jakiro
Author: MIA, CHAINCATCHER
In the waves of WEB3 social networks, a announcement of the Friend.tech protocol has triggered a stir in the market.Recently, its Lianchuang (pseudonym Racer) posted on social media, suggesting intentionally to move the Friend.tech protocol from the current Base platform, and the news immediately led to a significant decline in the price of the original currency of the agreement.According to the data of Coingecko, on the day of the announcement, Friend currency price fell to $ 1.01, a 24 -hour decrease of 32.2%.
According to the data on the chain, the address of “Brother Muji” Huang Licheng has been used to buy Friend for a total of 4873 ETH (about $ 15.35 million), with an average price of $ 1.9, which has now floated $ 7.54 million.Even Muji’s “big cut” is still a minority of projects that have been cut, and the encrypted community has also reported Friend.tech’s “cool” remarks. So what was wrong with the FRIEND.TECH of SocialFi for a while?
The beginning and end of the migration storm
On the afternoon of May 26, Eastern Time, Racer publicly expressed his hope in his post to leave the network base created by Coinbase, and clearly proposed a “System Design Bounty” plan, promising that if anyone can find a way to send Friend.techThe agreement is relocated from Base steadily, and at the same time ensure that it will not bring major problems to users and ensure the stable operation of the system, they will pay the solution provider up to $ 200,000 bounty.
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In another post, Racer explained in detail the root of the relationship between the Friend.tech team and the base platform.He pointed out that due to Farcaster’s investors’ misunderstandings and discreditation of Friend.tech, and their pressure on teams and users, Friend.tech suffered exclusion in the Base community.This tension has made the Friend.tech team considering finding new platforms to support the sustainable development of its agreement.
At present, related posts are no longer accessible, and Racer’s X account is already in a blockade after posting.
In response, Jesse Pollak, the head of Coinbase’s Base, expressed his understanding that Pollak acknowledged in the post that the Friend.tech team had experienced the feeling of isolation and loss, and said that he supported no matter which road they chose.Pollak wrote: “If the team decides to leave the base, I will be sad, but I also respect and support any road -this is the beauty of decentralization and the economy in the chain.”
Friend.tech glory and loneliness
From the launch of Friend.tech on August 10, 2023, it has quickly become one of the high -profile DAPPs on the basic layer. Its users have exceeded 200,000 and their transaction volume has reached US $ 230 million.
Friend.tech and X are closely combined to obtain the user’s web2 status, so that users can obtain potential returns based on this identity. By converting the user influence into a transactionable “Key” tokens, allowing users to directly get the attention of the creator or the attention of the creator or the attention of the creator or the attention of the creator orInfluence.This model has attracted a wide range of user groups, including NBA players Grayson Allen, well -known cryptocurrency tycoon Cobie and Gainzy, and well -known traders Rookiexbt are members of the Friend.tech community.
Friend.tech is one of the most successful web3 decentralized applications in SocialFi. The first month of launch is more than $ 2 million, and net deposits have reached 33 million US dollars.
But with the fading back, in the past few months, the Friend.tech agreement has fallen to less than $ 20,000 during the day.The data on the chain shows that Friend.tech’s daily activity has declined significantly since September 13 last year (a single -day transaction volume set 539,810).
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Despite the challenge of data decline, airdrop expectations and expectations for V2 version make FRIEND.TECH’s popularity continue to rise.The original currency Friend was launched on May 3 this year, and the price once reached $ 3.26 (historical record).According to Dune data, the agreement’s single -day revenue on May 3 also exceeded $ 500,000.
However, with the benefits, the activity of the chain has begun to recover calm, and the price of the currency has fallen again and again. Friend has launching less than 30 days, which has fallen by 65%compared with the previous highest point.
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Without the vision support of the White Paper, token FRIEND has changed from “big hair” to “big cut”.Essence
Point at the Base Chain
After the short -term favorable implementation, Friend.tech fell into a dead silence again. How to save the field to return the project back to the user’s field of vision. At this time, a burst point is needed, and Lianchuang Racer aimed at the Base chain itself.
Racer said that Friend.tech was labeled with “negative speculation” in the Base community, making the team’s exclusion and isolated in the base, and most of the development dilemma of Friend.tech was at the side.
In fact, at the beginning of Base, Friend.tech was another veteran project that detonated Base ecology after BALD, and Friend.tech’s success was also inseparable from the early speculation of the base network.Technical support.
The main network was launched on August 9, 2023, and on August 11 (Friend.tech was launched on the day), its TVL reached 180 million US dollars. With the release of Friend.tech, BASE’s TVL on August 23Rate to $ 2.43 million.
Friend.tech and Base were born like a complementary partnership at the beginning. Jesse Pollak, the head of Base, also publicly stated that Friend.tech has made significant contributions to the data on the base chain, and social applications on the chain such as Friend.techIt will be the “important part” of Base’s ultimate goal.
The seemingly good cooperative relationship between the two sides started cracking after the new decentralized social network Farcaster landed on Base.
This year, with the outbreak of the Base ecosystem, Farcaster ushered in a strong wave of growth, and the influx of new users brought an increase in agreement revenue.
On the contrary, with the decline in the heat of the Friend.tech asset issuance mechanism last year and the continuous decline in economic activity in the economy, a large number of users flowed to the FarCaster of the Base Chain.Therefore, Friend.tech Lianchuang will also blame the “misunderstandings and discreditation” of Farcaster users.
Friend.tech or Racer’s new “trial and error”
Friend.tech’s Lianchuang Racer, as a web3 continuous entrepreneur, began to try to get involved in decentralized social fields as early as 2022.
