Friend.tech, What Is The Booming SocialFi Application on Layer 2 Base?

Friend.tech combines social networking with cryptocurrency. It allows Twitter individuals and influencers to monetize their communities through social tokens, built on Base. So what is this platform? How can users install and use it?

What is Friend.tech?

Friend.tech, as a decentralized social platform, is closely linked to Twitter (now renamed X), so that users can buy any user shares on this platform through Coinbase’s Layer 2 Base, get the right to talk to it directly, and potentially profit from it as well.

The new social app achieved a trading volume of 4,400 ETH ($8.1 million) in less than 24 hours of launch, outpacing OpenSea in the same timeframe.

The Base-based SocialFi app has also announced the start of distributing bonus points to app trial accounts during the beta phase and left open the possibility of airdropping tokens through this scoring mechanism.

The appearance of friend.tech

On August 10, Coinbase announced that the Layer 2 Network Facility would open the mainnet to all users. Base is Coinbase’s investment in blockchain infrastructure. As a layer 2 solution for Ethereum, Base can reduce transaction costs and increase transaction speed. Coinbase wants Base to expand crypto use cases beyond trading and bring more consumer users on-chain.

In the name of the on-chain summer event, Base has invited more than 50 encrypted and non-crypto brands, including Coca-Cola and Atari to join the tier 2 network. The event is celebrated with other ecosystem rewards. DeFi, turns the crypto story into “something interesting and engaging” by actually using it to help users get used to the crypto-consumption experience.

With the opening of the Base mainnet, applications deployed on the Base network continued to grow, and the first atypical encrypted native app Friend.tech was born. It’s atypical because this app is not DeFi or Meme, but It’s a native app coded app with social properties. It has been online for less than a week. To date, Friend.tech achieves a trading volume of 7,336.2 ETH (over $13.3 million).

How does Friend.tech work?

Each user registered on friend.tech will have to link their account to Twitter. Their Twitter accounts are then represented by a social token on the platform, which other users can purchase shares within ETH.

To invest in someone’s stock, you select the person you are interested in and buy a specific number of shares at a certain price per share. These shares represent your stake in that person’s popularity and engagement on the platform.

Similar to other digital assets, the value of these stocks can fluctuate. Let’s say you buy a user’s share at a certain price, and the floor (minimum price) of their share goes up shortly after. You can then choose to sell your stock at this higher floor price, potentially making a profit. Conversely, if the floor price falls below your bid price, you may decide to hold or sell at a loss.

All transactions are logged and viewable on-chain. To date, the protocol has generated over $340,000 in revenue. A 10% fee is added to every transaction, whether it is buying or selling. Five percent goes to the protocol while the other five percent goes to the person whose stock is being traded

The price of the next share in an individual’s shares is determined using a quadratic relationship with their current number of shares. The formula for the price of the next stock is S^2 / 16000 * 1 ether, where S represents the current number of shares the person owns.

Users who buy shares of other users, such as Twitter influencers, will have direct access to the user’s content, chat rooms, and the ability to message users, just like a Token-controlled fan engagement platform. The more reputable you are, the more shareholders you have, thus increasing the value of your social token.

Basic User Manual

Steps to install friend.tech

Friend.tech is now directing users to use their mobile devices to download the app.

Step 1: Add Friend.tech to your home screen.

For users of iOS operating system, from the Safari menu, tap the “Share” icon, then select “Add to Home Screen” from the options. Then open Friend.tech on the main screen.

Step 2: Account settings

After opening the APP on the main screen, users can choose to log in with Google or the App Store.

You can register after “ask for a code” from friends in the community.

Step 3: X Link (Twitter)

After entering the invitation code, users need to link their Twitter account and enter 0.01 ETH based on Coinbase’s Base chain to the address to activate the account.

At this point, you not only have 3 invite codes but also have the right to buy other users’ shares and communicate directly with them, and unlock your value as a member of the social network.

Buy shares

After entering the APP, you can see the current hottest users on the homepage and buy their shares. At the same time, you can also use the Explore button to find the users you follow and buy their shares. The user’s initial price per share is not only set based on Twitter data, but the price of a stock increases as more purchases are made.

Before buying, a lock icon will appear on the chat interface after the user clicks it, prompting the user to buy the stake. And when the purchase is complete, you can chat live.

The sooner you buy user shares, the lower your costs will be. As a result, prominent Twitter influencers with significant followings may be out of reach for some investors. For instance, Cobie is a crypto Twitter influencer with over 700,000 followers and a stock price of 2.28 ETH.

Conclusion

Simply put, friend.tech, as a decentralized social platform, is closely linked to Twitter (now renamed X), so that users can buy any shares. of users on Friend.tech through the Ethereum of the Base Chain (Share), get the right to talk to it directly, and also potentially profit from it.

Friend.tech allows users to withdraw profits in their application. It features a “withdraw ETH” button, allowing creators to deposit crypto back to their wallet. Overall, this social networking platform not only has a relatively low barrier to entry but is also very dynamic. Starting from the point of view of Twitter KOL, topic and audience, this is the most cost-effective marketing method. Not only that, Friend. tech’s built-in airdrop expectations are also eye-catching.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.