jakiro
Jessy, Bitchain Vision Realm
Friend.tech is running.
According to The Block, developers of Web3 social network Friend.tech who set up just a year gave up their control of smart contracts, and the platform has been closed.According to data monitoring of data analysts on the chain, the project party made $ 52.4 million through the project.
Friend.tech set a record of daily income exceeding Ethereum for more than a month, with infinite scenery and countless imitation.But the other side of the coin that is not known to the public is that the project has developed the rapid development of the first three months to reach its peak, and the next step has been going downhill.The first is that the number of agreements has basically increased significantly, and the amount of TVL of the agreement has also fallen again and again. The transaction volume has plummeted. When the daily life is the lowest, there are only a dozen people.
Looking back at the development history of Friend.tech this year, we will find that it has not been able to get rid of its negative evaluations of the initial “Piece”, “casino”, and “business model”.Within a year, its updated versions, coins, and so on are just short -lived behaviors.
And star projects like Friend.tech have failed. Has it confirmed that the SocialFi track is just a pseudo -proposition?
Projects suitable for KOL “Handicap”
Friend.tech, as a decentralized social platform, allows users to obtain the right to direct dialogue with it by arbitrarily binding with X strong, allows users to obtain the right of direct dialogue with it.For buyers, you can bet on the user’s future potential by buying Key.
And users can issue their own personal tokens in Friend.tech, and users holding personal tokens can get the exclusive content of the issuer.
This seems to be a platform that allows creators to realize the content. Compared with other platforms, it helps users save a lot of tedious processes to operate the content. In fact, it is simply to allow users to realize the connections directly.
Its product design is simple enough, and the first time has the function of adding friends and joining group chat.It is based on the large flow pool X, and the built -in airdrop expectations of the platform are also sufficient. It promotes interaction and dissemination between users by inviting codes and points.
Friend.tech also sets the price curve to enable personal influence to equity and trade.The design of this mechanism refers to the practice in AMM, that is, the price discovery and fluctuation can be achieved without a large number of transactions.This method gives the economic value determined by personal influence.The user’s stock price can automatically discover and adjust according to the price curve under the condition of sufficient liquidity.Even if the transaction volume is small, personal stock prices can be reasonably reflected.This influence pricing and trading mechanism is the core innovation point of Friend.tech compared to traditional social tokens.
Generally speaking, the project seems to be born for KOL from the communication mechanism. It is also true. Through the large amount of KOL, it has a degenerative dissemination in a short period of time.Similarly, it also innovates the pricing method of personal “key”.This makes the project break quickly.KOL and the project party have made a lot of money.
One day in September 2023, it set a record of daily income beyond Ethereum.According to the analysis created by DUNE users@21CO, its tvL lock volume reached its peak in October 2023 to $ 51.68 million.
Doing social networking with the thinking of the casino is destined to fail
The first three months was the most beautiful period of Friend.tech. After October 2023, Friend.tech began to go downhill.
Is the price curve pushing up in the short term is sustainable?In fact, many users only have such active transactions in the short term for speculation or obtaining tokens in motivation.How should the long -term user stickiness be maintained?
Friend.tech’s transaction volume this year is also confirming that the project itself is unsustainable and cannot really retain users.
According to the analysis created by DUNE user@21CO, it is also in the first three months when the highest transaction volume was in the first three months, and the second relative high was in May 2024.
At that time, Friend.tech launched the V2 version and issued platform currency Friend. Points in the platform can be used to exchange token.At the same time, the project party also announced that in addition to the first 100 million points set up, the 12 million Friend incentives distributed by LP providers in the next 12 months will be.
Although the transaction volume and daily lives in the Friend.tech platform were difficult to reproduce the scene when the original establishment at this time, the market value of FRIEND exceeded the $ 200 million in the short period of time. FRIEND’s transaction volume achieved 100 million yuan within one week of launch.Breakthrough in the US dollar level.In addition, Friend.tech provides a generous reward for LP, which has also attracted more Friend token liquidity locks. Among them, Huang Licheng is the largest LP of Friend token.(According to the information on the chain, the elder brother Huang Licheng currently holds a total of 11.1 million Friend, which has now floated at least 15 million US dollars.)
The Friend.tech V2 version launched the “Club” function of the paid group. Club’s paid transactions only support platform currency FRIEND.The platform draws the handling fee during the transaction.
Although the launch of V2 and token airdrops brings some users to the platform, these so -called “innovation” have not actually failed to save FRIND.TECH’s slump.Since June 2024, V2 has only increased about $ 60,000 in agreement costs.In July 2024, the lowest daily life was 15.
The fundamental is unsustainable.
The core of the project is to turn personal connections into resources, and when human connections are exhausted, how does the project continue to develop?If you want to continue to develop, you need to continuously iterate the product and build a business ability that can continue to make money.
The launch of V2 is the iteration of Friend.tech tried, but it is not successful.Friend.tech itself is still a “casino” and “Ben” built by consuming connections.From the perspective of profitability, these two characteristics are actually no problem. In the early days, they continued to attract people with “Piece”, larger the plates, and inject traffic into the casino.At the beginning, the traffic was available, and the casino could continue to open. The core of the core is that there are constant new plates, and the project party continues to earn a handling fee in the middle.
Unfortunately, Friend.tech failed to continue attracting people to open.Because the product itself is deformity, it is not a depository casino, it is a social product.The market is KOL, and the chip is his key.However, the influential KOL is limited, and only the influential KOL “open market” has high liquidity.No one came to buy ordinary keys.Without a new KOL to open the opening, the project is no longer active, and it is difficult for the project party to make money.
If you are just a casino, let people issue coins, similar to pump.fun, then you can live well.However, the use of social mixed casinos has actually greatly improved the threshold for issuance of issuing coins.
And if you look at it with social products, you will find that people who enter this project are basically not for socializing, but to make their own connections, or make money by buying and selling token.
In this way, the project is just a casino packaged into social products, but the casino does not make simple deposit. Such abnormal products are inevitable.
SocialFi is a pseudo -proposition?
The failure of Friend.tech could not help but let the people in the industry question: “SocialFi” is a pseudo -proposition?
If Social is just to make money, it must fail, Friend.tech proves this.A good social product requires the first attribute that needs to be satisfied, and it must be people’s social needs.
On this basis, Web3’s social products need to compete with Web2’s social products to meet the social needs that other platforms are difficult to meet, and people will be willing to migrate.
Web3’s social products should make the value claims of Web3 and how to make users make money through social business, and give priority to how to make a product that can meet most people’s social needs.
In fact, human social needs have not changed: sex, communication, and relationship maintenance are the lowest demand.Going up is the needs of social assets such as ownership or monetizing connections, high -quality content, etc.
To do social products, you need to meet the bottom needs first, and then make articles on the upper level.The advantage of the blockchain is that things that can make upper levels of demand are confirmed to be the real asset of individuals.
SocialFi itself may not be a pseudo -proposition, and reality is many current projects. When the underlying demand is not done well, it will be blindly done on the upper layer.What are the waves, there are very few users.
Web3 socialization itself must have demand.With the increase of blockchain users, people attach importance to personal social assets, the original web2 social products will no longer meet all social needs.
Telegram’s success in meeting some of the chain interaction, blockchain asset storage, and transaction such as the blockchain users, which meets some of the trials of Web3 social networking itself has demand and market.
And SocialFi will also have a successful product.