Tweetdao
Racer initially became famous because of the decentralized social media project TweetDao. The product was associated with Twitter and granted the right to use its Twitter account by holding its native NFT “TWEETDAO EGG”.
“TweetDao EGG” increases the coin price through algorithms: the first batch of EGG coin prices are 0.1 ETH, but every 100 NFTs are sold, the price will increase by 0.1 ETH, up to 1 ETH.In this way, not only the coin is more advantageous than the second -level buyer, but the early coin also has an advantage over the later mint, which has caused more speculation.
TweetDao has never promised any financial income or future practicality, but users still spend thousands of dollars to get the opportunity to send a tweet and then speculate; finally, many people try to sell their EGG to earn profits -but once the account is the account,After being suspended, people can only hold a worthless NFT.
Because the tweet is not regulated, the NFT holder can publish a tweet without having to worry about being affected, which also causes a variety of tweets to hype.Although the project has achieved a similar virus -type success in the early days of the project, it has gradually faded out of people’s attention, and at present, its Twitter accounts and websites have been closed.
Stealcam
With the gradually fading tide of TweetDao’s hype, Racer and the developer of the pseudonym SHRIMP/Shrimppepe jointly created the Web3 decentralized social platform Stealcam. The project was launched on Arbitrum in March 2023. It aims to pass through Arbitrum to pass through Arbitrum.Transform the user’s selfie and static images into pixel NFT images, and use the form of paid to expose its “mysterious veil” of NFT.
“Steal” is like buying, but users do not need the consent of the seller.The first “STEAL” NFT can get it free of charge, but all subsequent thief must pay to display the image.If your NFT is “steal”, you will suddenly find that there are more ETH in the wallet, but the image is gone.
Unlike “TweetDao Egg”, Stealcam increases the second -level sales price through algorithms. Users who “Steal” images from the primitive stealor must support 0.001 ETH, and the cost of the same image of the same image each time is higher than the previous image.0.001 ETH plus 10%, no price limit.
And the interests similar to Friend.tech, before Stealcam, NFT holders will get the fees paid by their “Steal” image, as well as 45%of the difference between the new theft price and the previous theft price, and the other price of 45%Belong to image creators, and the remaining 10%of the protocol is owned.
However, when Stealcam faced the serious decline in the income of creators, the development team decided to make changes, and Stealcam’s mechanism and model also became the predecessor of Friend.tech.
Friend.tech
Faced with Stealcam’s failure, Racer did not intend to restart the stove. Instead, it was renamed the previous Stealcam to Friend.tech in May last year and launched on Base.
In order to strengthen social attributes, Friend.tech released V2 on March 3, 2024, aiming to strengthen user management and interaction through Club, and all transactions in CLUB use token Friend, each transaction charges 1.5%.
From TweetDao to Friend.tech, Racer is keen on the SocialFi track, and all prefer the asset issuance attributes to the extreme. However, each project seems difficult to escape the “Ponzi” death cycle of “Ponzi”.At present, Friend.tech has also showed a downhill.
It is worth noting that since the birth.tech is born, there is still no detailed roadmap or white paper, and all this is too casual for a project that wants to develop for a long time.Special “trial and error” in Racer.
Friend.tech mechanism is controversial
Racer has always emphasized the “FI” in SocialFi instead of the real Social, so in the construction of the network, Friend.tech only purified and strengthened Twitter’s social network. It is still a closed network with a single node as the core.
In addition, Friend.tech’s high registration threshold limits the development of its user base.At present, Friend.tech adopts an invitation system. Users need to obtain a recommendation code and deposit at least 0.01 ETH to complete the registration. This strategy undoubtedly restricts the participation of ordinary users and gives people a feeling of buying and selling.
At the same time, the “Key” used by the platform has further increased the risk of user participation due to its great volatility and speculation.As Kol Yazan in the encrypted field pointed out, “paying 1 ETH to access group chat is” ridiculous’ “. If the creator feels bored and leaves the application, the price may drop quickly to zero.
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The sustainability of the platform is also questioned.Initially, Friend.tech achieved rapid growth with the strategy centered on Internet celebrities, but as the initial excitement faded, users began to question their long -term survival capabilities: the platform’s excessive dependence on Internet celebrities, once these key figures are no longer active, they are no longer activeParticipation, the value of the platform may drop rapidly.
In this regard, Friend.tech has made strategic adjustments in the V2 update, from a model based on influential people to a model that pays more attention to a wide range of communities.However, the participation of influential people, as well as the actual value they brought on the platform still have questions.
At present, some encrypted communities have also reported rumors that “FREIND.TECH can’t do Farcaster” and “Racer are going to run again”.
But for all kinds of controversy, Racer does not seem to care. As a continuous entrepreneur of Web3, he seems to have well known the principle of survival. Any new concept output will become a new hot spot, and there will be hot money with hot spots.Because of this, Friend.tech has won Paradigm seed wheel financing with “new gameplay”.
In addition, according to the principle of “collecting a 5%agreement fee for each transaction, and also charging a 5%fee to the stock issuer,” so far, the Friend.tech has charged about $ 13.35 million in trading fees, and Friend.techThe team has earned about $ 6.625 million.
According to the Friend.tech related page, the current Racer is still active on Friend.tech. At present, you can only check his personal remarks by purchasing his personal key, and the price is up to 0.94 ETH.Further speculation its personal key.
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This time, the break from Racer’s post and Base implied that the practice of migrating Base is very in line with his style of “hitting a shot and a shot.”So, is it a new hype of the popularity of this post or looking for a new way for Friend.tech?
But as far as the market value of the original currency FRIEND is concerned, this time users do not seem to buy it. At present, the price of the currency is still around $ 1.17.
