Stellar Community Fund

By SocketFi: Smart Wallet Infra on Stellar

SocketFi: Soroban Smart Wallet App

SCF #32

$88.2K

Build

Awarded

SocketFi is a smart wallet app built on Soroban, providing seamless Web3 access via social media sign-ins, enabling millions of social media users to connect with dApps and Web3 projects effortlessly.

Products & Services

SocketFi is a smart wallet dApp built on Soroban and the Stellar ecosystem, designed to seamlessly connect millions of social media users to Web3. It provides a non-custodial alternative to traditional wallets by enabling smart wallet creation via social media sign-ins, simplifying blockchain adoption for everyday users.

With SocketFi, interacting with Web3 dApps and blockchain tools becomes easy. Users will be able to seamlessly connect to Web3 using their preferred social sign-ins, significantly reducing the friction of onboarding millions of everyday social media users who find Web3 complex.

Addressing Feedback from SCF31 Submission

Following feedback from our SCF31 submission, the SocketFi team has implemented several improvements and changes:

Review of Project Budget and Scope

To address concerns regarding the project’s high budget and broad scope, we have adopted a streamlined approach to enhance focus and cost efficiency:

Clarified Objectives: SocketFi’s objectives were refined, prioritizing core goals and functionalities. Features have been categorized into essential, optional, and future enhancements. This allows us to focus on delivering critical functionalities first while deferring less urgent elements to later phases, simplifying development without compromising quality.
Optimized Budget: The budget was reassessed, itemizing all expenses and identifying high-cost areas. Cost-saving measures were adopted, including the use of open-source tools, existing frameworks, and outsourcing specific tasks.
Structured Development Process: A detailed roadmap, with clear deliverables, deadlines, and milestones, now structures the project, enabling efficient progress tracking.

These measures have successfully refined the project scope, optimized the budget, and established a focused, iterative development process, positioning the project for success.

SocketFi SDK and Enhanced User Experience

In response to feedback regarding the success dependency on the SocketFi dApp portal UI, we have expanded SocketFi into a service. With the development of the SocketFi SDK, a toolkit that allows Stellar-based projects to integrate the SocketFi wallet as a login option, users will be able to seamlessly connect to dApps through social login within the dApp's UI, significantly reducing reliance on the SocketFi portal for success.

Additionally, we have prioritized creating an intuitive, user-friendly interface, ensuring an exceptional user experience with a focus on accessibility and ease of use.

To bolster user acquisition, we have implemented targeted strategies, including:

Partnerships within the Stellar ecosystem.
An incentivized community participation approach.
Engaging marketing campaigns.

These efforts will strengthen our user base and drive widespread adoption.

Ambitious "Super App" Vision with a Phased Rollout

While SocketFi is still in the development phase, positioning it as a "super app" is an ambitious goal. To achieve this, we have adopted a phased rollout strategy. Initially, we are focusing on core functionalities, including the SDK that allows dApps to independently integrate the SocketFi wallet. Over time, we will expand to include broader features, ultimately enabling users to access hundreds of dApps built on Soroban and Stellar from a unified platform.

Technical Clarification: Sending Funds Using Social Media Usernames

In the current version, users can send funds from accounts created with Twitter sign-in. However, they currently need to manually enter the recipient's wallet address. Future updates will enable fund transfers using usernames.

Our implementation utilizes an on-chain mapping system within the smart wallet that associates Twitter usernames (and other social platform identifiers) with Soroban smart contract addresses (smart accounts). This system ensures that when a user enters a recipient's Twitter handle (and other supported platform identifiers), it is securely mapped to the corresponding wallet address.

The mapping operates by storing username-address pairs in the main (controller) smart contract, which can be accessed through a smart contract function that securely resolves the username to its associated wallet address. To ensure security, only usernames linked to a smart accounts will be resolvable, protecting against impersonation and errors. More details on this implementation have also been included in our technical document.

Key Features and Benefits of SocketFi

Convenience and Accessibility: Social media login streamlines account creation and access, eliminating the need for password management and encouraging broader adoption.
Enhanced Security: Zero-knowledge (ZK) proofs and encrypted sensitive data ensure secure account verification without exposing private information, protecting users from phishing and brute-force attacks.
Streamlined User Experience: New users benefit from a simple onboarding process, while returning users enjoy quick access without re-verification.
Account Abstraction: Offers flexibility by allowing users to switch between external wallets and social media accounts, ensuring robust access management.
Engagement Incentives: Users earn rewards for wallet usage and participation in blockchain activities, boosting ecosystem involvement.

