Summary: Friend.Tech is an innovative decentralized social media platform built on Coinbase's Base scaling network, enabling users to buy and sell stakes in Twitter accounts through "Friend Keys." Initiated by two pseudonymous crypto enthusiasts and funded by Paradigm, the platform has generated $19 million in fees and attracted over 200,000 users in just a few months.
What is Friend.Tech?
Friend.tech is a decentralized social media platform that has rapidly gained attention in the crypto community. The platform is built on Coinbase's Base scaling network and allows users to buy and sell "keys" (originally referred to as "shares") in their favorite Twitter accounts. A Friend Key on Friend.Tech represents a stake in a specific Twitter account, allowing ownership and access to private messaging with the account holder.
In just two weeks since its inception, Friend.tech has generated an impressive $19 million in protocol fees, outpacing almost every other on-chain protocol globally, except for Ethereum and Lido. The application went live with an invite-only beta on August 10 and quickly reached server capacity, with over 115,000 unique users engaging with its tokenized mechanics and 1 million transactions.
Who Created Friend.Tech?
Friend.Tech was initiated by two pseudonymous crypto enthusiasts known as 0xRacer and Shrimp. Their identities remain concealed, but their innovative platform has attracted significant attention. The venture firm Paradigm has funded Friend.Tech, giving the project further credibility. Though the exact location of the team is not publicly disclosed, there is speculation that they operate out of the United States. This implies that Friend.Tech would be subject to U.S.-based regulations, enhancing the platform's safety and trustworthiness.
In a proactive move to align with regulatory compliance, Friend.Tech recently transitioned from offering 'Friend Shares' to 'Friend Keys.' This strategic shift is seen as an effort to navigate potential securities challenges from the SEC, reflecting the team's commitment to legal adherence and the long-term success of the platform.
How to Use Friend.Tech
As a new Web3 app, there are a few hurdles to onboard to the platform and start trading Friend Keys. Here is a simplified step-by-step guide on how to safely use Friend.Tech:
- Prepare Your Wallet: Create a Web 3 Wallet (e.g., MetaMask) and add Base to your supported networks. Bridge ETH to Base using a trusted bridge.
- Obtain Beta Access: Since Friend.Tech is in beta, obtain an access code by following popular influencers on Crypto Twitter or engaging with official Friend.Tech channels.
- Set Up Your Account: Visit Friend.Tech on your mobile device, add the app to your home screen, and set up your account by sending ETH to your deposit address on Base.
- Trade and Interact: Explore the platform to buy and sell "shares" of users, enabling unique social interactions like private messaging through share trading.
- Participate in Events: Stay informed about weekly airdrops and other community events, and participate as per the guidelines.
Friend.Tech Airdrop
Friend.Tech's airdrop is more than just a promotional event; it's a pathway to governance and potential monetary value within the platform. Here's an overview of the Friend.Tech airdrop, how to participate and what the significance is:
- What It Is: The Friend.Tech airdrop distributes points to users during its beta phase every Friday. These points are not just rewards but will transform into governance tokens at the end of the beta period.
- Participation and Engagement: Users can participate in the airdrop by engaging with the platform, trading "shares," and following specific guidelines provided by Friend.Tech.
- Distribution Schedule: The airdrop occurs at regular intervals, such as the notable Friday Points Airdrop, part of a six-month beta period with substantial distributions.
- Governance and Value: The points received through the airdrop will convert into governance tokens after the beta phase. These tokens will empower users with voting rights on platform decisions and may carry monetary value in the future.
- Ethical Considerations: Friend.Tech emphasizes ethical engagement. Users are encouraged to interact naturally with the platform, and any manipulative behavior may lead to disqualification from the airdrop.
Final Thoughts
To sum up, Friend.Tech is pioneering a novel approach to social media by decentralizing the interaction and ownership of Twitter accounts through the innovative use of Friend Keys. Backed by credible funding and crafted by the mysterious duo 0xRacer and Shrimp, the platform emphasizes compliance with U.S. regulations and ethical engagement. With a strong start, exceeding $19 million in protocol fees and 200,000 users in half a year, Friend.Tech's unique tokenized mechanics and community-driven airdrops signal a promising future.
The team's strategic foresight and commitment to legal adherence reflect their dedication to a transparent and sustainable platform. As a path to governance and potential value, Friend.Tech is a testament to the growing convergence of social media and blockchain, where users can actively participate, trade, and connect in ways previously unimagined.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
