What is Friend Tech?
Friend Tech is a mobile-only social media platform built on Coinbase’s Ethereum layer-2 Base. It allows users to buy and sell “shares” of their favorite social media personalities on-chain, tokenizing Twitter accounts. By purchasing shares, users gain exclusive access to the account’s private chat room, providing an exciting way to connect and engage.
Current Status
Friend Tech launched on August 11 as an invite-only beta, generating $2.88 million in protocol fees. It has outperformed established players in the crypto ecosystem, such as Uniswap and Bitcoin, and has seen a surge in daily transactions on Base.
Interesting Features
Friend Tech implements a bonding curve that automatically calculates the buying and selling price, similar to Uniswap’s automated market-making design. The price of shares rises with the number of shareholders, providing potential for growth and profit.
Potential and Risks
Friend Tech offers a unique way for users to monetize their social influence, potentially attracting influencers and high-profile individuals to the platform. However, critics have raised concerns about the functionality of the app’s group chat, pricing structure, and the possibility of pumps and dumps. There have also been reports of user data leakage, although the Friend Tech team has disputed this.
Hot Take
Friend Tech has gained considerable traction and revenue since its launch, but its long-term success may be uncertain. While it provides an innovative way for users to generate passive income, the platform’s flaws and potential risks could impact its sustainability. It will be interesting to see how Friend Tech evolves and addresses these concerns in the future.
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