Today we continue to talk about a hot project, which is also a star project on the BASE chain recently, and is also in the field of Social-Fi. It is called friend.tech. I believe many people have been flooded with it, right? This project has been online for less than a month (the beta version was released on August 10). According to the data on dune, there are currently more than 80,000 users, the transaction volume has exceeded 30,000 Ethereum, and the shares transaction volume has exceeded 1.1 million. The data is very exaggerated. Let's talk about it today. It can still earn points and short positions.
Introduction
Your social network is your net worth
Simply put, friend.tech, as a decentralized social platform, is strongly bound to Twitter (now renamed X), so that users can purchase the shares of any user on friend.tech through the Ethereum of the Base chain, obtain the right to communicate directly with them, and also have the possibility to profit from it.
In simple terms, each account corresponds to a Base chain wallet address, and each account is a Share that can be bought and sold:
1. If other users purchase your account tokens, you can get a share of the transaction;
2. If you purchase account tokens from other users, you can enter the private chat room of the person you purchased the tokens from, and the user can see the messages of everyone in the chat room.
It should be noted that because Twitter names can be repeated, users need to "check again and again" when purchasing shares, otherwise they may buy shares of the person "using the impersonated name". Currently, this can be checked by clicking on the user's Twitter bird logo.
However, after completing the registration, users need to fill in the "invitation code" to obtain the right to use it. The current invitation code is hard to come by and can be sent to others by registered users.
The product sparked community discussion within one day of its launch, and Dune data showed that it had generated more than $8 million in transactions.
In friend.tech, each user is tokenized and the user's influence can be directly priced by the market.
1. What is Friend Tech and how does it work?
According to the popular saying in this field, Friend Tech can be regarded as a SocialFi platform. To put it simply, it can stock some Twitter accounts and give people the opportunity to buy and sell these stock accounts.
Friend Tech is positioned as a social network, but currently their product only has a group chat function. After you log in to Friend Tech through your own encrypted wallet, you can directly use ETH to buy the shares of the big V you are interested in. The shares here can be simply understood as the stocks or NFTs issued by the big V himself. You can generate your own stocks for others to buy. After holding the shares of the big V, you can directly enter the Friend Tech group created by the big V.
Most importantly, these shares are tradable, meaning you can sell them at any time, making the process a profitable “game” as the price is as volatile as the token itself.
Moreover, in addition to the fluctuations in price, there are also some fees involved in buying and selling these shares, specifically:
5% of transaction revenue will flow into the Friend Tech Finance Department (that is, it belongs to the project party).
5% of the transaction revenue belongs to the person from whom you buy or sell shares (that is, it belongs to the big V).
That’s why you’ll find that many big Vs on Twitter are also frantically promoting this project, because it is indeed profitable. It is said that some big V accounts with a large number of fans can easily earn 1 ETH every day.
We can imagine that if you create a Friend Tech and generate your own share, the higher the share, the higher the transaction fee generated, and the higher your revenue share. This gives those users (especially big Vs) a great motivation to promote their shares, thereby generating a large amount of transaction volume.
In this way, those who have a certain fan base and influence can easily make money with Friend Tech. Although this process and gameplay sounds a bit like Ponzi schemes and passing the parcel, since any project can become popular in a short period of time, whether it is pure speculation or passing the parcel, what we need to do is to understand the logic behind it. As for whether we want to participate in it, we need to decide for ourselves.
Of course, there are definitely disadvantages to this kind of play, such as making money by selling the shares you created, and those high fees will hurt anyone who buys or sells them. To put it bluntly, it is a bit like cutting your own fans directly as leeks. But I found that some speculators are more playful, such as some scientists (traders who use some tools to achieve fast operations) now focus on some big V accounts to buy them as soon as possible, because they are sure that others (the fans of the big V) will buy them, and then sell them for profit.
2. What are the ways to make money through Friend Tech?
As of now, there are roughly the following ways to make money by participating in the Friend Tech project:
One is to sell your own shares, which entitles you to a 5% cut of all transaction fees.
The second is to buy other people’s shares and sell them at a higher price. This is the same idea as buying spot goods, buying low and selling high.
The third is airdrop. It is said that Friend Tech may have airdrops, which is one of the reasons why many people are now actively participating in its interactions.
03 Why is friend.tech so popular?
First, the Ponzi model itself is attractive and will attract many gamblers and MLM users to play the game of passing the parcel together.
Second, friend.tech’s marketing is very good. It has attracted users who want to get free stuff by expecting airdrops of project tokens. In other words, if you continue to participate in this product, the platform may give you tokens later.
friend.tech took advantage of the popularity of Coinbase's second-layer public chain Base. Thanks to the support of Coinbase, the largest compliant crypto asset exchange in the United States, the Base chain has been gaining popularity since its launch, and launching this project on the Base chain can be said to be a mutual achievement.
Using the App
1. Open friend.tech on the home screen. Of course, you need to open a VPN. And make sure your iOS version is 16.4 or above.
2. Account Settings
After opening the home screen APP, users can choose to log in using Google or App Store.
After completing the registration, you will come to the "hard to get a code" stage, where users need to fill in the invitation code to obtain the right to use it.
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Readers can try to use the above three invitation codes (not reusable) or register after asking for codes from peers in the community.
3. Bind Twitter and transfer 0.01ETH
After filling in the invitation code, users are required to bind their Twitter account and deposit 0.01 ETH based on Coinbase's Base chain into the address to activate the account.
4.4. Purchase of Shares
After entering the APP, you can see the most popular users on the homepage and purchase their shares. You can also use the Explore button to search for users you follow and purchase their shares.
As purchases increase, the price of shares will also rise. According to the official introduction, "the price of the next share is equal to S^2 / 16000 * 1 ether, where S is the current number of shares."
Before purchasing, a lock icon will appear on the chat interface after clicking on the user, prompting the user to purchase a share. Once the purchase is completed, one-on-one chat can be carried out. In order to prevent spam, each holder can send three messages, and then wait for the other party to reply and reset the limit.
It is worth noting that because Twitter names can be repeated, users can check by clicking on the Twitter bird icon when purchasing shares, or they can check the unique handle in the exploration interface to minimize the occurrence of "names not matching people".
Finally, let's summarize this project. There have been many socialFi projects that have been silent so far, or the product strength is not enough. You have to know that there are many and comprehensive social applications in web2 now. Your web3 product must be better than the products in the web2 world. Only then will others use you and let them give up their accustomed applications and use new products. This requires super powerful innovation. The current biggest motivation of socilfi is to take advantage of the situation and short sell, rather than focusing on product strength. So it will take some time to go. Of course, we also believe that the giant SocialFi product will definitely appear in the future.