Ecosystem Impact

SocketFi provides distinct benefits and advantages to the Soroban and Stellar ecosystems, these includes:

User Expansion: Simplifies Web3 access for social media users, driving adoption of Soroban and Stellar by lowering technical barriers.
Increased Network Activity: Incentivizes wallet use, participation in dApps, and engagement with Stellar-based projects, enhancing transaction volumes and ecosystem growth.
Enhanced Ecosystem Visibility: Partnerships with dApps and DeFi protocols highlight Soroban's capabilities, attracting developers and users from other blockchains.
Seamless dApp Onboarding: Integrates Stellar-based dApps within the wallet, offering a unified user experience that encourages exploration of the Stellar ecosystem.
Community Advocacy: Incentive programs and quests foster active community participation, building a supportive network that strengthens Soroban and Stellar's long-term resilience.

SocketFi not only simplifies Web3 onboarding for social media users but also amplifies the Soroban and Stellar ecosystems through adoption, engagement, and visibility.

Soroban

Yes

Requested Budget

$88.2K

Success Criteria

Success criteria for SocketFi are measured using several metrics. These include the following:

SDK Integration

Metrics: Measure the number of projects integrating the SocketFi wallet into their dApps, as well as the number of active users and the transaction volume seen on those dApps. With target of 2-5 new dApps each month and an average of 1000 active users per dApp within the first six months.

User Adoption and Growth

Metrics: Achieve target active user numbers within the first month, six months, and one year. For example, aim for 1,000 users in the first month, 25,000 users within six months, and 100,000 users within the first year.
Engagement Level: Measure user engagement through daily active users (DAU) and monthly active users (MAU).
Retention Rates: Maintain a retention rate of at least 60% over six months, indicating user satisfaction and continued app usage.

Total Value Deposited by All Users

Total Deposits Metrics: Track the total value of assets deposited by users, targeting key milestones. For example, aim for $100,000 in deposits within the first two months and $1 million within the first year.

Transaction Volume

Transaction Metrics: Monitor the number and volume of transactions processed through SocketFi, with a goal of significant growth (e.g., a 30% month-over-month increase).
Onboarding: Track the number of users completing their first transaction within the first week of sign-up.

Community Engagement

Active Participation: Foster participation in community quests, events, and discussions, with a target engagement rate of at least 50% (e.g., at least 50% of users participating in at least one community activity).

Partnerships and Collaborations

Strategic Partnerships: Establish partnerships with at least ten leading dApps and projects in the Soroban ecosystem within the first year.
Joint Marketing Initiatives: Launch joint marketing campaigns to boost brand awareness and user acquisition, with measurable reach and engagement from these initiatives.

Go-To-Market Plan

SocketFi is a smart wallet super app built on the Soroban blockchain to connect millions of social media users to Web3. Our go-to-market approach emphasizes community-building, partnerships with dApps, projects, and KOLs, and accessible onboarding, with a strong focus on educating and engaging users unfamiliar with blockchain technology.

1. Technical Support for SDK Integration

Provide robust technical support to assist dApps and projects in integrating the SocketFi SDK into their platforms. This will ensure smooth integration and enhance growth and adoption:

Comprehensive SDK Documentation: Develop and maintain detailed, easy-to-understand documentation to guide developers through the process of integrating SocketFi’s SDK into their applications.
Dedicated Support Channels: Set up dedicated communication channels (e.g., a support team, live chat, or Discord) where developers can ask questions, report issues, and receive quick assistance.
Integration Workshops and Webinars: Host regular workshops and webinars where developers can learn how to implement SocketFi into their dApps, ask questions, and get live support.
SDK Updates and Feature Requests: Regularly update the SDK with new features and optimizations based on developer feedback. Provide a clear process for developers to suggest new features or improvements.

2. Community-Driven Growth

This strategy leverages community engagement to drive awareness and adoption. Key approaches include:

Referral and Reward Programs: Incentivize user referrals, offering referrers and new users exclusive benefits like early access, token incentives, or tiered privileges.
Ambassador Program: Launch a SocketFi ambassador initiative with influential users and enthusiasts to promote the app within their communities, particularly on social media. Provide educational content to aid user onboarding.
Virtual Events and Q&As: Host live sessions with the team for community engagement, feedback collection, and project roadmap discussions.

3. Quests and Gamification

Engage users through quests and gamification, keeping the community active and involved:

SocketFi Quests: Introduce both on-chain and off-chain quests where users earn points and potential rewards, encouraging continuous engagement.
Accessible Mini Apps: Make quests easily accessible through a Telegram mini app, where users can share referral links, participate in quests, and earn points in a gamified experience.

