Friend.tech is a groundbreaking social decentralized application (dApp) on the Base network. It has gained significant traction in the crypto community due to its innovative features and user-friendly interface. Declared dead, it’s now has surpassed $10 million in daily trading value, with more than $20 million in total value locked (TVL.)
Friend.tech, in a Nutshell
Friend.tech is positioned as a marketplace where individuals can exchange based on the fame, image, and influence strength of creators
From a technical side of things, Friend.tech is essentially a decentralized platform that allows users to interact with various blockchain-based applications seamlessly. It acts as a bridge between traditional web users and the decentralized world, making it easier for newcomers to navigate the blockchain ecosystem.
Here are Friend.tech key features:
- User-Friendly Interface: One of the standout features is its intuitive interface, designed to cater to both beginners and seasoned crypto enthusiasts.
- Interoperability: It supports multiple blockchain networks, allowing users to switch between different dApps without any hassle.
- Security: It prioritizes user security, ensuring that all transactions and interactions are secure and transparent.
- Decentralized Storage: The dApp offers decentralized storage solutions, giving users the option to store their data securely on the blockchain.
How to Use Friend.tech
1. Accessing Friend.tech
- From a Mobile Device: To start using the dApp, you’ll need to visit https://www.friend.tech/ from the web browser on your mobile device. Select the “Add to Home Screen” shortcut. This will install and add the Friend.tech icon to your device’s home screen.
- From a Desktop: There’s a workaround to make the dApp accessible from a desktop – here’s a guide to it: https://www.youtube.com/watch?v=p0EIQCxPaKw
- Invite Code: To join, you’ll need an invite code. Existing members of the platform have three codes to share. The best way to obtain an invite code is by checking platforms like Reddit or X. Once you have an invite code, click the Friend.tech icon on your home screen and input the code.
2. Setting Up Your Account
- Login: After entering the platform, log in using your Google account and link your Twitter profile.
- Bridging Ether (ETH): Before you can fully utilize Friend.tech, you’ll need to bridge some Ether (ETH) – a minimum of 0.01 ETH – from the Ethereum mainnet or Arbitrum to the Base wallet address displayed on the platform. This can be done using Orbiter.Finance. It’s important to note that the base wallet addresses might take some time to reflect the ETH you send from the mainnet.
3. Navigating the Dashboard
- Access: Ensure you have at least 0.01 ETH in your Base account to access the dashboard.
- Invite Codes: Once inside the app, you can generate invite codes to share with friends and earn points in the process. These points might be instrumental in farming the Friend.tech airdrop.
- Trading Keys: If your primary interest is trading keys, the FriendMEX platform offers a range of options for this purpose.
4. Engaging with Keys
- Purchasing Keys: Every user can either be a creator or a follower. If you have a friend who is a creator and new to Friend.tech, you can purchase keys of their account at a base price. Holding the keys allow you to chat with the other key holders in the owner’s chat room. Please note that the price of these keys fluctuates based on the growth of the friend’s network.
- Selling Keys: You can sell your held keys and receive the ETH based on the keys’ value. Please note that doing so will disable the access to the key owners’ chat feature, unless you hold more than one key.
- ‘Selling’ Your Keys: Other Friend.tech users can buy your keys, allowing them to access your chat feature. Of course, you can sell/promote your keys on social to increase your key holders, which in effect increase the value of your account.
Further reading: How to Use Friend.tech and the Friend.tech Airdrop
Understanding Key Prices
So, here’s a million-dollar question: How are Friend.tech key prices determined?
The price of keys follows the concept of the bonding curve, which can lead to exponential price surges. In the context of Friend.tech, the price of a share in ETH is mathematically related to the supply of the shares within a given group. As more shares are purchased, the prices are likely to increase.
The buy-and-sell price relationship is such that with higher share purchases, the number of outstanding shares for a group also increases. The price follows a specific mathematical relationship, which means the more shares purchased, the higher the chances of the prices increasing.
If you’re interested in math (well, who aren’t?) – here’s the formula (via BeInCrypto):
Buying price = n ^ 2 /16000
Selling price = (n-1) ^ 2 /16000
Note: n is the total outstanding supply, and 16000 is the scaling factor or constant determined by Friend.tech.
Ways to Make Money using Friend.tech
There are several ways to make money using Friend.tech:
1. Trading/Flipping Keys
Just like any other trading platform, the basic principle applies. Purchase keys of emerging users when the price is low and sell them when the price appreciates. Monitor the bonding curve and the popularity of specific profiles to make informed decisions. Of course, you can sell your held keys at a loss, for whatever reasons you may have.
2. Tokenizing Your Influence
If you have a significant online presence or influence, you can tokenize – and monetize – this on Friend.tech. As your network grows and gains more traction, the value of your keys will likely increase. You might want to invest in yourself, buying your own keys – just in case you’re becoming a Friend.tech superstar!
3. Engaging with the Community
By holding specific shares (keys), you can gain access to exclusive chat rooms and content. This can provide insights, opportunities, or even exclusive deals that can be monetized.
4. Referral and Invites
As an early user or a prominent member of Friend.tech, you can generate invite codes. Sharing these with potential new users might earn you points or rewards, which could have monetary value as the platform evolves (e.g. via airdrops.)
5. Participating in Airdrops
Stay updated with Friend.tech’s announcements. They might offer airdrops or rewards to active and engaged users, which can be another source of income.
In essence, Friend.tech is not just another social app; it’s a transformative platform reshaping the landscape of decentralized social networking. By merging the dynamics of popularity trading with the principles of web3, it stands poised to redefine how we perceive and engage with online influencers and creators.
One last thing: Is it a fad? Could be, but considering Friend.tech’s rapid growth in a generally bearish market, it poises to become a ‘thing’ in the Web3 space.
What do you think?