Decoding Friend.tech: a guide to the latest big thing in crypto SocialFi

In the 21st century, social media underwent a revolution. Platforms like Friendster, MySpace, and later Meta reshaped how we connected and shared online. As the years went by, the trend shifted towards mobile-centric platforms like Instagram, X, Snapchat, and TikTok, further expanding the boundaries of online interaction.

One question remains persistent for social media professionals: what's the next evolution? Many millennials launched their careers in roles ranging from community managers to high-ranking social leads, all bearing witness to the rapid growth in social platforms.

Now, the digital horizon is lighting up with a new wave: decentralized social apps. Platforms like BlueSky and Mastodon have already set the stage. The latest contender, Friend.tech, adds a unique twist by integrating cryptocurrency elements. Billing itself as "the marketplace for your friends," it maintains an air of exclusivity, much like its contemporaries, by requiring invitation codes for new users.

What is Friend.tech?

Friend.tech is redefining social media and finance (SocialFi) as a decentralized social media platform tailored for crypto users. With Friend.tech, users find themselves immersed in a unique financial ecosystem intricately woven into their social interactions, where their “net worth” is tied to their engagement on the platform. The seamless transaction experience is facilitated by its integration with the Layer 2 scaling network Base. Friend.tech was crafted to create a specialized space, fostering a decentralized environment where the crypto community can effortlessly connect and engage.

How does Friend.tech work?

Friend.tech has been hailed as a new frontier for social networking, where traditional social media platforms and the stock market create a game-changing experience. While it might initially seem reminiscent of WeChat or Telegram groups, Friend.tech brings a unique twist.

Previously dubbed "Shares", the platform's core assets are now known as "Keys". But why the change?

Friend.tech witnessed a major rise in its user base, drawing in celebrities and everyday users. Amid this popularity, the platform transitioned from "Shares" to Keys. The reason was two-fold.

Firstly, Keys aptly captures the essence of the platform, being a tool that unlocks access to coveted chat rooms. Secondly, there was an obvious need to remain compliant with regulations. With global financial watchdogs and regulatory bodies actively classifying certain digital assets as securities, Shares might inadvertently imply stock-like ownership, potentially inviting regulatory scrutiny.

Friend.tech Vs. traditional platforms

While WeChat and Telegram might allow users to form and join groups, Friend.tech integrates an organic, market-driven mechanism. To join a specific user's private chat room, one must purchase a Key linked to that user's account. This isn't just about entering a chat — it's an investment in that individual's digital presence.

If you're wondering about exit strategies, the platform's got you covered. If users decide to depart from a chat room, they're free to sell their key, mirroring stock market dynamics. This unique approach instills value in digital interactions and provides liquidity, allowing users to enter or exit chats based on their interests.

Bridging the old with the new

Remember the era when Twitter (now X) influencers would pitch their memecoins? Friend.tech elegantly modernizes this concept. Rather than promoting a separate token, users' identities are intrinsically linked to these Keys.

A Key purchase isn't just about accessing a chat, it's about investing in the individual behind it. Moreover, to enhance user engagement and commitment, Friend.tech incorporates mechanisms from the crypto realm, such as fee-sharing and airdrops, incentivizing users and rewarding active participation.

How to use Friend.tech?

At the time of this writing, the following are the steps to get on friend.tech. They may change over time, and we'll keep you updated if they do.

• Obtain an invite code: Friend.tech operates on an invite-only system. Obtain an invite from someone already on the platform, or seek one on X by searching "friend tech invite code" under the "Latest" tab. Additionally, limited codes may be available on my profile — grab them quickly!

• Access Friend.tech on mobile: The platform is in beta and unavailable as a standalone mobile or desktop app. Open friend.tech on a mobile browser (like Safari). Then, choose "add to home screen" to create an app-like shortcut.

• Register: Use your Gmail or Apple email for registration.

• Link your X account: You can sync your X account with your friend with a valid invite code.tech profile.

• Transfer ETH: To interact on the platform, deposit ETH from your personal wallet to your friend.tech in-app wallet. ETH can be transferred directly from the Ethereum mainnet.

• Dive in: After depositing ETH, you'll be prompted to "buy your first share" for free. Then, explore! Search for users via their X usernames, chat with those whose shares you hold, and monitor your "portfolio value" and "trading fees earned" through the settings option.

Who created friend.tech?

Friend.tech is the brainchild of two pseudonymous individuals, 0xRacerAlt and Shrimppepe. 0xRacerAlt might not be a new name for those in the tech and crypto circles. His groundbreaking contributions, such as TweetDAO and Stealcam, have solidified his position as a forward-thinker in the industry. His dedication to enhancing digital interaction culminated in the creation of Friend.tech, a platform that marries social media ideals with the dynamic world of cryptocurrencies. Both 0xRacerAlt and Shrimppepe also have ties with Kosetto, an NFT wearables project, and are active in the project's Discord community.