4. Collaborations with Web3 Projects and dApps

Foster partnerships with DeFi, NFT, and other Web3 projects within the Soroban ecosystem to add immediate value for new users:

Integration with Leading dApps: Work with dApps and decentralized exchanges on Stellar, enhancing the SocketFi ecosystem by improving usability and providing one-click access.
Cross-Promotion: Co-promote SocketFi with partner dApps through content, rewards, or limited-time promotions, demonstrating seamless integration for SocketFi users.
Joint Launch Events: Organize collaborative launch events and AMAs to raise awareness and engagement within the Web3 ecosystem.

5. Engagement with the Stellar Community

Leverage Stellar’s network and resources to boost SocketFi’s user base and credibility:

Stellar Ecosystem Events: Participate in Stellar-hosted events and community meetups to build connections and highlight SocketFi’s unique contributions.
Developer Engagement: Collaborate with Stellar developers to create new tools and features, enhancing SocketFi’s functionality and supporting ongoing innovations.

6. Targeted Social Media Marketing and KOL Partnerships

Introduce SocketFi to social media audiences with accessible, engaging marketing and partnerships with trusted influencers:

KOL Partnerships: Collaborate with Key Opinion Leaders (KOLs) in tech, crypto, finance, and lifestyle sectors to build credibility and expand reach. KOLs can demonstrate SocketFi’s usability and benefits for both new and experienced Web3 users.
Influencer Marketing Campaigns: Run targeted campaigns with influencers on platforms like Instagram, Twitter, and TikTok to showcase SocketFi’s unique features.
Social Media Ads: Deploy paid ads targeting users interested in blockchain, DeFi, and technology advancements to drive awareness and downloads.

7. Educational and Onboarding Content

Educate users on Web3 basics and SocketFi’s ease of use, addressing common questions and concerns for new blockchain users:

Onboarding Tutorials: Develop step-by-step guides for account creation, asset management, token swapping, and staking, accessible in-app and across social media channels.
Video Content: Publish concise educational videos to demystify Web3 concepts, emphasizing how SocketFi simplifies the user experience.
Interactive Gamification: Incorporate gamified onboarding elements, rewarding users for completing steps or exploring app features.

8. Beta Launch and Early Access Program

Gather early user feedback to refine the app and build anticipation for the public release:

Invite-Only Beta Access: Launch a closed beta for select users to test features and provide feedback.
Exclusive Beta Rewards: Offer tokens or special privileges to early users as incentives for their feedback.
Iterative Improvement: Regularly update the app based on beta feedback to enhance user experience before full launch.

9. In-App Engagement and Retention Strategies

Encourage continuous use of SocketFi through rewards, gamification, and timely notifications:

Quests, Challenges, and Rewards: Launch “engage-to-earn” quests within SocketFi, motivating users to explore features and interact with dApps.
Educational Challenges: Integrate in-app challenges that encourage users to complete Web3 learning modules, rewarding them for milestones.
Push Notifications: Keep users informed about new features, dApp integrations, and rewards to sustain engagement.

Traction Evidence

Although SocketFi’s smart wallet super app is still in development, we have launched a minimal-feature version of the smart wallet on Soroban Futurenet, made publicly accessible on October 21, 2024. Since then, we’ve seen rapid engagement: over 250 smart subwallets have been created, each representing a unique smart contract account linked to individual users, eliminating the need for conventional wallet accounts. The dApp has logged more than 1,000 visits and over 200 transactions, with approximately $20,000 in Futurenet assets deposited.

With this early traction, we aim to exceed 1,000 active users within the next month, achieving over 10,000 transactions and managing more than $100,000 in deposited assets. These metrics highlight SocketFi’s appeal as a seamless, smart wallet alternative to conventional wallets.

Tranche 1 (Deliverable Roadmap) - MVP

Deliverable 1: SocketFi Smart Wallet Core Functionalities

Brief Description:

The SocketFi smart wallet app MVP core functionality will be developed and accessible to users on both Testnet and Futurenet. Additionally, a closed beta version will be available on Mainnet, allowing users with early access to test these functionalities on the Mainnet.

The core functionalities include creation of account, send and receive tokens, set allowance, set external owner wallet, sign transaction etc.

Measure of Completion:

The following measures indicate completion:

Users will be able to create smart wallet accounts on SocketFi using social media sign-in on both Testnet and Futurenet. Users granted early access will also be able to create accounts in the Mainnet closed beta.
Users will be able to transfer assets to their smart wallets and send assets from their smart wallets to an external account and social usernames/identifiers on both Testnet and Futurenet. Users with early access will also be able to do the same on Mainnet closed beta.
Users will be able to configure account settings, such as allowances per asset and external owner wallets, on both Testnet and Futurenet. Users with early access will also be able to do this on the Mainnet closed beta.

