Friend.tech: Exploring the “Hot” Socials Project on Base

Introduction

Friend.tech is a prominent social media application built on the Layer 2 Base and has gained significant traction in recent days. Developed by the Coinbase team, Base is a Layer that has garnered substantial support from the community and developers. Among the standout projects on Base is Friend.tech. In this article, we will delve into what Friend.tech is all about and explore its features and potential.

What is Friend.tech?

Friend.tech is a decentralized social networking application built on Layer 2 Base. It utilizes user data sourced from X (Twitter), allowing new users to join Friend.tech without the need to set up their profiles from scratch. Through its unique mechanisms and the attraction of popular personalities, Friend.tech has quickly amassed a user base of over 20,000 people. Additionally, it has seen approximately 2,000 ETH deposited into the platform, with a trading volume reaching around 7,000 ETH.

How does Friend.tech work?

In essence, Friend.tech is a platform that enables users to engage in private conversations with Key Opinion Leaders (KOLs). However, to initiate a conversation with any KOL on Friend.tech, users are required to purchase “shares” of that particular influencer. These shares function similarly to ERC tokens, but their total supply fluctuates based on user demand in the market. It’s important to note that KOLs are responsible for issuing shares, but they do not have the ability to mint them.

Unlike regular tokens that are traded on an AMM DEX, shares on Friend.tech are not bought and sold in the same manner. The price of shares is calculated using a bonding curve formula: y = x^2 / 16000.

• y represents the price of a share, denominated in ETH.
• x represents the total supply of shares at the current moment, which can increase or decrease depending on the buying or selling activities of users.

To illustrate this further, let’s consider an example:
If KOL A currently has 100 people owning shares, the price for the next buyer would be: 100^2 / 16000 = 0.625 ETH.
If the number of buyers increases to 120, the new share price would be: 120^2 / 16000 = 0.9 ETH.
However, if the number of sellers increases and the total supply decreases to 80, the share price would be: 80^2 / 16000 = 0.4 ETH.

Additionally, every share transaction on Friend.tech incurs a 10% fee, which is distributed as follows:

• 5% is paid to the KOL.
• 5% is allocated to the protocol.

Opportunities with Friend.tech

Although Friend.tech has already garnered a substantial user base, it is still relatively low compared to other social projects. Therefore, there are significant opportunities for users, including:

1. Investing in shares of early-stage influential KOLs at a much lower price.
2. Becoming a KOL and earning transaction fees from buying and selling shares.
3. Potential airdrop opportunities when the project launches its native token.

Risks associated with Friend.tech

While Friend.tech holds promise, users should consider potential risks associated with the platform, including:

1. Scam risks: There are malicious actors who may impersonate popular KOLs to attract users into buying shares. Therefore, it is crucial to thoroughly verify the authenticity of profiles before engaging in transactions.
2. Security risks: As Friend.tech is a relatively new project that has not yet undergone a security audit, there may be potential risks regarding security and information in the future.

Core Team

The development team behind Friend.tech consists of two members known as 0xRace and Shrimp. These individuals are well-known figures in the SocialFi space. They previously developed an application called Stealcam on the Arbitrum network. Stealcam allowed users to upload any image as an NFT (Non-Fungible Token) to the blockchain and blur it. Users had to pay a certain fee in ETH to the owner to “steal” the image, with the price of the image increasing by 10% after each successful theft. Although Stealcam has not gained as much attention as Friend.tech, it has generated approximately 50 ETH in revenue for NFT creators and image thieves in just over a month since its launch.

Conclusion

Friend.tech is an intriguing social media project built on the Layer 2 Base. With its unique approach to engaging with KOLs and its growing user base, it has gained significant attention in recent days. However, users must exercise caution and consider the potential risks associated with the platform. As Friend.tech continues to evolve, it will be interesting to see how it shapes the landscape of decentralized social networking on Base.

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