What Is Friend tech? The Hottest New Social App on Base
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That said, there is no guarantee or obligation for said user to reply to your messages. A look into Friend.tech, the trending social app on Base that lets you trade shares of Crypto Twitter personalities. “Do your own research” applies to Web3 the same way it does to the greater crypto industry.
One ether is worth approximately $1,670 as of the publication of this article. Remember when we were inundated with crypto commercials starring Matt Damon, major sports league sponsorships, and drawings of apes? Investors, speculators, and scammers have been holding out during this long bear market, hoping that the next big crypto project will come along and turn their dimes back into dollars. Several security concerns have been raised by individuals within the crypto community. One of these concerns is that wallet Keys reside on Friend.tech’s top 10 mobile app ui design ideas in 2022 server, which is partially custodial. This poses security risks due to potential hacks and dependency on third-party accessibility.
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Indeed, a co-founder known as Racer told Decrypt that the initial launch was intended for load testing only, and the fact that the platform went viral came as a surprise. There has been a mad dash to try to scale the platform’s infrastructure and fix issues as they come up over the best bitcoin wallets in 2021 last two weeks. Filter your search by ‘most recent’ to get codes that are likely still available (not expired) as each code only works once.
Their Twitter bio “Your network is your net worth,” encapsulates the idea behind friend.tech. Friend.tech essentially allows anyone on the app to bet on the social worth of other users on the platform, through the purchase of shares of the other user. On its first day, the application experienced network outages from the inflow of users as more and more influencers signed up for the platform and many users complained about lag times and the app crashing. After a few minutes of setting up your account, you may be lucky enough to have “keys” to your chatroom «bought» by other users or even bots. If you buy a what is bitcoin mining and how does it work user’s tokens, you can communicate with them directly, and now this new asset will be part of your portfolio.
- As you can imagine, this resulted in some crazy and even offensive stuff, and eventually the account was suspended.
- Lux Moreau, the founder of Talk.Markets also raised awareness regarding the substantial price increases experienced by shares as they are traded on Friend.tech.
- Though friend.tech activity has cooled down considerably, it’s still too early to say that most of the hype has died down.
- Friend.tech is a mobile-only application, but unlike most apps, it is not downloaded from the App Store or Google Play Store.
- The app is available for Android and iOS and needs to be connected to one’s Twitter account and funded with at least 0.01 ETH.
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Worried about being caught out by cybercriminals this holiday season? You determine whose posts grace your feed and what content deserves your attention with control over authenticity and privacy. Say goodbye to the echo chamber and welcome back diverse perspectives and conversations that broaden your horizons. Our platform earns commissions through partnerships and sponsors, which is how we support our analysts. With market cap down 98% and TVL down 94%, Friend.tech’s September 2024 contract burn sealed its fate.
As soon as people realized that you can make serious money trading friend.tech shares, a whole batch of tools popped up to make the process more efficient. Just like on Uniswap, there are MEV bots, which compete to snipe new keys issued by popular influencers. According to on-chain analyst @tomwahnn, 125 MEV bots have made $2.1 million in profit so far — even though most of the bot transactions fail. A more privacy-friendly alternative is using FriendMEX — a trading app that allows you to buy and sell keys without creating a friend.tech account.
Getting Access to Friend.tech
Although the application is nascent, early metrics show its rapid adoption. According to data from Dune analytics, the application has facilitated over 126,000 transactions, and done 4,400 ETH in trading volume since its launch, over $8.1 million. Additional Dune data shows that it outpaced NFT marketplace OpenSea’s trading volume yesterday, doing nearly double the volume of the leading NFT marketplace. According to a tweet from Yuga Cohler, senior staff software engineer at Coinbase, friend.tech users create a profile to sell “shares” of themself to their followers. At this time, buying someone’s share grants owners the ability to exchange private messages with them.
In place of a fixed rate, the cost for the subsequent share of an individual is determined via a quadratic bonding curve rooted in their current share count. Hence, the main thing that changes the price is how many of these shares are available. The app interface has a special Airdrop tab where you can request points.
Rapid Growth
Users generate income by offering exclusive content and privileges to users who purchase one of their Keys. 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.
Users must install an app, log into it using their own Ethereum wallet, and deposit ETH to their Base account using a bridge. One issue is that, at this early stage, the app is still buggy, plus the bridges to deposit in Base are slow and sometimes broken. But what sets Friend.tech apart is that, as the influencer group grows, the number of shares increases without affecting the joining price. To fully participate in the platform, users need to bridge a minimum of 0.01 ETH from either the Arbitrum or Ethereum mainnet into the Base network. This is done through the Base wallet address provided during registration. Once this step is completed, you’re ready to dive into the world of Friend.tech.
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