The hottest new app on Base is @friendtech.
It's done over 2000 ETH and 100,000 transactions in volume in just a single day, eclipsing even OpenSea.
It's being used by the biggest CT influencers, like @cobie and @HsakaTrades.
And the app barely even works.
So what is it? 🧵
It's done over 2000 ETH and 100,000 transactions in volume in just a single day, eclipsing even OpenSea.
It's being used by the biggest CT influencers, like @cobie and @HsakaTrades.
And the app barely even works.
So what is it? 🧵
friend.tech is built by @0xRacerAlt, a crypto OG.
He was the lead dev of @TweetDAO - an NFT which granted access to posting from a shared Twitter account.
The project went viral before devolving. It was one of the first forays into decentralized social media.
He was the lead dev of @TweetDAO - an NFT which granted access to posting from a shared Twitter account.
The project went viral before devolving. It was one of the first forays into decentralized social media.
@0xRacerAlt @tweetdao friend.tech is a decentralized social media app that tokenizes crypto personalities:
- You can buy and sell "shares" of people
- Ownership of a share grants you access to a private chat with that person
- Share price fluctuates according to supply and demand
- You can buy and sell "shares" of people
- Ownership of a share grants you access to a private chat with that person
- Share price fluctuates according to supply and demand
@0xRacerAlt @tweetdao @functi0nZer0 has done some work in modeling share price.
Fundamentally, the more shares issues, the higher the price.
Fundamentally, the more shares issues, the higher the price.
@0xRacerAlt @tweetdao @functi0nZer0 friend.tech is currently in beta, so invite-only. The more referrals, the more "points" you get airdropped every Friday.
That "Airdrop" is a tab unto itself speaks to the dev team's deep understanding of the crypto community.
CT loves aidrops.
That "Airdrop" is a tab unto itself speaks to the dev team's deep understanding of the crypto community.
CT loves aidrops.
@0xRacerAlt @tweetdao @functi0nZer0 The app has been so popular in the day since its inception that it barely works, crumbling under excessive traffic.
Most of the screens do not load, most of the time. Data latency is often >10s.
And yet, the user growth is unstoppable. What accounts for this?
Most of the screens do not load, most of the time. Data latency is often >10s.
And yet, the user growth is unstoppable. What accounts for this?
Every buy/sell of a share of a person results in that person making ETH - the "subject fee."
I have made ~0.05 ETH to date, doing absolutely nothing.
This results in extremely strong network effects. The more trading and speculation on you, the more money you make.
I have made ~0.05 ETH to date, doing absolutely nothing.
This results in extremely strong network effects. The more trading and speculation on you, the more money you make.
This has led to a predictable surge of CT influencers shilling the app and giving out invite codes. They are incentivized to do so.
(Not a judgment, just an observation. One could argue this thread is such an attempt.)
(Not a judgment, just an observation. One could argue this thread is such an attempt.)
It's worth noting that there have been past attempts to achieve similar product-market fit, such as @BitClout_ and @desoprotocol, with mixed success.
So what's different this time? I think @0xtuba nails it here:
So what's different this time? I think @0xtuba nails it here:
@BitClout_ @desoprotocol @0xtuba Whether @friendtech sticks beyond this initial frenzy remains to be seen. It will be interesting what new features get added to a fairly limited app experience.
Regardless, it is clearly resonating with CT and is a fun time during a bear market.
Thank you @0xRacerAlt 🫡😊
Regardless, it is clearly resonating with CT and is a fun time during a bear market.
Thank you @0xRacerAlt 🫡😊
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