Estimated Date of Completion:

January 15. 2025

Budget:

$9,800

Deliverable 2: SocketFi Smart Wallet SDK

Brief Description:

The SocketFi smart wallet SDK will be developed and made available to projects and dApps for easy integration of SocketFi wallet.

Measure of Completion:

The following measures indicate completion:

Projects and dApps will be able to integrate SocketFi dApp via our wallet SDK.
Users will be able to use SocketFi to connect and interact with dApps that has SocketFi integrated. dApp interaction will be available on both Testnet and Futurenet. Users granted early access will also be able to interact with dApps on Mainnet.

Estimated Date of Completion:

February 5. 2025

Budget:

$9,800

Deliverable 3: SocketFi dApp Integration

Brief Description:

The SocketFi smart wallet dApp integration will be completed for 3-5 dApps that are built on Soroban. Users will be able to test the integration on Testnet and Futurenet (for dApps with live test network dApps). Additionally, a closed beta version will be available on Mainnet, allowing users with early access to test interacting with integrated dApps on the Mainnet. This is important because some features may not be available on the test networks. For instance, swapping tokens on an integrated dApps/DEXs may not support test networks and/or test network tokens.

Measure of Completion:

The following measures indicate completion:

Users with accounts will be able to interact with dApps using their smart wallet. For example, swapping tokens on connected DEXs will be possible, bridge assets, buy NFTs on P2P marketplaces etc within SocketFi dApp portal.

Estimated Date of Completion:

March 15. 2025

Budget:

$9,800

Tranche 1 Total Budget

$29,400

Tranche 2 (Deliverable Roadmap) - Testnet

Deliverable 1: SocketFi Smart Wallet MVP Testnet Officially Live

Brief Description:

Official Testnet Launch: The SocketFi smart wallet super app MVP with all the functionalities and features described in Tranche 1 will be officially live on all test networks to all users. Also, a closed beta version will be available on Mainnet, allowing users with early access to test all the wallet's functionalities and features on the Mainnet.

Measure of Completion:

The following measures indicate completion:

Detailed reports on bugs will be collected from dApps/projects with SocketFi integrated, and users. The team will continue to fix it in preparation for audit and Mainnet launch

Estimated Date of Completion:

April 15. 2025

Tranche 3 (Deliverable Roadmap) - Mainnet

Deliverable 1: SocketFi Smart Wallet Mainnet Launch

Brief Description:

Official Mainnet Launch: The SocketFi smart wallet super app will officially go live on Mainnet and all dApps/projects building on the Stellar ecosystem will be able to integrate it and also, all users will be able to access the wallet, and use all its functionalities and features on Mainnet.

Measure of Completion:

The following measures indicate completion:

Projects and dApps will be able to integrate SocketFi wallet within their dApps
All users will be able to create smart wallet accounts on SocketFi using social media sign-in on Mainnet.
All users will be able to transfer assets to their smart wallets and send assets from their smart wallets to an external account on Mainnet.
All users will be able to configure account settings, such as allowances per asset and external owner wallets on Mainnet.
All users will be able to interact with dApps using their smart wallet on Mainnet, both of dApps with SocketFi integrated and on SocketFi's dApp portal.

Estimated Date of Completion:

April 15. 2025

Budget:

$29,400

Team

> The SocketFi team consists of four experienced blockchain engineers with a strong track record in building decentralized applications and infrastructure across multiple ecosystems, including Soroban, Solana, and EVM-compatible networks. > > Collectively, the team has designed and deployed a range of complex DeFi systems, including staking protocols, overcollateralized lending platforms, and multichain bridge infrastructure. This experience spans both smart contract development and full-stack dApp architecture, enabling the team to build secure, scalable, and user-focused blockchain applications. > > In addition to DeFi, the team has developed applications in areas such as GameFi, demonstrating versatility across different Web3 use cases and user environments. > > At SocketFi, the team is focused on solving one of the most critical challenges in Web3—user onboarding and accessibility—by combining smart wallet infrastructure, social identity integration, and seamless user experience design. > > This combination of deep technical expertise and product-focused execution positions the team to successfully deliver and scale SocketFi within the Stellar ecosystem. > > #### Team Members > > * Shola Otitoju – Co-founder & Lead Developer > https://www.linkedin.com/in/shola-otitoju/ > > * Nurpais Orozulbaev – Web3 Frontend Developer > https://www.linkedin.com/in/nurpais/ > > * Sameer Aleem – Blockchain & Backend Developer > https://www.linkedin.com/in/sameer-aleem-8673b1155/ > > * Sandeep Sonare – Full-Stack Blockchain Developer > https://www.linkedin.com/in/datascience1010/ >