Engage in communities centered around decentralized platforms, blockchain, or Friend.Tech itself. During the checkout, input the Friend.Tech-generated wallet address as your wallet address, complete the transaction, and voila! I’ll leave it to you to draw your own conclusions about the implications this holds for the future. However, given this situation, now might be an opportune time to start exploring the app and familiarize yourself with its technology stack. Curiosity tends to be rewarded in the world of cryptocurrency, after all. The friend.tech team has decided to reward app testers with airdropped reward points in the upcoming six months before the platform’s official launch.
With all the hype around this new social media platform and every racing to get on the bandwagon, getting your hands on a Friend.Tech invite code can feel like holding a golden ticket. Friend.tech’s remarkable technological twist comes to the fore through its foundation on Coinbase’s new tech; Base. At the heart of its financial framework lies a distinctive fee structure that amplifies both user incentives and platform growth. The platform thrives on a 10% fee levied on transaction volumes, of which 5% is thoughtfully directed to the individual owning the friend share.
Early Benefits of BASE Chain Launch
This means that to join, all users need to have is a web 3 wallet, like MetaMask, that can be easily be set up and configured for use. Based on typical user behavior in the cryptocurrency industry, social interactions also decrease. This can lead to stagnation or a regression to an inactive state for once thriving communities. Friend.tech’s ingeniously designed incentive rules have fundamentally eliminated low-quality user accounts.
The ingenious deployment as a Safari-based mobile app bypasses the gatekeepers of centralized app stores, ensuring frictionless access for all. The foundation of friend.tech’s growth, intriguingly, can be traced back to a simple action — the “buy share” function that comes at zero cost. Every time a user mints their mining benchmark own share, the platform gains a new member.
From the transaction data of the subject, there are currently about 343,000 transactions. On Friend.tech, all transactions are subject to a 10% transaction fee, with 5% going to the purchasing party (KOL) and 5% to the platform as revenue. The team is entirely anonymous — as in, the actual identity of who’s running the app is unknown. It’s probably a good idea to know who, exactly, is behind a project if one is to invest a significant sum of money into it. To fully engage with the Friend.Tech community, you’ll need some ETH (Base) in your account. This surge in users was significantly fueled by the platform’s X (Twitter) presence.
PEOPLE
This means that “controversial personalities might earn more or even creating FUD will be used as a strategy to earn fees.” The impact of this pricing curve is that when multiple KEY tokens are purchased, the price can multiply in the short term. Additionally, the high multiplier price attracts more users to participate. Late buyers not only have to bear a 20% friction cost but also face a decline in KEY token prices, inevitably resulting in losses. There is a problem in the Friend.tech community where members generally expect KOLs (Key Opinion Leaders) with more traffic and influence to have higher KEY token value. This expectation has created opportunities for some bots, which analyze data to purchase KEY tokens in advance and then sell them after reaching a certain profit level.
It’s a protocol of social tokenization, and its application reached more than 100,000 users just a few days after its release on August 10. NBA player, Grayson Allen, plus known crypto moguls Cobie and Gainzy and trading influencer RookieXBT are all part of the Friend.tech community. The buying and selling of keys create a marketplace dynamic where social interactions have a financial value. The price of a user’s tokens can increase with demand, and users can cash out their earnings through any Base wallet, converting it back to ETH. Friend.tech is a decentralized social media platform that wants to redefine how we engage with content, interact with influencers, and gauge the worth of insights.
What are some of the issues?
This news sparked speculation about the possibility of an airdrop and a potential token launch in the future. This factor adds a dynamic layer by fueling social engagement with an opportunity to invest. However, it is crucial to mention that the Friend.tech protocol imposes a 5% transaction fee, and the owner earns profit from the trade spread. These points will be transferable for a governance token that will give users rights to revenue, and could be potentially worth thousands of dollars. Friend.tech is a browser-based application launched on the Base network, an Ethereum scaling network provided by crypto exchange Coinbase. Crypto platform Friend.tech, launched in August 2023, has some enthusiastic supporters hailing it as the first real success story in the social crypto space.
- To start using the app, you must obtain an invitation code and connect your X (formerly Twitter) account.
- Whether the hype is sustainable or not, Friend.tech’s decentralization, privacy, emphasis on authenticity, and diverse content options make it a unique and promising player in the social media world.
- Much like other, non-crypto social media platforms that are in beta — like BlueSky — Friend.tech requires users to have an invite code from other users in order to sign up.
- We will also provide you with free invite codes for the platform and tips on how to get more.
Step-by-Step Guide to Trading FRIEND on Morpher
Investors, speculators, and scammers have been holding out during this long bear market, hoping that the next big crypto project will come along and turn their dimes back into dollars. Friend.tech boasts an array of core features that make it a game-changer in the world of social networking. From seamless messaging and video calls to personalized newsfeeds and event management, Friend.tech has it all.
This situation has raised the entry barrier for regular users to access the Friend.tech platform, as they have to compete with bots in trading. As more people hold KEY, the price that the next person entering has to pay to buy Keys increases. However, the number of holders also increases or decreases with buying or selling. This means that in the case of insufficient subsequent purchases, from the moment of buying KEY, a loss of 10% has already occurred without considering selling taxes.
By offering these features, Friend.tech ensures that you can stay connected and engaged with your network effortlessly. Friend.Tech has mentioned airdropping points to active users every Friday, with a total of 100 million points distributed over a six-month beta period. These points are recorded off-chain and will have a special purpose once the beta period concludes, which may provide an opportunity for users to earn.
The essence of DSM lies in its ability to provide users with more control, privacy, and potentially, rewards for their content creation without exploiting their data. Eventually, the market, and potentially future algorithms, hold the final verdict on what truly holds value, as echoed in the ebbs and flows of share prices. However, this application is still in its embryonic stages, and not every operational aspect is elucidated. Our intention doesn’t sway towards advocating for its usage; rather, it’s to accentuate the remarkable swift progression and the surge in its user base. A hallmark of friend.tech’s accessibility is its seamless integration with X (Twitter), which spans the spectrum from seasoned crypto connoisseurs to newcomers.