Social meets finance: the friend.tech's model

As mentioned, Keys allow users to access private chat rooms, linking social interactions with financial stakes. Just like stocks, the prices of these group shares fluctuate based on demand and engagement.

As a user's popularity or group's engagement rises, so does the value of their Keys. This empowers users to monetize their digital presence and adds an unprecedented dynamic to social interactions.

You may remember a platform called Klout that measured your social influence and allowed brands to reward you with free products, hoping you'd discuss it on your social platform. Now, your influence will raise the value of your Keys.

However, like any digital asset, it comes with its speculative aspects. As the platform gains traction, the hypothetical rise of group shares mirrors that of stocks or cryptocurrencies, hinting at both potential rewards and risks. Friend.tech therefore stands as a testament to the evolving nature of digital interactions in the age of finance.

Quick impact: friend.tech's rapid adoption

By late August 2023, just a few weeks after launch, friend.tech boasted over 107k wallets using its platform. Such exclusivity in invites points to the major FOMO to gain access. However, while generating interest is one thing, the real challenge lies in user retention, which hinges on the platform's user experience.

It's worth mentioning concerns have been raised about friend.tech's security and practices after a breach revealed the platform's ability to post on users' behalf without explicit permission. Although friend.tech argues that the leaked data was public, the platform's rapid growth and unintended authorization sparked alarm.

Despite security concerns, the platform remains popular among celebrities. Users should be cautious about granting third-party access to their social media accounts. Though it's early in its journey, friend.tech's growth is evident, with a staggering total friend value of 10K ETH and daily activity reaching 43K ETH. Friend.tech not only reshapes online engagement but also holds immense potential for exponential growth in the coming years. As decentralized apps evolve, Friend.tech is poised to lead the next wave of social finance.

Friend.tech analytic tools

How do you know where you rank on Friend.tech? Or what resonates best with your audience? Analytics will become your 'best fren' to help you make strategic decisions to grow. After you log off from Friend.tech, head over to our Explore Dapps page to check out these tools geared explicitly towards Friend.tech.

• Friend.vision: Friend.vision is a leaderboard that allows you to view rankings of other users. It also shows the total number of points, their weekly points average, their realized PnL, unrealized PnL, and the account age. You can also search for users.

• Risedle: Risedle offers analytics around the top Keys, a leaderboard where you can see what's trending, and the biggest earners and spenders. It also provides a bridge where you can deposit funds in your Friend.tech account. The brand has a keen sense of humor — they have a "Risedle" paperhand monitor, where you can put in someone's user name and see if they've sold any Keys.

• FriendMex: FriendMex offers a comprehensive dashboard featuring a trading chart. You can search for users, tokens, and trade transactions, and once your wallet is connected, you can track your holdings.

• Frentech: With a Frentech Premium subscription, you'll unlock benefits across platforms, including all premium features on Octav and FrenTech. You can buy and sell Keys, and also gain insights into X followers and following lists.

• Hyperliquid: Hyperliquid empowers users to conduct leverage trading of Keys on Friend.tech. It offers the option to go long or short on Keys with up to 5x leverage.

• Friend.tech Analysis: This page holds dashboards from Dune highlighting Friend.tech's trading statistics, MEV bot activities, the protocol fundamentals, and the impact on BASE.

Key developments

On 19 December, 2023, Friend.tech announced plans for the much-anticipated Version 2 of its platform, set to launch in spring 2024. Via a trailer shared on the social media platform X, this forthcoming update is poised to bring new features and enhancements, all directed towards elevating the overall user experience.

While specific details about the upcoming features remain undisclosed, Friend.Tech places a strong emphasis on providing a more streamlined and user-friendly interface. The recent release of the Friend.tech Version 2 trailer appears to be a strategic move by the company. The reveal aligns with a proactive effort to rekindle interest and deepen confidence in the platform.

The final word

Friend.tech is a noteworthy addition in the world of SocialFi, showcasing an innovative approach to user ownership, content monetization, and seamless blockchain integration. This unique combination has swiftly garnered attention within the crypto community.

While being a newcomer, Friend.tech has faced scrutiny regarding security concerns. Despite this, it paints a compelling vision for the future of SocialFi platforms, signaling a shift in our online interactions. Notably, the platform has faced criticism due to the anonymity surrounding its founders and issues with performance and slow deposit bridges.

The imminent arrival of Friend.tech Version 2 can redefine the company’s position in the fiercely competitive crypto market. With the pledge to introduce new features, enhancements, and transformative changes, Friend.tech can reshape its standing and influence within the dynamic cryptocurrency landscape. However, caution remains essential, given the increasing risks within the crypto community.