Friend.tech, a groundbreaking social network that’s causing quite the stir in the crypto community. Launched as a test version on August 11, this platform is revolutionizing the way we think about social connections. Think about buying and selling parts of your friends’ networks, and imagine having private chats with them through this unique system. Intrigued? Well, hodl on tight.

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Friend.tech’s Meteoric Rise

In just one remarkable day, on August 19, Friend.tech generated over a staggering $1 million in fees, surpassing major players like Uniswap and Bitcoin. The concept is simple yet ingenious: every time a user makes a social connection trade, Friend.tech takes a modest 5% cut as a fee, with a portion also benefiting the trade initiator. However, what truly sets Friend.tech apart is its foundation on Coinbase technology, a factor that propelled it to generate an impressive $2.8 million overall. With more than 650,000 transactions and over 60,000 traders on board, the numbers are only climbing.

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Source: DefiLlama

The Figure Behind Friend.tech

Beneath the surface, a shadowy figure known as Racer is believed to be the mastermind orchestrating Friend.tech’s meteoric rise. Racer, previously linked to networks like TweetDAO and Stealcam, seems to have a knack for digital innovation. Friend.tech’s target audience includes crypto enthusiasts and blockchain-powered companies, offering them a fresh opportunity to profit through trading fees. The intrigue doesn’t stop here; Friend.tech’s success sparks discussions about its financial strategy, potential risks, and future prospects.

Expert Insights and Concerns

An anonymous researcher in the decentralized finance realm, Ignas, raises an eyebrow regarding Friend.tech’s reliance solely on trading fees, potentially attracting provocative figures aiming to exploit this setup for higher earnings. There’s even speculation that the spread of fear, uncertainty, and doubt (FUD) could be weaponized to generate fees.

I think the platform will collapse as BitClout did. We are in a bear market, and there’s nothing to do. Everyone jumps on an opportunity to make money, but I think the platform will be done within the next weeks to months.

Cygarr, pseudonymous software engineer

Lux Moreau, the founder of Talk.Markets, emphasizes the significant price hikes experienced by shares as they are traded on the platform. This dynamic might incentivize smaller interest groups to form or give rise to alternative sub-groups.

The Verdict and What Lies Ahead

With Friend.tech rapidly gaining momentum, the crypto community is divided. Critics suggest that its explosive growth may fizzle out within six to eight weeks due to unsustainable share price increases. Drawing parallels to past DeSo apps like BitClout, they express doubts about its longevity, especially during a bear market.

On the flip side, some crypto experts laud Friend.tech for its innovative UX developments, addressing long-standing issues in crypto applications. These include the app’s seamless installation, automatic fund bridging, and simplified transaction verification, making it a significant breakthrough for crypto.

In any case, Friend.tech has undeniably made its mark in the crypto landscape. With a recent seed round funding from Paradigm, the platform’s future seems bright, leaving the crypto world abuzz with speculations of airdrops and potential token launches.

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Friend.tech is a testament to the ever-evolving landscape of crypto innovation. Its rapid rise and the debates surrounding its future only highlight the dynamism of the crypto community. Whether it will maintain its meteoric ascent or face challenges down the road remains to be seen. One thing’s for sure, though – Friend.tech is a name you’ll want to keep on your radar in the crypto universe.

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