In the ever-changing landscape of digital communication and cryptocurrency, a groundbreaking platform has emerged, capturing the imagination of tech aficionados and digital currency investors alike. Introducing Friend.tech, a pioneering force in the realm of social media that's setting new standards for the valuation of online relationships. Officially launched on August 10, this mobile-exclusive application is powered by the innovative L2 chain, Base, brought to life by the esteemed centralized exchange, Coinbase. Embracing the mantra "Your network is your net worth," Friend.tech transcends the conventional boundaries of social networking, establishing itself as a trailblazing social token platform where the social stature of individuals can be quantified and traded. Within a remarkably brief period, Friend.tech has not only attracted a vast user base but has also facilitated an impressive volume of ETH transactions, heralding a new chapter in the monetization of digital social interactions.
The Meteoric Rise of Friend.tech
Since its inception on August 10, Friend.tech has rapidly ascended to prominence within the Crypto Twitter community, thanks to its innovative approach to social networking. Operating exclusively on mobile devices, this application leverages the capabilities of the newly unveiled L2 chain, Base, developed by the cryptocurrency exchange giant, Coinbase. The platform's Twitter description, "Your network is your net worth," succinctly captures the essence of Friend.tech. By enabling users to invest in the social value of fellow users through the acquisition of shares, Friend.tech redefines the concept of social tokens.
In just 24 hours post-launch, Friend.tech boasted over 8.5K users and a trading volume exceeding 3.2K ETH from the exchange of user shares. Data from Dune Analytics reveals that the platform has processed transactions amounting to more than 6,682 ETH, equivalent to over $12.3 million, in cumulative volume since its debut 4 days ago, generating 334 ETH ($615K) in fees. The surging popularity of Friend.tech has also propelled Base, which went live with its mainnet on August 9, to surpass the Layer-2 network Arbitrum in terms of daily active users.
Securing Access to Friend.tech
Friend.tech distinguishes itself as a mobile-only application, deviating from the norm of downloading apps from the App Store or Google Play Store. Instead, prospective users must visit the Friend.tech website and add the page to their Home Screen on their mobile devices. For iOS users, ensuring your device is updated to the latest version is a prerequisite.
At present, Friend.tech is accessible under limited conditions, with entry to the app contingent upon obtaining an access code. These codes can be acquired through various means:
- Receiving an access code from an existing app user, with each user allotted three codes to share and facilitate new user entries.
- Keeping an eye on Friend.tech's Twitter account for code drops, although these are quickly claimed.
- Vigilantly monitoring Twitter for users sharing their access codes, often in anticipation of future airdrops based on referral numbers. These codes are also rapidly taken, so prompt action is advised.
Upon securing an access code, registration requires an email or phone number, followed by linking your Twitter profile, which serves as your public persona on Friend.tech. New users will find a wallet created for their account, into which any amount of ETH must be transferred to activate app access. Given the nascent stage of Friend.tech, users are cautioned to transfer only what they can afford to lose and to exercise due diligence when interacting with the app.
The Dynamics of Buying and Selling Shares
With a funded wallet, users can embark on purchasing shares of other app users, essentially acquiring social tokens tied to those individuals. The valuation of user shares is subject to the forces of demand and supply. Notably, prominent Crypto Twitter personalities like Cobie and Hsaka have joined the platform, with their shares reaching unprecedented highs of 2.4 and 2.1 ETH, respectively. The trading activity surrounding a user's shares incurs a sales tax, which benefits the user directly, underscoring the correlation between one's network, the attention garnered, and the resultant earnings from share trading.
Acquiring shares also grants the shareholder the privilege of initiating a private chat with the respective user, although there's no assurance of receiving a response.
Anticipation of an Airdrop
In line with the trend observed in many new crypto applications, speculation regarding the potential for an airdrop on Friend.tech is rife among users. The speculation is fueled by the belief that points earned from referring new users could eventually be converted into a token airdrop, especially given the presence of an "Airdrop" tab within the app.
The Visionaries Behind Friend.tech
The brains behind Friend.tech are a pseudonymous duo known as 0xRacer and Shrimp, who boast a rich
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Arc does not deploy or run decentralized exchange software for public use, nor does it operate or control any such infrastructure. Arc is not responsible for any action taken or content on the third-party website.
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