The total value locked under Friend.tech is now over $6 million, according to DeFiLama data. In general, Friend.tech is relatively conservative regarding product mechanisms but exhibits bold innovation in token economics, user acquisition strategies, and market marketing. In the short term, Friend.tech may emulate the user growth path of the Blur project. However, given the distinctive nature of social products, a close observation is required to ascertain the long-term social attributes. It will take time to validate the effectiveness of its innovative strategies. Friend.tech is built on the BASE, which currently has the greatest potential for new user influx in L2, and provides a very comfortable trading experience on BASE.
Users must install an app, log into it using their own Ethereum wallet, and deposit ETH to their Base account using a bridge. One issue is that, at this early stage, the app is still buggy, plus the bridges to deposit in Base are slow and sometimes broken. However, unlike when they were working on Kosetto, the team from Friend.tech appears to have received how to mine bitcoin on my laptop computer some financial backing for their latest project. Friend.tech has received a round of seed funding from the crypto VC firm Paradigm, something that might ease the minds of users investing in the social media app.
Friend.tech is gearing up to airdrop the $FRIEND token in line with the upcoming release of Version 2, expected to drop on April 29. In anticipation of this, over $7 million has recently flowed into the platform, driving total value locked to nearly $40 million. Users are able to earn points for buying and selling keys, as well as other on-chain actions. And Friend.tech has already made some of its top earners a hefty sum in a similarly short time. Esports influencers in particular have rapidly risen through the ranks to become some of the top passive earners, gaining tens of thousands of dollars each in a matter of days.
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- Everyone jumps on an opportunity to make money, but I think the platform will be done within the next weeks to months.
- Friend.tech’s ingeniously designed incentive rules have fundamentally eliminated low-quality user accounts.
- Still others have likened the fast-growing platform to a Ponzi scheme, pointing to the fact that if you buy (and other people also buy) into a particular user’s keys, the value of those keys goes up.
- For the Friend.tech project, receiving the favor of Paradigm, a top investment fund in the cryptocurrency industry, is undoubtedly a huge advantage.
Friend.tech takes this pre-existing aspect of Twitter and fleshes it out with a set of standardized crypto platform features, including airdropped rewards, fee sharing, and more. Like many other recent social media platforms, it requires that users have an invite code in order to join. This has helped to contribute to a highly competitive landscape in which eager would-be adopters search for codes, helping to promote the platform in the process. Users looking to get onto Friend.tech should access the site of the same name from a phone browser, which will allow them to add the app to their phone. Each member of the platform currently is provided with three invite codes to give out.
The pricing model shows exponential growth
As the platform grows and more users interact by buying and selling keys, it creates a form of social economy where users can potentially profit from their social interactions and content. When you invest in someone’s account on friend.tech, the rewards transcend financial gain; they unlock a private realm where ideas, insights, and strategies flow freely. The native bonding curve system fosters a dynamic market where share prices fluctuate based on trading activity, a testament to the platform’s adaptability.
Currently, the market has entered a prolonged bear market, and the hype around areas like blockchain gaming and NFTs has also diminished. The Ponzi economic models of past projects quickly collapsed due to the lack of sustained growth, which has imposed certain limitations on the growth of Web3 users. Friend.Tech exemplifies a novel approach towards social interactions by tokenizing social credibility. This not only gamifies social engagement but also introduces a marketplace dynamic where interactions bear financial value.
Social Platform Friend.tech Gains 100K Users in Days Even in Depths of a Bear Market
The individual share prices within the platform stand as a barometer, reflecting each user’s value based on the quality of their contributions. Since its launch on August 10th, Friend.tech has sparked widespread discussions and interest in the Chinese community. Firstly, it adopts an invitation mechanism as its marketing strategy, giving users priority access to Friend.tech’s Alpha version before others through invitation rules. Additionally, early participants in the project will also benefit from lower KEY prices as they join in the initial stages. Friend.tech generated extensive discussions among Twitter’s KOL community upon its initial launch, and its hunger marketing tactics have further fueled this trend.
User Base
If and when they decide to leave that group chat, they can sell those shares to other users. Remember when we were inundated with crypto commercials starring Matt Damon, major sports league sponsorships, and drawings of apes? Investors, speculators, and scammers have been holding out during this long bear market, hoping that the next big crypto project will come along and turn their dimes back into dollars. Furthermore, from the point mechanism of the Friend.tech project, it can be seen that it adopts a similar incentive design to the Blur project, which may have been influenced by Paradigm. This design aims to encourage users to actively participate in the platform and provide a long-term incentive, aligning with Paradigm’s overall strategic direction for the project. In traditional token economies, fan tokens are mainly traded because users love the creators they represent.
It’s probably a good idea to know who, exactly, is behind a project if one is to invest a significant sum of money into it. The core feature of Friend.tech is that users can purchase a KEY from KOLs and then communicate with them and gain the benefits bestowed by the KOLs. Currently, the functionality is relatively limited, only allowing users to have friends and join group chats, without the ability to send or receive pictures, videos, and so on. On the homepage, users can see the most popular users at the moment, and they can also manually search for users they want to follow and purchase their KEYs.
Drawing insights from data sourced from the Base chain on Duneanalytics, the friend.tech treasury has already amassed an impressive 1984 ETH (~$3.4m). The price of each share depends only on the number of shares already out there. The reminiscence of an old project, BitClout, comes to mind when thinking about friend.tech. Back in 2021, BitClout garnered significant attention initially, but eventually, negative sentiments spread due to a lack of transparency, leading to a decline in its popularity. If there’s anything to know about the crypto space, it would be that it is a world where information is both highly sought and valued.
Additionally, the high multiplier price attracts more users to participate. Late buyers not only have to bear a 20% friction cost but also face a decline in KEY token prices, inevitably resulting in losses. There is a problem in the Friend.tech community where members generally expect KOLs (Key Opinion Leaders) with more traffic and influence to have higher KEY token value.
This means that to join, all users need to have is a web 3 wallet, like MetaMask, that can be easily be set up and configured for use. In this early stage, the users need an invitation to start using the DApp, leading to a fear of missing out on the fever boosting the stats. Users discover Friend.tech and then have to reach out friends or other users to gain access to it.