Friend.tech: A Dive Into the New Social App Driving Millions in Trading Volume

Friend.tech: A Dive Into the New Social App Driving Millions in Trading Volume

The Rise of friend.tech: Exploring the Blockchain’s New Social App

In the ever-evolving world of blockchain technology and cryptocurrencies, new and innovative applications are constantly emerging. One such application that has captured the attention of crypto enthusiasts is friend.tech. Launched on Thursday, this decentralized platform has already made waves in the industry, generating significant trading volume of 4,400 ETH (approximately $8.1 million). However, alongside its rapid rise, concerns have also been raised regarding its origin, roadmap, and data privacy.

Unveiling friend.tech: The Marketplace for your Friends

Friend.tech is a Web3 social app built on Base, Coinbase’s latest layer 2 network. Its unique proposition lies in allowing users to tokenize their social network. By creating a profile and selling “shares” of themselves to their followers, users gain the ability to exchange private messages with the share owners. This approach aims to capitalize on the popularity and influence of crypto Twitter’s key personalities, including notable influencers like Jordan Fish and Hsaka Trades.

The platform’s early success is evident from the impressive trading volume it has achieved in just 24 hours since its launch. Outpacing even leading NFT marketplace OpenSea, friend.tech has facilitated over 126,000 transactions and achieved a trading volume of 4,400 ETH. This exceptional growth has propelled it to the forefront of social apps built on Base, surpassing Arbitrum in terms of daily active users.

The Mysterious Origins of friend.tech

While friend.tech’s rapid rise has captivated the crypto community, questions linger about its origin and backstory. According to Yuga Cohler, a senior staff software engineer at Coinbase, the pseudonymous developer known as Racer is the one responsible for building friend.tech. Racer gained recognition for his previous creation, TweetDAO, a decentralized autonomous organization that granted access to its Twitter account through a native non-fungible token (NFT) called “TweetDAO Egg.”

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However, despite its initial buzz, TweetDAO saw its popularity fade over time, leading Racer to develop another social platform called Stealcam. This Web3 platform allowed users to mint images as NFTs and only revealed the images once they were purchased. Struggling to sustain its creator earnings, Stealcam eventually rebranded as friend.tech, with the aim of attracting Web3 influencers and content creators seeking to monetize their output.

The Pricing Model and Data Privacy Concerns

As influencers and users flock to friend.tech, the platform’s pricing model has drawn attention. According to a share pricing model shared by Laurence Day, a decentralized finance expert, the buy price of shares increases as users sell more, following a quadratic formula. This supply and demand structure has already shown promising returns for some users, such as Andy Chorlian, who earned almost $1,000 in just a short time.

Alongside the pricing model, concerns have been raised about friend.tech’s data privacy practices. Despite its burgeoning popularity, the platform lacks transparency regarding its data usage and storage. The sparse website provides no information about the project’s founders, a roadmap, or even a privacy policy. This absence of crucial details raises questions about the security and usage of users’ personal information.

friend.tech’s Future: Evaluating Risks and Rewards

While friend.tech presents an enticing opportunity for profit and community engagement, it is crucial to consider the long-term viability and risks associated with the platform. The founders’ past pivots from failed projects, the lack of transparency surrounding data usage, and the absence of a clear roadmap all pose potential risks to users’ investments.

Despite these concerns, friend.tech does offer a feature allowing users to cash out their in-app profits, providing a degree of reassurance. Additionally, speculation about a forthcoming native token airdrop has surfaced, with users noticing a grayed-out icon within the app. However, friend.tech has made no official statements regarding an upcoming token, further highlighting the importance of conducting thorough research before engaging with the platform.

In conclusion, friend.tech has emerged as a promising Web3 social app, providing users with unique opportunities to tokenize their social networks. Its exponential growth in trading volume and daily active users have captured the industry’s attention. Nevertheless, potential users should exercise caution due to uncertainties surrounding its origin, roadmap, and data privacy practices. As with any investment in the blockchain industry, conducting thorough research and critical analysis is imperative.

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