Friendzy: A Bullish Week of Activity
It has been a bullish week for Friendzy, the Solana fork of Friend.tech. Since its launch on September 19, the application has generated $920,000 in cumulative volumes, according to data shared by the Friendzy team with Decrypt. Like Friend.tech, Friendzy allows users to tokenize their Twitter accounts and enables others to buy and sell these tokens to join private chats. The spokesperson for Friendzy confidently stated that they are on track to surpass $1 million in volume by the end of the day.
Comparatively, the weekly volume on Friend.tech has remained above $2 million for the past two weeks, as reported by data from the Dune dashboard by CryptoKoryo. Despite a brief slowdown at the end of August, Friend.tech’s activity has seen a return this month with increased deposits and platform activity.
Friendzy Takes on the Leader
The spokesperson for Friendzy revealed that their Solana app aims to differentiate itself from Friend.tech by offering additional features and implementing a smoother price curve. Similar to Friend.tech on the Coinbase-incubated blockchain Base, Friendzy tokenizes Twitter accounts into “Keys.” These Keys unlock benefits determined by creators themselves. The price of account Keys on Friendzy depends on demand and the number of holders.
In these applications, traders do not exchange money directly. Instead, decentralized exchanges facilitate the buying and selling of Keys against a smart contract that locks assets during purchases and determines the Keys’ price based on a predetermined formula. While Friend.tech has faced criticism for its steep pricing mechanism, Friendzy offers a more gradual price increase. Top accounts on Friendzy cost around $10 or approximately $0.5 SOL, while top Friend.tech accounts sell for $7.22 Ethereum or $11,350.
Account holders on both platforms earn royalties when their tokens are traded. However, Friend.tech’s steeper price curve results in higher royalties for Keys holders, which motivates users to enhance the value of their Friend.tech Keys. According to CoinGecko’s research, the top three accounts on Friend.tech have earned royalties exceeding $100,000 since its inception.
Hot Take: Friendzy Makes Waves in Tokenizing Twitter Accounts
Friendzy has made significant strides in tokenizing Twitter accounts and providing a platform for users to buy and sell these tokens. With a promising volume of over $900,000 since its recent launch, Friendzy is quickly gaining traction as it aims to surpass $1 million in volume. By offering additional features and a smoother price curve compared to its competitor, Friend.tech, Friendzy is positioning itself as a strong contender in the market. With the potential for increased royalties and a more gradual pricing mechanism, users have even more incentive to engage with the platform. As the tokenization of social media accounts continues to gain popularity, Friendzy is making waves with its Solana-based solution.
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