jakiro
Author: Revc, Bitchain Vision
Preface
“I saw him get up the red building, I saw him entertain guests, I saw his building collapse.”
Friendtech was previously launched on Base and quickly gained attention in the Web3 field.At its peak around September 14, 2023, daily expense revenue reached US$2 million.The team sold 19,477 ETHs from December 2, 2023 to June 11, 2024, with a total value of approximately $52 million, but its Friend token price has plummeted 95% since its launch, with current daily trading volume of only 180,000.Dollar.
Friendtech will not be repeated here. Unlike “eating people”, the author of this article wants to use an inappropriate sentence from the perspective of “praisers”, “Those who hold firewood for everyone should not be frozen and killed by the wind.Snow”, to highlight the heroism of the Friendtech team, although the team has earned tens of millions of dollars in fee income.
In the crypto industry where Ethereum decentralized infrastructure is orthodox, Friendtech once wanted to leave L2 – Basechain and turn to Solana more application-friendly, but history will not give Friendtech a second choice.But without the DeFi atmosphere of Ethereum,The team may not think of such a small but beautiful asset issuance agreement,Even Pumpfun won’t appear so early,Maybe this is what we explore about the Web3The significance of social track influence,After all, the economic model of liquidity is unilaterally activated,Most people don’t understand its innovative significance today.
FriendtechAnd its imitations
FriendtechWhen a tall building is built,A crowded city,Traffic and bustle,Public chain foundations,Top project parties,All well-known VCs are incubating their imitations,For a moment, the limelight was in full swing.The crypto industry has such a “tradition”, because this industry is full of speculative and short-sighted “smart people”. After the “eaters” chew the essence, the track begins to decline. Perhaps it is more difficult for the decentralized world to protect innovation.VC also plays a role in fueling the fire.
Speaking of the product itself, KOL is the first stop for the current Web3 project parties to contact users, and to a large extent it is also the first channel for users to reach cutting-edge projects.Products that tokenize KOL influence or social relationships,Catering to the most direct needs of mainstream crypto groups,At least, projects that allow KOL to make profits at zero cost can basically cover every corner of the crypto community without marketing promotion, but this is also the problem with FT design. Let KOL open the market and users pay for it, those strong Bro big Vs will lose.There are also many.
Let’s first briefly review the formula of FT, P = K²/C+ D (C and D are both constants), and disassemble the formula parameters:
The sum of squares of K is C:Influence the price curve (tangent slope), corresponding to the price difference between P(X) and P(X-1) in the figure below, if squared is cubic (Ethereum smart contract limit, non-integer exponential exponent operation is not supported), or the constant C subtraction isSmall, then as the P value is bought, the price curve will change more steeper (it is easy to generate Fomo sentiment), which is reflected in the game strategy of purchasing. The curve is steep and users will have better returns expectations, but they are also easily taken over by robots.The transaction is borne by the latecomer. As the purchase price increases and the number of takeovers is limited, the expected rate of return will decrease, affecting the entry of users and the model is unsustainable.
If higher capacity is required, make the curve smoother,This can reduce the index,Increase less than0coefficient or amplification C.
Constant D:Amplification will raise the basic price of P, raise the user threshold, and also lead to a decline in the wealth effect.
Friendtech will also face the “MEV problem” of robots. Robots have the advantage of contract monitoring and are buying newly issued Keys at extremely low prices. Although there are many solutions on the market to manage robots, such as increasing D to raise the purchase threshold, left sideEstablishing slowing price curves, pre-sales, etc., but there are still limitations.
Friendtech has more than 10 imitations with product implementation and strong background. Among them, SA and TOMO have made some adjustments to the price curve formula, in order to maintain attractiveness while reducing the purchase cost, followed by the public.The native governance tokens of the chain are different, and the exchange rate of the “C” parameter in the formula is converted to the ETH:
l Adjustment of SA: SA adds linear terms and constant terms on the basis of quadratic terms and reduces the coefficients of linear terms.这种调整使得价格曲线变得更加平缓，初始价格略有上升，但总体变化不明显。
l TOMO adjustment: TOMO adjustment is relatively simple, but it only reduces the coefficient of the quadratic term, which directly leads to the slower curve growth rate.
