Yesterday I accidentally stumbled onto a link for a “decentralized social network” called DeSo (get it?) that apparently raised $200 million from Sequoia, a16z, and Coinbase last year. They (of course) did a token launch and snagged another $75 million from the crowdsale, which is now down 97% from the launch and 85% in just the last year.

I checked it out, and there is literally nothing happening on it. Seems like only a few people post on it per day. You have to set up a wallet before you can even sign in, which is apparently how every blockchain-based social app operates.

People post bad NFTs and complain about spam. Once and a while, the founder checks in to share an update and a few users mock him because there’s absolutely no network effect whatsoever.

What did they do with all the money?