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BTC, Solana and other public chains are launching new products, and more than ten FT imitations have appeared
The community suspects that the platform is a copycat or a rug
Behind the popularity of FT: collective FOMO of public chains?
BlockBeats reported on October 9 that according to DefiLlama data, the protocol fees of the decentralized social platform friend.tech (hereinafter referred to as FT) have exceeded 40 million US dollars, reaching 41.05 million US dollars; the protocol revenue has exceeded 20 million US dollars, reaching 20.52 million US dollars.
BTC, Solana and other public chains are launching new products, and more than ten FT imitations have appeared
As FT continues to be popular, FT clones have appeared on blockchains such as BTC, Sloana, BNB, Polygon, Mantle, and AVAX. Even on the Base chain that FT relies on, there are clones including Words.art and Pal. While the industry ecosystem continues to be hot, the community's discussion on the quality of these clones remains high.
For example, crypto industry KOL @jason_chen998 pointed out on X (original Twitter) that FREINDZY, one of the FT copycats that relies on Solana, "automatically pre-registers all Twitter accounts, and searches for any account to buy and sell, which means it helps everyone issue a set of air coins." It is suspected of "forced speculation" and believes that too many copycats will endanger the FT model.
In fact, the gameplay and model of FT in the crypto industry is not the first time. As early as 2021, Basis founder Nader Al-Naji released the decentralized social product BitClout. At that time, BitClout posted user information on its platform without the user's consent, which caused strong dissatisfaction in the community. FREINDZY, which @jason_chen998 criticized this time, also adopted a similar routine. This is why even Musk's account can appear on its platform.
The community suspects that the platform may be a copycat or a rug
The emergence of a large number of FT clones has also caused many community users to worry that the project will run away. After all, just two days ago, another FT clone, Stars Arena, was stolen, causing a large number of community users to question its intention to "rug" funds.
Related reading: "New developments in the incident: FT copycat Stars Arena was stolen, and will "restart the contract after a comprehensive review""
Behind the popularity of FT: collective FOMO of public chains?
Behind the recent popularity of FT, there may be the collective anxiety of many public chains. @jason_chen998 posted a dynamic that in today's bear market, the popularity of FT has also caused major public chains to continue to "FOMO". The fact that many FT imitations are launched may also be because they do not want to "miss the 'possible' SocialFi wave".
