For the audience, it offers access to their favorite creators where shareholders enjoy privileges such as exclusive conversations with the creator in chat rooms. The application, which is still in its beta phase, has seen over 139K ETH moved in trading volume by users. In fact, based on DefiLlama data, friend.tech is currently topping the charts for 7 day revenue, outstripping established DeFi protocols like MakerDAO and Lido at its peak. Coinbase’s Layer 2 network, Base, has seen a spike in usage over the past few weeks. In Web3, social capital refers to the power and influence that comes from having a large or engaged community of supporters.
It is worth noting that one can even solve the “supply” function if the current share price of the creator is known — which is easy considering it gets displayed below the creator’s name. As of Aug. 21, 2023, the app has accumulated over 80,000 users, with over 1 million trades worth $50 million. Still, most funds are part of what stats aggregator Dune calls insiders, with major developers and other people related to the project being the most significant stakeholders. Filter your search by ‘most recent’ to get codes that are likely still available (not expired) as each code only works once. To fully engage with the Friend.Tech community, you’ll need some ETH (Base) in your account. Once signed in, link your X (formerly Twitter) account to Friend.Tech.
The catch is that users must purchase keys in order to enter other users’ private chats. They can later choose to sell those keys if they decide to leave the chat. Once you are inside the app, you can even generate invite codes, share with friends, and get points in the process. These points might be a step towards farming the Friend.tech airdrop.
The value of these Keys is relative to the creator’s influence and the demand for them, so the larger the number of people holding the key, the higher the value of the “Keys”. If an individual decides to leave the group, they can do so by selling their Key. Since its launch on August 10, 2023, Friend.tech has generated plenty of hype.
- It is worth noting that one can even solve the “supply” function if the current share price of the creator is known — which is easy considering it gets displayed below the creator’s name.
- Firstly, once you make the deposit, no signatures are required to initiate transactions.
- Now you can deposit Ether to the mainnet and bridge a minimum of 0.01 to your Base wallet account.
- Friend.tech discussions are all over Twitter (now X), with users clamoring to access invite codes and join.
Now assuming that 30% of the FDV is airdropped to the users as points, Friend.tech might give away $60 million to users. And with 100 million points what is a wrapped token to work with, each point could be valued at $0.60. It will be interesting to see what these points mean by the end of the invite-only beta period.
Friend.Tech has mentioned airdropping points to active users every Friday, with a total of 100 million points distributed over a six-month beta period. These points are recorded off-chain and will have a special purpose once the beta period concludes, which may provide an opportunity for users to earn. Individuals with a substantial following on Friend.Tech can earn crypto through fees and revenue generated when others buy or sell their keys.
Users can earn by buying keys of accounts they find promising at an early stage and selling them when their value increases. After receiving an invitation, they can head to the Friend.Tech website, log in using their Ethereum wallet, and deposit Ethereum (ETH) to their Base account directly via Transak. However, accessing this app is not as straightforward as simply c++ hello world program connecting your wallet or authenticating with socials. There are other steps involved, which act as a deterrent for users and FOMO-inducing ‘hypeman’ for Friend.Tech. The growing interest in DSM represents a significant shift towards a more open web. This shift challenges the “walled gardens” mainstream social media platforms have erected over the years.
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.
While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. The how to buy dogecola pros seem to be rubbing off with Friend.tech recording a higher number of daily transactions like Optimism — one of Ethereum’s more popular layer-2 networks. There are a few good things about Friend.tech — and no, we aren’t talking about the money the platform has to offer. Firstly, once you make the deposit, no signatures are required to initiate transactions.
Why Is Friend.tech So Popular?
Once the deposit has been confirmed, you are prompted to buy your own key first in order to start using the platform. Regardless of the popularity, it’s important to understand how Friend.tech works before participating in the ecosystem. In the following section, we will explore some of Friend.tech’s core elements and features.
Profitability concerns
Popular Twitter users have previously found success (and sometimes legal trouble) by using the platform to sell tokens that they themselves launched or which they’ve been paid to promote. Sometimes these users would incentivize the sale of these tokens by linking them to exclusive content. Once an account has been set up and funds have been successfully deposited, users are prompted to buy 1 free “Key” linked to their account. Additionally, each person who signs up receives three invite codes to give away to friends to join the app. This decentralized social network is redefining the way we engage with influencers and content creators on the internet. This article delves into the world of Friend.tech, shedding light on what it is, how it works, and what potential it holds for the future.
Nevertheless, the product is still new, so it’s important to do your own research when dealing with new projects. The mandatory association of Friend.tech with Twitter (X) poses a potential risk. Given that Twitter (X) is a favorite target for hackers, it’s vital to stay vigilant. Alternatively, using Friend.tech on a computer and tweaking settings through developer tools could also provide an additional layer of protection. Upon signing up, a wallet is created for your account, where users will have to transfer any amount of ETH to the wallet in order to access the app.
Building on the Base network could give it some advantage due to the high throughput the Base network claims to possess. It will be interesting to witness its evolution and that of similar applications that could emerge in the future. Even more interesting will be how decentralized social platforms perform against centralized alternatives.
Friend.tech Keys
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. These platforms go beyond just providing a way for users to connect. This fosters a more user-centric social ecosystem that prizes privacy, control, and financial incentive over mere engagement. During the checkout, input the Friend.Tech-generated wallet address as your wallet address, complete the transaction, and voila! The exclusivity of invitation codes plays to the platform’s selective community-building approach, though this may change in the future to accommodate a broader audience.
At time of writing, we are not sure about how the application uses and preserves personal data, as clicking on privacy policy on friend.tech’s home page opens up a “Coming soon! The Block shared an article citing a leaked database of Friend.tech users’ profiles linked with their Ethereum addresses. For now, the airdrops consist of “points” airdropped to users every Friday on a weekly basis. The app mentions that the points will have future uses in Friend.tech, which may translate to a future token airdrop. Nevertheless, this is speculative, so pay attention to the official Friend.tech accounts for information regarding the project. In its current form, Friend.Tech faces challenges that need to be addressed to realize its full potential.
Each member of the platform currently is provided with three invite codes to give out. Once in the app, a new user links their Google and X accounts and bridges ether from Arbitrum to the base wallet address. At this point, they are ready to begin buying and selling keys and participating in private chats.