Base is a Layer built by the Coinbase team that has been mainnet recently and received a lot of support from the community as well as developers, one of the most prominent projects is probably Friend.tech when it welcomed receive a large number of users. So what is Friend.tech? Join Weakhand to learn about the project in this article.
Some other articles also related to Friend.tech that people can refer to:
- Instructions for Registering and Using Friend.tech
- 3 Ways to Make Money on Friend.tech
- What is Base? Base Cryptocurrency Overview
- Retroactive Base Mainnet Hunting Guide
What is Friend.tech?
Friend.tech is a decentralized social network application built on Layer 2 Base and uses a user database taken from X (Twitter). Therefore, a new user joining Friend.tech will not need to reset all information from scratch.
Thanks to using a novel mechanism along with attracting many famous people to use its products, Friend.tech quickly achieved a user milestone of hundreds of thousands of people. Along with that, there have been tens of thousands of ETH transferred to the platform as well as daily transaction volume that sometimes exceeds NFTs.
Friend.tech’s operating mechanism
In general, Friend.tech is a platform that allows users to chat with KOLs (celebrities) in a private group. However, to chat with any KOL, on Friend.tech users are required to buy a “key” of that celebrity.
In essence, the key is no different from an ERC token, but the information is stored off-chain, the total supply of these keys will fluctuate based on the buying and selling needs of users in the market. KOL is the person who issues the key, but it will not have the right to mint the key itself but must also buy it on the market like normal users.
The keys will not be traded on an AMM DEX like other regular tokens so the price of the keys will be calculated according to a bording curves formula as follows:
y = x^2 / 16000
In there:
- y: Is the price of the key, calculated in ETH.
- x: Is the total supply of key tokens at the present time (x can change up or down depending on the number of keys bought or sold).
To make it easier to understand, we will take an example as follows:
- KOL A today has 100 key holders, so the price of the key for the next buyer will be: 100^2/16000 = 0.625 ETH.
- If the number of key buyers increases to 120, the price of the key will now be: 120^2/16000 = 0.9 ETH.
- However, if the number of key sellers increases and the total supply decreases to 80, the price of the key will now be: 80^2/16000 = 0.4 ETH.
In addition, when each key trading transaction occurs on Friend.tech, a 10% fee will be applied to the total transaction volume and divided as follows:
- 5% is paid to KOLs.
- 5% is paid to the protocol.
Opportunities when using Friend.tech
Although Friend.tech has received a large number of users using the product, compared to other Social projects, it is still quite low, so we will have some great opportunities as follows:
- Invest in keying big KOLs early at a much cheaper price.
- Become a KOL with quality content and receive key buyer and seller transaction fees.
- Opportunity to receive airdrops in the future when the project launches tokens.
Risks when using Friend.tech
Despite its potential, people also need to consider a number of issues related to using the Friend.tech platform as follows:
- Fraud risk: Many bad actors will pretend to be famous KOLs, thereby attracting people to buy keys, so people need to check carefully before making a purchase.
- Security risks: Because the project is quite new and has not undergone audit, risks related to security and information may occur in the future.
Why is Friend.tech booming?
First, we cannot help but mention that this platform promises to airdrop products to users with points every Friday. Although at the present time Friend.tech has not announced the main use for points, the community has predicted that there is a high possibility that it will become a criterion for receiving tokens in the future.
Next, the project announced that Paradigm had invested in its Seed round. Although there has not been any official announcement from either side, a few members of this investment fund have also implicitly confirmed. about that.
Earlier this year, we collaborated with @paradigm to build tools for new online social interactions.
We’re grateful for the community’s warm reception and excited to continue growing with you all pic.twitter.com/yINDMXkpuZ
— friend.tech (@friendtech) August 18, 2023
Friend.tech also recently released a new update that allows KOLs to send images to their private chat group. This step has attracted a large number of KOLs from the traditional market, especially those with adult content from Only Fan, to use Freind.tech, bringing with them a large number of their fans.
You can now send photos to your key holders. Say cheese😁 pic.twitter.com/pzu7xNuvxm
— friend.tech (@friendtech) August 25, 2023
Friend.tech’s Ecosystem
FriendIndex
Friend Index is the first piece of the puzzle built on Friend.tech’s ecosystem, the project was created with two main purposes as follows:
- Buy keys from celebrities then share their content with the project’s own key holders.
- Reshare all airdrop rewards from Friend.tech to everyone who holds the keys.
In general, Friend Index’s idea is very new and creative when transferring almost all the benefits they receive from Friend.tech, in addition, the number of airdrop points that the project has received at the present time has increased. up to more than 43K so users are also very motivated to buy and push the key price up to 1.85 ETH.
FriendMEX
FriendMEX is an open source exchange that allows anyone to trade user keys on Friend.tech without having to register an account. In addition, FriendMEX also provides many other key parameters such as drawing price charts for easy observation or displaying all sales transactions in real time.
The person behind developing FriendMEX is Anish Agnihotri, an Indian programmer with many years of experience working in the Crypto market. Previously, Anish Agnihotri worked as a researcher at Paradigm, built an effective trading system at Polychain Capital and many other jobs.
Other projects
In addition to the above projects, the Friend.tech ecosystem also has many other projects whose products have not yet been completed:
- Friend Stake: Allows people to trade keys with a cheaper fee, only 1%
- Friend Lend: Allows users to Lending & Borrowing keys from Friend.tech
- Friend Farm: Allows users to participate in farming using keys from Friend.tech
- The Creator Fund (3.3): Reshare the airdrop to key holders similar to Friend Index.
Issues surrounding Friend.tech
On August 21, 2023, the news site reported that Friend.tech leaked data of more than 101K user profiles on this platform. The leaked information includes the name, avatar of user X along with the wallet address they use on this social network.
To refute this information, Friend.tech’s development team said that this is basic public information of users. It’s like people visiting any profile page on Twitter and then viewing their introduction information as well as their posts.
This is just someone scraping our public API that shows the association between public wallet addresses and public Twitter usernames.
It’s like saying someone hacked you by looking at your public Twitter feed.
Irresponsible reporting from @TheBlock_ and @vishal4c https://t.co/GIXOWazqBk
— friend.tech (@friendtech) August 21, 2023
In fact, the leaked information does not affect the security issues of the Friend.tech social networking platform, however it directly affects wallet identification and on-line information. user chain and losing its anonymity.
Development Roadmap
Update…
Core Team
The Friend.tech development team includes two members nicknamed 0xRace and Shrimp, who are quite familiar faces in SocialFi projects. The duo once developed an application called Stealcam on Arbitrum’s network
This app allows anyone to upload any virtual image to the blockchain as an NFT and watermark it. People will have to pay a certain amount of fee in ETH to the owner to steal that photo. Each time it is stolen, the price of the photo will increase by 10%.
Although this application is not as big a hit as Friend.tech at the moment, it has still generated about 50 ETH in revenue for NFT creators and NFT thieves after just over a month of product release. .
Investor
The Friend.tech development team along with a few members of the Paradigm fund have revealed that the project receives investment and support from this investment fund. Paradigm is known as one of the funds with a very long-term investment style with large projects such as Uniswap, Lido Finance, MakerDAO, dYdX, Axie Infinity, Cosmos,…
Tokenomics
Update…
Exchanges
Update…
Project Information Channel
Summary
Above is the information that everyone needs to know to understand what the Friend.tech project is. Weakhand hopes that through this article, everyone will find the necessary information to serve each person’s research process. People.