Friend.tech, a new decentralized social media app, has sparked a wave of interest and criticism in the crypto world since its beta debut on August 11. Garnering over 64,000 new users and boasting a trading volume exceeding 24,000 ETH, it has piqued curiosity and inspired sign-ups across crypto-verse and beyond.
Friend.tech operates on a unique concept, built on Coinbase’s layer-2 network Base. It likely intrigued even the tech-averse, serving as a platform for purchasing ‘shares’ of friends and influencers, conducting transactions akin to accessing a private chat room. Resoundingly bullish on the app’s prospects, digital enthusiasts and industry titans have lauded the platform for bringing thousands on-chain, even motivating non-crypto figures to join the bandwagon.
However, not everyone is equally enthusiastic about the hype. Crypto commentator Yazan pointedly predicts the app’s decline, citing concerns that the app is experiencing an unsustainable surge. He points out an alarming pace in share price increase and contentious market-making strategies, expressing skepticism over a high ETH asking price mainly for a private chat.
Likewise, a pseudonymous Web3 marketer, “Legendary”, troubled by the startling parallels to BitClout – a predecessor DeSo app from 2021, forecasts a potential fallout. The underlying bear market and money-making frenzy, he argued, are the metaphorical ticking time bomb threatening Friend.tech’s existence.
On the sunny side, proponents of Friend.tech hail the platform for its trailblazing UX, an aspect many crypto app creators have previously grappled with. David Phelps, co-founder of Jokerace and EcoDAO, lauds Friend.tech’s UX as the crème de la crème of crypto, highlighting the valuable features aiding in seamless decentralization and transactions.
In particular, he cited: absence of app store downloads reaffirming decentralization, bridging funds to the app thereby reducing cumbersome transactions, and the ability to buy and sell shares without repetitive verification making Friend.tech a noteworthy crypto breakthrough.
The app’s earnings are notable. As per data from DefiLlama, Friend.tech roped in $1.42 million in fees in 24 hours, reaching $4.2 million since public launch. The seed round funding from Paradigm further fuelled speculation over their future growth trajectory.
Critics and supporters aside, the viral impact Friend.tech made in the crypto space is undeniable. Regardless of the conflicting predictions over its success or failure, the platform is writing a stormy chapter in decentralized social media’s playbook.