由于曲线变缓，SA和TOMO在相同Key供给量的情况下，价格比FT更低。一方面，更低的价格有助于吸引更多用户，扩大市场份额。另一方面，较低的增长速度可能削弱用户参与的热情，影响平台的长期发展。
PumpFun also relies on BondingCurve(BC)The beginning of the situation,The core of the BC curve lies in,Trading markets can obtain unilateral liquidity support,Users interact with smart contracts,Although the transaction experience is relatively stiff,Real-time transaction price deviates from market value,但单边流动性为所有资产的起飞搭建了一条跑道.而DeFi配制成交易对则需要双边流动性。
From social relationship tokenization to social asset issuance
以上提及的仿品均是从曲线参数调整的角度，辅以费率友好机制，业务上主打的仍是社交关系代币化，There are currently two problems with tokenization,First, social relationships will not generate expected visual cash flow,Therefore, the Key has no value support,The second question is whether the scene after the transaction is still to return to the Web2platform,Although Friendtech has also done some explorations on information flow.The author learned that the DeTikTok project uses Bonding Curve to explore the issuance of social assets. Some of the designs are more interesting, and some of the designs will be shared in the article with permission.
1. First of all, the product is issued for social assets. Although it is not as simple and easy to operate as a social relationship token, it has given the key attributes from the beginning, and its vitality may be longer than the existing key.
2. Due to the diversity of KOL’s own community, especially in terms of purchasing power,DTT supports KOL startup BondingCustomize parameters such as index and denominator when Curve,KOLs can decide how steep the curve is,To match the purchasing power of your own community,At the same time, rebalance the potential value of social assets.
3. The tokenization of social relationships in Friendtech, theoretically, the curve is permanently traded, and DeTikTok’s social asset issuance will have a contract liquidation time point, which can be triggered by automation, such as the transaction fee reaches the initial set value.
The specific operation process of DeTikTok is as follows:
1. KOL custom curve parameters are used to issue social assets and set contract termination conditions, such as the commission income token reaches 2W USDT corresponding value.
2. The contract starts trading based on custom parameters. Before the contract is terminated, the Key’s transaction refers to the existing FT product, and players can arbitrage to buy and sell.
3.The handling fee income reaches the pre-set amount,Contract termination,Take a snapshot of the Key’s holding address,Execute social asset allocation.
4.Then according to the principle of post-in, first-out,Users can buy according to the order of Key,Exit in reverse order,This guarantees high-priced entrants,Can exit at a high price,Avoid the serious exit and stampede common to existing FT products.
also,Because Key holders have expectations of social asset allocation,Even if you sell arbitrage in the early stage,If social assets are attractive enough,In the end, I will buy back the Key to obtain social asset allocation qualification,Promote transactions,Social assets can be NFTs,White orders or even token share.
Users can eventually retrieve assets in the contract according to the order in which they purchase keys,The distribution qualification equal to social assets is similar to the second-order function of transaction fees.,Increases the appeal of the game and provides protection for its assets.
But in my opinion, DeTikTok has many less permissionless and trustless (Permissionless) and no trustless (Trustless)
) design, due to the industry sluggish and other reasons, its products are not in a hurry to be launched into the market.The reason for taking DeTikTok as an example is that it represents a new exploration of the social track, but with the current developed infrastructure, influencers such as KOL have many automation platforms or tools for asset issuance, and there is currently no social track.New outbreak conditions.
Conclusion
The current market view of Friendtech is that it has neither attracted new users nor maintained early user engagement and satisfaction.Social platforms should focus on building long-term sustainable products and strategies rather than pursuing short-term benefits.Priority is given to durable solutions rather than extracting market liquidity through a fee mechanism.If there is a lack of sustainable value propositions, hype alone will lead to rapid user churn and huge disappointment.
Understanding SocialFi from the perspective of production relations and productivity. The production relations depend on the development of productivity. This sentence specifically in the crypto industry is to not think about using production relations to transform Web2, but use Web3 production relations to empower new productivity.This is also the reason why many TwitterFI, TikTokFi and YoutubeFi have not been successful. There is no new innovation in the productivity level to meet the needs of users and creators, and production relations cannot be established.
In the market environment where the crypto industry has not yet been widely popularized and a small number of high-net-worth users are concentrated, the social products such as Friendtech, which have short-term wealth-effectiveness, are expected to continue for several years. Social media is social interaction,Self-cognition and information acquisition methods.It meets users’ needs for belonging, self-expression, information acquisition, emotional support, entertainment and career development. It requires a certain scale of users to form positive feedback before it can be created. Currently, the user base of Web3 is small, and it is difficult to gather a large number of user needs.Form a composite product.
FT has its epoch-making positive significance,The rise of products has received multiple conditions to support,and successfully formed a Web2Threats and challenges of social media platforms,A whale falls into all things,FT also accelerates the arrival of Pumpfun,New Web3Social products will continue to emerge,Industry and Builder need to be patient and perseverance,Finally, I wish you a happy holiday.
