1 year ago
Friend.tech, a caller decentralized societal media (DeSo) app has rapidly go 1 of the hottest caller things successful crypto, with implicit 64,000 caller users and much than 24,000 ETH successful trading measurement since its beta mentation motorboat of Aug. 11.
While galore crypto manufacture heavyweights person praised the app for bringing thousands of radical on-chain and inspiring sign-ups from adjacent non-crypto figures — specified arsenic gaming YouTuber Faze Banks and Russian protestation radical Pussy Riot — immoderate person warned it's astatine hazard of burning out.
Built connected Coinbase’s layer-2 web Base, friend.tech is simply a level that allows users to acquisition shares of their friends and influencers, which successful crook grants them entree to a backstage chat with that user.
Speaking to Cointelegraph, crypto commentator Yazan pointed retired a fig of troubling factors that led him to judge the app has betwixt six and 8 weeks earlier some stock prices and wide enactment statesman to nosedive.
Let maine archer you 1 thing.
Something isn’t close astir @friendtech.
Creators making wealth from a radical chat that doesn’t adjacent enactment erstwhile you can’t adjacent reply straight to people?
The mode pricing works is ridiculous and tin beryllium easy taken vantage of.
Pumps and dumps. pic.twitter.com/TJqcktEM6P
Yazan argued determination has been an unsustainable complaint astatine which stock prices person increased.
“The fucked up marketplace making that guarantees that the app makes the astir wealth on with creators — the terms goes up excessively fast,” helium said.
“How travel there’s 100 holders and the terms is 1 ETH — 1 ETH to beryllium capable to spot a backstage chat?”According to pseudonymous bundle technologist Cygaar successful an Aug. 20 X thread, the terms of someone's shares connected friend.tech is proportional to the quadrate of the outstanding supply. As the proviso increases, the terms increases exponentially.
It looks daunting, truthful let's simplify it. Let's presume that you lone privation to buy/sell a azygous stock (amount = 1). This is besides known arsenic the spot price.
Using our mediate schoolhouse algebra skills, we tin grow retired the relation and we'll get:
price = supply^2 / 16000
Drawing parallels to BitClout — a predecessor DeSo app from 2021 — pseudonymous Web3 marketer Legendary shared his bearish prediction connected the longevity of Friend.tech.
“Absolutely not. I deliberation the level volition illness arsenic BitClout did. We are successful a carnivore market, and there's thing to do. Everyone jumps connected an accidental to marque money, but I deliberation the level volition beryllium done wrong the adjacent weeks to months,” helium wrote.
The bull lawsuit for friend.tech
Others however, shared a acold much affirmative outlook connected the caller decentralized societal media platform, praising it for its caller developments successful UX for crypto applications — thing that crypto app developers have agelong struggled to get right.
David Phelps, cofounder of Jokerace and EcoDAO, described Friend.tech’s UX arsenic the “greatest crypto has seen,” pointing to 3 main factors arsenic to wherefore the app was specified a important breakthrough for crypto.
Firstly, the app doesn’t necessitate users to download via an app store account, which points much powerfully to the thought of decentralization. Secondly, it bridges the funds to the app automatically, reducing the request for convoluted transactions.
Finally, the app allows users to deposit their ETH erstwhile and past bargain and merchantability shares without ever having to motion a transaction again. The changeless request to verify transactions via Metamask signatures has been a large criticism of galore DApps successful the crypto space.
Related: Friend.tech generates implicit $1M fees successful 24h, surpassing Uniswap, Bitcoin networks
Regardless of the varied predictions concerning the app's aboriginal occurrence oregon failure, there’s nary denying that it has taken crypto by storm.
On Aug. 19, Friendtech announced that it had received effect circular backing from crypto task superior steadfast Paradigm, sparking a question of speculation implicit a aboriginal airdrop and imaginable token launch.
Earlier this year, we partnered with @paradigm to physique tools for caller online societal interactions.
We're grateful for the community's lukewarm reception and excited to proceed increasing with you each pic.twitter.com/yINDMXkpuZ
According to data from DefiLlama, Friend.tech has generated $1.42 cardinal successful fees successful the past 24 hours, and $4.2 cardinal since its nationalist launch.
Total Friend.tech fees and gross since launch. Source: DeFiLlamaAt the clip of publication, the full gross for the task stands astatine $1.88 million, and has witnessed implicit 724,000 transactions from much than 64,500 unsocial traders.
Magazine: Blockchain games aren’t truly decentralized… but that’s astir to change
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