information transmission can social assets and financial attributes emerge.
The traditional social giant WeChat reached 1.359 billion monthly active users in the first quarter of 2024, with daily message sending reaching as high as 45 billion times. These figures demonstrate the enormous scale and influence of traditional social communication.
However, current Web3 social communication still relies on traditional tools such as Twitter, Telegram, Discord, Email, and some customized AI smart customer service robots. Among these tools, there are very few protocols that support internal communication within DApps and perform well, and these protocols also lack cross-protocol and cross-chain social communication capabilities.
Additionally, it is worth noting that message push has been widely used in traditional Web2, covering various scenarios from instant messaging to news and various marketing information. However, in Web3, despite the existence of numerous scenarios that require notifications, such as DeFi price fluctuations and voting result notifications, most applications still use traditional methods like email to meet notification needs.
The main reason is that most DApps still exist in the form of PC web pages, and the development on mobile is slow. Due to the immediacy requirements of message push, this situation limits the widespread application of message push scenarios, contrasting with the extensive application of message push after the rise of mobile internet in Web2.
The message push in the Web3 infrastructure layer is indeed a weak link in development, with few visible mature solutions.
This article will introduce a decentralized communication protocol designed specifically for Web3: Push Protocol, which enables smart contracts, DApps, and even traditional services to send notifications to wallet addresses. Push can be widely applied in scenarios such as asset liquidation in DeFi, ENS domain expiration reminders, and media news pushes.
Overview of the Leading Web3 Communication Platform Protocol Push Protocol:
Push Protocol is a Web3-based communication protocol that achieves various forms of communication such as sending notifications, chatting, and video to wallet addresses in a decentralized manner.
The core goal of the protocol is to solve the communication gap in Web3 applications, significantly enhance user experience, promote large-scale user adoption of decentralized Web, and add important infrastructure support to the blockchain ecosystem.
As of April 2024, Push Protocol has sent over 6 million notifications, reaching a total of 74 million notifications since its launch, becoming a leading project in the decentralized communication field.
The core advantage of Push Protocol lies in its ability to allow any dApp, smart contract, or backend service to directly interact and communicate with users' wallet addresses. This includes multiple application scenarios such as DeFi protocols sending transaction-related information, DAO organizations conducting governance and voting, GameFi platforms providing user incentives, and data analysis protocols achieving real-time user notifications. The protocol's revenue mainly comes from service provider fees and node participation rewards, effectively incentivizing the development of the ecosystem and user participation.
PUSH, as the governance token of Push Protocol, is used to protect the network, reward nodes, promote the protocol's usability, and facilitate the operation of Push DAO. Currently, the circulation rate of PUSH is 60%, with a circulating market value of approximately $12.6 million. Future release plans and community governance will be key to promoting the long-term development of the protocol.
Team Background, Development History, and Financing Situation of Push Protocol:
Team Background: Push Protocol is led by Indian founder Harsh Rajat, along with co-founder Richa Joshi and a team of experienced developers and executors. The advisory team includes notable figures such as Nischal Shetty, founder of WazirX exchange, Vivek, co-founder of GitCoin, and Sandeep Nailwal, co-founder of Polygon, providing extensive strategic support and industry insights for the project.
Financing Background: Since its establishment in 2020, Push Protocol has completed multiple rounds of financing, including early rounds and a large-scale financing in April 2022, with a total financing amount of $11 million and a valuation of up to $130 million. The financing parties include well-known investment institutions and individuals such as Binance Labs, Jump Crypto, ParaFi, Polygon Studios, and former Coinbase CTO Balaji.
Development History: Since its launch on the Ethereum mainnet in early 2022, Push Protocol has undergone several important technical and strategic evolutions. After officially renaming to Push Protocol in September 2022, the project expanded to support multi-chain communication, achieving seamless expansion from Ethereum to other Layer 1 and Layer 2 networks. In 2023, Push Protocol was selected by MetaMask as a Snap integration project, further enhancing its influence and usability in the Web3 ecosystem.
Community Size: Push Protocol has an active community base, actively maintaining and expanding its user group through platforms like Discord and Twitter. Collaborations with hundreds of projects and a good reputation in the industry have positioned Push Protocol as an important player in the Web3 infrastructure field.
Core Technology and Application Scenarios of Push Protocol:
Push Protocol verifies and indexes communication content in an open, gas-free, multi-chain, and platform-independent manner, ensuring the decentralization, immutability, and traceability of messages. Its message delivery mechanism based on IPFS storage and sharing provides users with secure, private, and efficient communication solutions.
Additionally, Push Protocol allows all dApps, smart contracts, backend services, and even any distributed technology to communicate directly with users' wallet addresses. This includes but is not limited to the following scenarios:
- DeFi Protocol Notifications: Can send transaction-related information, such as user education, dynamic pool status, etc.
- DAO Governance and Voting: Provides end-to-end reminders for users to participate in DAO governance, enhancing participation in decentralized autonomous organizations.
- GameFi User Incentives: Supports notifications for all NFT airdrops, rewards, and upgrade progress, incentivizing user participation in gaming platforms.
- Data Analysis Protocol Notifications: Provides timely user notifications, such as tracking NFT trading volume on specific trading platforms, monitoring trading pairs, etc.
- Alternative to Web2 Message Notification Services: Real-time notifications for legal agreement signing, exchange events, and other immediate user notification needs.
Efficiently Managed Message Push Architecture of Push Protocol:
Push Protocol employs three core concepts—users, channels, and subscribers—in its message push service to provide users with an efficient communication and interaction platform.
User:
Definition: Users in Push Protocol include contracts, wallets, individuals, and other communication entities.
Function: Users can choose to join or leave channels, becoming subscribers to receive messages from specific channels through signatures. Users can manage subscriptions at any time to ensure a personalized message reception experience.
Channel:
Definition: A channel is a logical container for message sending, requiring users to subscribe to receive messages.
Types: Includes public channels (any user can subscribe) and private channels (limited to a specific range of subscribers).
Fees: Sending messages through a channel requires payment in ETH or DAI, effectively preventing spam message sending.
Subscriber:
Definition: Users who have subscribed to a channel can receive messages published within the channel and participate in interactions.
Function: Subscribers can receive different types of messages such as broadcast notifications, targeted notifications, and subset notifications, supporting diverse user interaction needs.
Other Related Core Advantages:
1. Decentralization and Immutability: Push Protocol adopts a subscription model, putting messages on-chain and ensuring data traceability, immutability, and decentralization. This approach guarantees the security and reliability of information while protecting user privacy and data integrity.
2. Multi-Chain Compatibility: As a cross-chain communication protocol, Push Protocol supports message delivery services across multiple chains. From Ethereum to other L1 and L2 networks like Polygon, this enables it to adapt to the needs of different blockchain ecosystems and expand its application scope.
3. Open Network Access: Push nodes are part of an open network, allowing any crypto wallet (such as Metamask x Push snap, Push mobile app, or any dApp) to interact with it, achieving efficient message delivery services without incurring gas fees.
4. Rich Integration Cases: Push Protocol has integrated with over 400 projects, including well-known DeFi protocols like Aave and BitDAO, as well as social platforms like Lens Protocol and NFT markets. These collaboration cases demonstrate the protocol's application and effectiveness in various scenarios, providing users and developers with rich usage options and flexible integration capabilities.
5. Strong Technical Support and Development Roadmap: Since its establishment in 2020, Push Protocol has continuously advanced its technological development and product optimization. The upcoming V3 version will support non-EVM chains, further expanding its cross-chain capabilities and service scope, indicating the protocol's potential for future development and market competitiveness.
