As a researcher with experience in the crypto and Web3.0 space, I’m closely monitoring the developments at Friend.Tech with great interest. The rumors of a new token launch, POINTS, along with the Clubs feature, have certainly piqued my curiosity. However, I can’t help but remember the initial hype surrounding Friend.Tech last year, which was followed by a sudden drop in transactions and negative publicity.
As a crypto investor following Friend Tech closely, I’ve recently come across some intriguing rumors regarding their upcoming developments. It was earlier whispered in the community that Friend Tech might be planning to introduce a non-transferable token named POINTS as part of their version 2 launch on May 3. This speculation stems from a leaked smart contract related to the Friend.Tech V2 launch. Alongside this new POINTS token, we were anticipating the arrival of a fresh smart contract feature called Clubs.
As a crypto investor, I’d describe it this way: “A new smart contract named Clubs has been introduced, allowing anyone to establish multiple clubs and set a bonding curve between various options. The platform charges a fee of 1.5%, and the same percentage goes to the staking contract. To acquire club keys, you need to use $POINT.”
As a researcher, I’ve discovered that the distribution of tokens occurred concurrently with the release of Friend.Tech’s version 2. This event introduced the Clubs feature.
As an analyst, I’d rephrase it as follows: I analyze that for each transaction, there is a 1.5% fee which is paid to the liquidity providers on Friend Tech’s Decentralized Exchange (DEX). To be eligible for receiving POINTS tokens through airdrops, users must join one club and follow a minimum of ten users on Friend.Tech. Following this implementation, Friend Tech’s native token FRIEND has experienced a significant decline, dropping from a peak price of $169 to the current price of $2.5.
Friend.Tech Suffers Sign Drop in Transaction
The V2 introduction signifies a revival for Friend Tech’s Web3.0 social media platform following a significant setback a few months prior. Launched in August 2023, the platform swiftly amassed protocol fees totaling $1.42 million within a single day. According to DefiLlama data, this milestone positioned Friend Tech above Tron and Uniswap at that moment.
As an analyst, I’ve observed the remarkable growth of Friend Tech in the cryptocurrency industry over the past two weeks. With over 100,000 new users joining and approximately $25 million generated, it’s becoming increasingly clear that this platform is making a significant impact. At its core, Friend Tech sets itself apart by enabling the monetization of social connections through the innovative concept of tokenizing profiles. As a user, I can purchase shares of other users’ profiles to expand my network and potentially profit from their online presence.
Regrettably, the network experienced a substantial decline in transactions just under a month after its debut. On August 26 alone, daily fees dropped approximately 87%, leaving them at around $225,000. The daily trading volume on the platform took a nose dive from $16.9 million to a mere $953,000. Transactions on Friend. tech plummeted by more than 90% compared to its peak on August 21.
As a researcher studying the decentralized social media landscape, I’ve come across a bearish outlook that has negatively affected Friend.Tech. I’ve even heard former President of Polygon Labs, Ryan Wyatt, make a compelling argument that Friend.Tech operates like a Ponzi scheme, unable to retain customers in the long run.
In its present state, the system lacks sufficient product features that keep users engaged and prevent them from leaving easily. Consequently, creators may experience a high turnover rate, causing users to depart as well.
A lot of work to be done.
— Ryan Wyatt (@Fwiz) August 21, 2023
As a researcher studying the public perception of Friend.tech, I believe that the upcoming relaunch represents a significant opportunity to shift the prevailing narrative and address any negative sentiments associated with the company.
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2024-05-03 13:19