Recently, Friend.tech is emerging as a SocialFi platform that has attracted a lot of attention from the Web3 community. Along with the popularity of Friend.tech, Forks appear more and more across different Blockchains from BNB Chain to Arbitrum, Solana,… In this article, we evaluate Friend Forks. .tech to see if there’s anything special.
Before jumping into the article, everyone can refer to some of the following articles to understand better.
- What is Friend.tech? Friend.tech cryptocurrency overview
- Friend.tech Ecosystem & The First Bricks
- Friend.tech & Base’s strategic card
Overview of Friend.tech
Friend.tech is a SocialFi platform built on Layer 2 Base and uses a user database sourced from X (Twitter). So when a new user joins Friend.tech there will be no need to reset all information from scratch.
What makes Friend.tech so outstanding is the combination with the Finance element in its platform. When approaching Friend.tech, users have 2 basic ways to make money including:
- Buy Token Share for speculation: At Friend.tech, there is a very cool thing that users can buy “share” tokens of famous people (KOLs) to gain access to a private chat channel and talk to them. So we can look for speculation opportunities by buying “Share” tokens of famous KOLs and then reselling them at a higher price.
- Become a KOL on Friend.tech: If you already have a large number of followers on your Twitter, you can become a KOL on Friend.tech and earn profits from the fees of those who trade your keys (KOLs will receive 5% of the trading fee/ per transaction).
It is the extremely unique social network model combined with finance that has helped Friend.tech attract a large number of users to join its platform. Up to now, Friend.tech has reached a TVL of 40M USD, earning more than 23M USD in transaction fees with nearly 12M Transactions.
Some statistics about Friend.tech
Especially on September 14, 2023, Friend.tech’s revenue peaked at 1M USD, the largest in the Crypto market and surpassed both Tron with 710,000 USD and Ethereum with 406,000 USD. This is also the day that saw the peak number of Transactions reaching 529,281 and more than 20k active Users during the day. Since this time, countless Fork Friend.tech versions have appeared throughout the Crypto market. Here, let’s take a look at the performance of Fork Friend.tech versions to see if there is anything special.
What Are The Fork Versions Of Friend.tech Now?
Tomo – Fork Friend.tech on Linea
Tomo is a SocialFi platform built on the Linea Blockchain. Tomo was only launched 3 weeks ago and has many similarities with Friend.tech. Tomo allows users to purchase Keys to join an interactive chat community with many social media influencers. Users can also trade “votes” – a currency similar to Share tokens on Friend.tech.
However, Tomo offers a difference by providing the opportunity for users to make predictions about the value of the key for influencers who have not yet joined the platform.
For example: Any user can bet on the key’s value Elon Musk if he joins this platform. On the basis of these predictions, Tomo calculates the average key value for influencers who have not yet joined the network. Let’s say the current value of Elon Musk’s Key is worth $1,000. If the Tesla boss joins Tomo, this will be the price the key will be traded at.
Although it has only been launched for a short time, tomo still made a strong impression when it reached a TVL peak of 1.62M USD, attracted 4,900 users and achieved revenue of more than 400,000 USD.
Compile some data about Tomo
However, in recent times, when Friend.tech has lost its appeal, Tomo has no longer created the same hype as before. Up to now, the TVL on Tomo has been divided into 2 and is only over 700k USD.
New Bitcoin City – Fork Friend.tech on Bitcoin
New Bitcoin City is a Fork version of Friend.tech on Bitcoin abbreviated as NBC. However, New Bitcoin City is not just a simple Fork but is trying to become a Social Layer, allowing users from other protocols like Friend.tech to use their keys on New Bitcoin City.
In addition, New Bitcoin City also adds a number of customization features from users setting their own key purchase fee from 0 – 8% or the number of keys needed to join their group.
New Bitcoin City is probably the Friend.tech Fork version that maintains the most stability as TVL does not witness too much decline compared to other Fork platforms.
Stars Arena – Fork Friend.tech on Avalanche
Stars Arena is a SocialFi platform deployed on Avalanche with similar features as Friend.tech allowing users to buy, sell and trade StarShares similar to keys on Friend.tech. However, Stars Arena offers additional features such as tipping creators or exploring public topics on Stars Arena.
Stars Arena was released on September 27, 2023 and does not require any deposit or referral code for users to access the platform. Each StarShares has a minimum price of 0.0066 AVAX, and owning StarShares gives the holder access to exclusive content or connection with other shareholders through direct messages. In addition, Stars Arena also launched an Airdrop program to attract more users to its platform, starting on September 26, 2023, and there is no information on when the airdrop program is expected to end.
Stars Arena was once expected to become the second Friend.tech when TVL increased dramatically and reached nearly 3M USD after just a short time of launch. According to data from DappRadar, about 10,000 active wallet addresses between October 3 and 4, 2023 have created 250,000 Transactions performed daily and a cumulative transaction volume of nearly 5M USD.
Statistics on the number of transactions and daily users on Stars Arena
Although the incident on October 7, 2023 involved the Smart Contract hack and nearly 3M USD TVL was drained, the hacker later refunded the entire amount and retained 10% as a Bug Bounty or some other reward. There was a recent turmoil within the team when their CEO resigned. All of the above events have caused Stars Arena to lose its appeal to users and caused TVL to decrease by 62% in the past month.
Post.tech – Fork Friend.tech on Arbitrum
Post.tech is a Fork version of Friend.tech on Arbitrum that also allows users to buy and sell “Post” similar to the key on Friend.tech and 5% of the transaction fee will be transferred to Share holders. In addition, Post.tech also offers some unique features that allow users to earn points and ETH from Posts on Post.tech. The more active you are, the greater your Points and ETH rewards.
Some statistics about Post.tech
According to data from DappRadar, Post.tech had a sudden growth on September 21, 2023 when it reached a transaction volume of 3.1M USD, more than 190,000 Transactions and more than 20,000 active users per day. However, up to now the number of daily active users is just over 500 people with 14,000 Transactions and generating a meager transaction volume of 10,000 USD.
Overall, Friend.tech still shows its superiority on all metrics and the created Fork projects, although they bring some unique qualities, are only to follow short-term trends. When Friend.tech no longer has its appeal, Fork projects will also go into oblivion.
summary
Friend.tech has created a new SocialFi trend and attracted many of its Fork versions in the market. The Fork versions more or less made their mark but only for a short time before disappearing and almost no one is talking about them at the present time. Above is all the information that I want to introduce in this article, hope everyone has received useful knowledge.
