• Friend.tech is a decentralized social app developed on Base network, allowing X personalities to issue shares for private chat access.
• In the beta testing phase, it will distribute points weekly to users who link Twitter accounts.
• Prominent figures like Defi_Maestro, RookieXBT, Frank degods, Crypto Bitlord, and NBA’s Grayson Allen have joined.

Since its launch on August 10, 2023, social tokenization protocol Friend.tech has been making waves in the global crypto community for its latest offering, which allows X (formerly known as Twitter) personalities to issue shares on its app in exchange for access to a closed group chat.

What is Friend.tech?

Friend.tech is a decentralized social application (dApp) developed on Base Network, Coinbase’s newly launched layer two blockchain. 

In a tweet, Yuga Cohler, a senior staff software engineer at Coinbase, described Friend.tech as a decentralized social media platform for crypto personalities. He also noted that the platform allows users to purchase and sell “shares” of people, which gives them ownership of a share that grants them access to a private chat with that person.

Basically, its purpose is to allow users to engage with their community in a completely decentralized manner with security powered by MPC key technology. 

The application is currently in beta testing, during which it will be distributing points to its users for the first six months. Users are set to receive points every Friday, which started on August 18. 

However, Friend.tech counts activity until Thursday at 11:59 p.m. UTC, as it wants to encourage genuine app usage, and point distribution discrepancies will be addressed.

How does it work?

Friend.tech’s core functionalities are similar to those of messaging platforms such as WeChat groups and Telegram groups. However, unlike these applications, users of the web3 social app must first acquire an invitation code and then link their Twitter accounts.

Upon registration, users can buy or sell keys from any user on the app, including themselves, by paying or receiving the current market price of the key. The price of each key is determined by an algorithm that takes into account the supply and demand of the key, as well as the trading volume and activity of the user. There is no participation fee for buying or selling keys, but there is a 5% transaction fee that is split between the app’s treasury and the user whose key is being traded. 

The token within the app, formerly called ‌Shares, was just recently renamed to Keys. These are tied to the Twitter accounts of personalities that would provide buyers access to private in-app chat rooms with that user.

Accordingly, in the event that users choose to withdraw from the group, they may liquidate their group shares. Basically, on top of its social benefits, joining a particular group in Friendtech also offers prospective financial merit. 

Who is in it?

X crypto personalities that joined Friend.tech:

Defi_Maestro 

He is the DeFi core of layer 2 network Mantle, and his X account currently has over 45,700 followers.

He stated that for his Friend.tech endeavors, he conducted a trading challenge.

RookieXBT

They are a trading personality that currently has 383,500 followers on their own account, they also handle the account @magnetmoneyshow, a crypto giveaway live stream with over 35,500 followers. 

According to their tweet, they noted that the @themagnetgang transformed into a verified organization with locked accounts, offering free X premium, 33% revenue share, monthly exclusive streams, and raffled giveaways. RookieXBT stated that all earnings contribute to @magnetmoneyshow’s total of $577,559 in 2023.

Frank degods

He is the founder and artist behind the two popular non-fungible token (NFT) projects, DeGods and y00ts. His X account currently has over 210,800 followers.

In his recent tweet, he shared that the value of his portfolio on Friend.tech is already at 1.06 ETH while the trading fees he’s earned are already at 5.81 ETH.

gainzy

They are a derivatives trader and the Owner of Degen Parlays. Their X account is currently followed by 216,200 users. 

Crypto Bitlord

One of the most recent joiners to Friend.tech is Crypto Bitlord, whose social media account has a following of 297,400 to date.

Extra…

Basketball player for the Milwaukee Bucks of the National Basketball Association (NBA) Grayson Allen also joined the platform, noting that he “likes the concept and looks forward to what the team can build with this.”

Recent Success

As of this writing, the application has successfully processed 1,597,065 transactions, with a trading volume that has surpassed 38,884.7 ETH since its launch.

Moreover, according to DefiLlama, the platform has earned over $1.68 million in fees over the past 24 hours, at a rate of 5% of the value of each transaction. This translates to $840,889 worth of ether in revenue for the platform, after paying out gas fees and other costs.

This article is published on BitPinas: Newest Crypto Social Networking App: What is Friend.tech?

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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