Friend.tech, a freshly introduced decentralized social media (DeSo) platform, is quickly making waves in the cryptocurrency space. Since its beta release on August 11, it has amassed over 64,000 users and seen a trading volume exceeding 24,000 Ether ETH current status: $1,663.
Prominent figures in the crypto sector have lauded Friend.tech for its capacity to attract a broad audience, including non-crypto personalities like gaming influencer Faze Banks and the activist group Pussy Riot. However, some express concerns about its sustainability.
Operating on Coinbase’s layer-2 network, Base, Friend.tech offers a unique proposition: users can buy shares in their peers or influencers, giving them access to exclusive chat sessions with the chosen individual.
Yazan, a noted crypto analyst, shared his concerns with Cointelegraph. He highlighted certain alarming aspects, predicting a potential decline in both share prices and platform activity in the coming six to eight weeks. He critiqued the rapid surge in share prices, describing it as unsustainable.
Describing the mechanics of Friend.tech on an August 20 X (previously Twitter) thread, software engineer Cygaar, under a pseudonym, stated that a user’s share price on the platform correlates with the square of its prevailing supply. Hence, with an increasing supply, the prices would rocket.
Drawing a comparison with BitClout – another DeSo app from 2021 – the pseudonymous Web3 promoter Legendary expressed his pessimistic view about Friend.tech’s prospects, foreseeing a possible downfall similar to its predecessor.
On a brighter note, some in the industry appreciate Friend.tech’s strides in enhancing the crypto user experience, an area where many app developers have faltered. David Phelps, co-founder of Jokerace and EcoDAO, commended Friend.tech’s user experience, labeling it as “crypto’s finest.” He underscored three crucial factors contributing to its success:
The absence of a mandatory app store download, emphasizing its decentralized nature.
Automated funds bridging, negating complicated transactions.
The feature allowing ETH deposits to enable uninterrupted buying and selling of shares, eliminating repeated transaction confirmations, a prevalent criticism of many decentralized crypto applications.
The momentum Friend.tech has gathered in the crypto scene is undeniable. Recently, on August 19, they declared their seed funding acquisition from crypto venture capital powerhouse Paradigm. This announcement fuelled speculations around potential airdrops and an imminent token release. As of the latest reports, the project’s revenue stands at an impressive $1.88 million, boasting over 724,000 transactions from in excess of 64,500 distinct traders.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up