1. When will this round of friendtech craze end?

Let’s talk about our views on the future development of web3 Social:

Obviously, the popularity has gradually faded. The growth is slow, and the TVL remains at 40+M. Some big Vs have started to sell their keys, and quarrels have occurred one after another.

Market sentiment gradually calmed down. The previous sentiment was in an excessive state of FOMO: Indeed, facing the rising TVL, KOL's shouting orders, overwhelming discussions on Twitter and the growing portfolio value, it is hard not to let adrenaline surge and blood boil;

But now after a few days of retreat, I believe many people have calmed down. After all, @machibigbrother’s entry did not bring growth to TVL.

If this continues, FriendTech will inevitably continue to decline, because its own model is not complicated, and Key's empowerment has also determined those common models after exploration. Without sustained growth, most retail investors will find it difficult to continue to make profits, and may rush out to avoid being cut;

So back to the question, when will this wave of popularity end? I think it depends on the official adjustments. The project's subsequent function updates, gameplay adjustments, and economic models will have a crucial impact on the long-term development of FriendTech;

After all, the current FT function is too simple and is not a good knowledge payment product; the landlord cannot have endless work; most importantly, the hundreds of eth recharged by the big guys are not purely for consumption, and there will be a day when the liquidity will be withdrawn. Therefore, the design of the token economic model is the key to the project's ability to stabilize TVL in the future and avoid serial stampedes.

2. So is friendtech a revolutionary web3 social project?

FriendTech is of course a very good social project. Its innovative gameplay, the combination of social and crypto, the popularity and discussion it has generated, and its extremely high TVL and profitability, undoubtedly make FT of great significance to the SocialFi track.

However, FT still has many shortcomings, or in other words, there is still huge room for improvement:

❶ The first is of course the high transaction taxes and robots that many people complain about. This has resulted in the project owners and scientists making the vast majority of the profits, except for the top homeowners. This is also the reason why most retail investors are unwilling to play in depth.

❷ Lack of functions. I won’t complain about the UI here, but its current social activities are limited to text and picture exchanges in the Room, which is too limited. The homeowners operate their own keys and come up with various innovative empowerments, but they all need to rely on other platforms or tools to achieve them. The Room does not even have basic lottery and voting functions.

❸ In SocialFi, the cost of Fi is too high. Ponzi will eventually collapse. If the product cannot retain people, then after the economic model collapses, people will definitely leave.

Of course, this project has only been running for three months, and how it will develop in the future will depend on the team’s actions.

3. What do you think of FT imitations and other social projects?

The most popular imitation platforms recently are Stars Arena and CipherRip. I think one thing they did right was to add functions like tweeting and rewarding. This made the social activities of web3 a little more diverse. But it is difficult for them to pose a big threat to FT.

Previously, the social leaders we often talked about were CyberConnect in the social graph category and Lens Protocol in the underlying protocol category, but now the market seems to favor tools + interesting gameplay

My ideal web3 social super app should have:

- Public domain traffic sections similar to Twitter and Weibo

- Private group, public group, position group, and paid group sections

- Voice and video live broadcast section

- Open source platform and API interface, which can be connected to other Dapps, allowing free developers to develop related mini-programs

Currently, DeBox is more suitable, but the gameplay of Fi can be more innovative.

4. Finally, I would like to share my three personal views on Web3 Social

❶ SocialFi and GameFi can both be considered P2E, but the biggest difference between them is that when you play Gamefi, you can only get in-game rewards (NFT and tokens), and as the price of the currency drops and the number of new users decreases, it is easy to enter a death spiral; while when you play SocialFi, in addition to token rewards, you can also get traffic and influence, which gives you the ability to monetize on other platforms and channels. So even if a social project you are playing is not profitable, you have the motivation to continue playing. So SocialFi will be more durable than Gamefi and have a higher ceiling.

❷ Social projects must focus on products and meet the needs of web3 users (lottery, red envelopes, voting, governance, treasury, etc.). This is a long-term polishing process. Only good products can attract long-term deep users.

❸ Don’t think about replacing Twitter or becoming a Twitter killer. This will only make you lose a channel to attract web2 users. Embrace Twitter, use open source platforms and API interfaces to attract traffic, and generate more gameplay.