Debuting on Base, the new Layer-2 Blockchain powered by Coinbase, Friend.Tech is taking the crypto industry by storm. In a short time, aside from overtaking leading DeFi protocols such as Tron and Uniswap, it attracted $ 20 million in volume to the crypto economy.
What is Friend.Tech?
Friend.Tech is the next big social platform trend, captivating the minds of innovators with its engaging models. Friend Tech, a term that creates intrigue and conversation, is attributed to Racer (@0xRacerAlt), a key figure in the development of apps like TweetDAO and Stealcam.
Yuga Cohler, a senior software engineer at Coinbase, highlighted in a tweet that Friend Tech is a decentralized social media platform for crypto personalities. Cohler added that at the heart of the platform’s innovation is its use of “stocks” as cryptocurrencies. These posts symbolize ownership in the context of interaction with crypto phenomena. The concept reflects the stock market’s principle of ownership, where ownership of stock equals ownership in a particular company.
We just did our first Friday Points Airdrop to 44k users.
Some reminders:
– 100M points will be distributed during the six month beta period
– Airdrops happen on Fridays
– Points are recorded off-chain
– Points will have a special purpose once the beta period ends— friend.tech (@friendtech) August 18, 2023
At first glance, the basic Friend.Tech functions look like familiar platforms like WeChat groups or Telegram groups. However, the distinguishing factor lies in the process of organically entering and exiting group chats, a feature that defines the essence of Friend Tech.
Users can choose to join certain groups. If they want, they can get a share from the selected group by paying the base price. This base amount acts as a participation fee. Users can purge group shares if they decide to leave the group later on.
Friend Tech’s investment model
Friend Tech combines social engagement with investment opportunities. As the number of participants in a particular group increases and the total amount of group shares increases, the floor price of each group share experiences a corresponding increase. However, group members can decide to sell their shares if they want to leave the group, as mentioned earlier.
This dynamic implies that joining a particular group has financial benefits going forward in addition to the social benefits.
We just made it easier to fund your in-app wallet from Ethereum mainnet with our new UI for @BuildOnBase's official bridge.
Visit https://t.co/mjQfBIMxxJ on any device and with any web3 wallet, and you'll be able to fetch your account and deposit in a few clicks pic.twitter.com/FUkk0wthLY
— friend.tech (@friendtech) August 16, 2023
New platform surpasses industry leaders
The beta version of Friend.Tech became available on Thursday, August 10. It then recorded more than 30,000 transactions in its first 24 hours. After the initial excitement, activity in the app dwindled by the end of the week. However, trading volumes started to rise once again on Friday afternoon. It remained high all weekend, as can be seen in the chart below.
Friend has so far attracted 11,100 ETH, or about $20 million, into the crypto ecosystem. This volume triggered an increase in the volume of transaction fees generated by the platform. Thus, it generated more gas than any blockchain except Ethereum. As a result, he earned over half a million dollars in revenue.
Community pays special attention to Friend.Tech weekly airdrops
The pattern of trading activity matches the speed with which new users join Friend.Tech. After the initial rush, engagement slowed between Monday and Friday when the platform launched the first “Friday Points” air distribution to 44,000 users.
Friend.Tech announced in a social media post that it will continue to airdrop 100,000 points every Friday during the six-month beta period. When the app is released on a larger scale, the scores will serve a “special purpose” yet to be announced.
On Sunday, the number of unique buyers on the platform rose to over 54,000. The number of vendors has now exceeded 20,000. As Cryptokoin.com quoted, this demand helped it surpass industry leaders.
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