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The essence of DSM lies in its ability to provide users with more control, privacy, and potentially, rewards for their content creation without exploiting their data. Eventually, the market, and potentially future algorithms, hold the final verdict on what truly holds value, as echoed in the ebbs and flows of share prices. However, this application is still in its embryonic stages, and not every operational aspect is elucidated. Our intention doesn’t sway towards advocating for its usage; rather, it’s to accentuate the remarkable swift progression and the surge in its user base. A hallmark of friend.tech’s accessibility is its seamless integration with X (Twitter), which spans the spectrum from seasoned crypto connoisseurs to newcomers.

This trust and investment are largely due to Paradigm’s support and endorsement. The core feature of Friend.tech is that users can purchase a KEY from KOLs and then communicate with them and gain the benefits bestowed by the KOLs. Currently, the functionality is relatively limited, only allowing users to have friends and join group chats, without the ability to send or receive pictures, videos, and so on. On the homepage, users can see the most popular users at the moment, and they can also manually search for users they want to follow and purchase their KEYs.

Setup and Access

1. On one hand, the development of Web3 requires continuous exploration of new application scenarios and innovative approaches to attract new users.
2. Additionally, Friend.tech benefits from being backed by Coinbase, a listed exchange.
3. Each member of the platform currently is provided with three invite codes to give out.
4. One of the standout features of Friend.tech is its advanced recommendation system.

This means that to join, all users need to have is a web 3 wallet, like MetaMask, that can be easily be set up and configured for use. Based on typical user behavior in the cryptocurrency industry, social interactions also decrease. This can lead to stagnation or a regression to an inactive state for once thriving communities. Friend.tech’s ingeniously designed incentive rules have fundamentally eliminated low-quality user accounts.

Simply put, Friend.tech is a mobile-based social media platform with a cryptocurrency twist. The app markets itself as „the marketplace for your friends“ on its website. Much like other, non-crypto social media platforms that are in beta — like BlueSky — Friend.tech requires users to have an invite code from other users in order to sign up.

Join Transak on Friend.Tech

From its token pricing model, it’s evident that the mechanism design inclines towards inducing a Fear of Missing Out (FOMO) among potential investors. Due to promising airdrop expectations coupled with occasional sharp profit effects, this project is bound to exhibit impressive user data in the short term. Currently, the momentum around Friend.tech is consistently rising with a rapid increase in active addresses and on-chain locked asset values.

This news sparked speculation about the possibility of an airdrop and a potential token launch in the future. This factor adds a dynamic layer by fueling social engagement with an opportunity to invest. However, it is crucial to mention that the Friend.tech protocol imposes a 5% transaction fee, and the owner earns profit from the trade spread. These points will be transferable for a governance token that will give users rights to revenue, and could be potentially worth thousands of dollars. Friend.tech is a browser-based application launched on the Base network, an Ethereum scaling network provided by what is an invoice crypto exchange Coinbase. Crypto platform Friend.tech, launched in August 2023, has some enthusiastic supporters hailing it as the first real success story in the social crypto space.

This can indirectly translate to „short-lived hype.“ It will be interesting to see if this platform stands the test of time. Once set up, users could have their chatroom keys bought by other users or even bots. Keyholders then have the ability to communicate directly with the user whose keys they hold. The brilliance of friend.tech lies not only in its valuation mechanism but also in its ability to distill insights from the cacophony of platforms.

Entering Your Invite Code

Friend.tech is a comprehensive social networking platform designed to connect individuals from all walks of life. It provides a space for friends, family, colleagues, and even new acquaintances to interact, share, and collaborate. With its user-friendly interface and innovative features, Friend.tech sets itself apart from other social networking platforms.

It’s a protocol of social tokenization, and its application reached more than 100,000 users just a few days after its release on August 10. NBA player, Grayson Allen, plus known crypto moguls Cobie and Gainzy and trading influencer RookieXBT are all part of the Friend.tech community. The buying and selling of keys create a marketplace dynamic where social interactions have a financial value. The price of a user’s tokens can increase with demand, and users can cash out their earnings through any Base wallet, converting it back to ETH. Friend.tech is a decentralized social media platform that wants to redefine how we engage with content, interact with influencers, and gauge the worth of insights.

From the transaction data of the subject, there are currently about 343,000 transactions. On Friend.tech, all transactions are subject to a 10% transaction fee, with 5% going to the purchasing party (KOL) and 5% to the platform as revenue. The team is entirely anonymous — as in, the actual identity of who’s running the app is unknown. It’s probably a good idea to know who, exactly, is behind a project if one is to invest a significant sum of money into it. To fully engage with the Friend.Tech community, you’ll need some ETH (Base) in your account. This surge in users was significantly fueled by the platform’s X (Twitter) presence.

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Back in 2021, BitClout garnered significant attention initially, but eventually, negative sentiments spread due to a lack of transparency, leading to a decline in its popularity. If there’s anything to know about the crypto space, it would be that it is a world where information is both highly sought and valued. Additionally, Legendary, a pseudonymous Web3 marketer, shared a bearish prediction about the longevity of Friend.tech, drawing parallels to BitClout, a DeSo app from 2021. Our platform earns commissions through partnerships and sponsors, which is how we support our analyst. For the pseudonymous founders of Friend.tech, the bigger concern is sustainability. Indeed, a co-founder known as Racer told Decrypt that the initial launch was intended for load testing only, and the fact that the platform went viral came as a surprise.

Friend.tech attracts crypto enthusiasts seeking engagement with Crypto Twitter figures. Beyond a mere social platform, friend.tech is a paradigm shift, a high-signal information aggregator fueled by the discerning judgments of its participants. The hype around the crypto social media protocol also helped the Base network (on which Friend.tech is built) acquire attention quickly. Friend.tech is demonstrating robust growth and economic viability in the decentralized social media market. Recent data shows an impressive total of 847,621 unique shares traded and a vast trading volume of 312,019 ETH over 6,772,843 transactions. An added incentive for participants in the Friend.tech ecosystem is that users classified as “creators” (as opposed to “followers”) see key prices increase as their networks grow larger.

Conversely, if the base value dips below your purchase value, let’s say $8, then you find yourself in a position of loss. Friend.tech is built on the secure Base Layer 2 blockchain and is backed by Paradigm, a reputable venture capital firm known for supporting robust protocols like Uniswap and Lido. However, privacy risks exist as the platform may expose users‘ Ethereum addresses and has not yet published a privacy policy. There’s a new trend in Base, the second-layer solution built by Coinbase COIN to help scale Ethereum ETH . Coinbase’s chain reached a historic record of 15.88 transactions per second on August 21, according to l2beat data. The total value locked under Friend.tech is now over $6 million, according to DeFiLama data.

Friend.tech has received a round of seed funding from the crypto VC firm Paradigm, something that might ease the minds of users investing in the social media app. As an expert in the field, I can vouch for the effectiveness and usability of Friend.tech. It’s truly a platform that caters to all your social networking needs, whether you’re an avid communicator or a casual user. Friend.tech has not only simplified the way we connect but has also added a sense of excitement and innovation to our online interactions. It goes beyond the conventional means of keeping in touch and offers a myriad of features and tools to enhance your online experience. But first, let’s get a better understanding of what Friend.tech is all about.