The Rise of Friend.tech: How It Became the Biggest Social App on Base

INTRODUCING FRIEND.TECH

Friend.tech, a decentralized social app powered by Base, enables creators to connect with their audience through tokenized attention. Creators' influence is symbolized by keys, exchangeable for exclusive private chatroom access and additional perks.

Within this virtual realm, the influence of creators wasn't measured by mere likes or follows. Instead, it took the form of something truly remarkable—keys. These keys represented the essence of a creator's impact.

As creators continued to inspire and engage, their keys multiplied, giving rise to a thriving marketplace within Friend.tech. These keys were more than mere tokens; they unlocked access to exclusive private chatrooms, where the enchantment of connection unfolded. Inside these virtual sanctuaries, creators and their most devoted fans engaged in intimate and meaningful conversations.

But the appeal of keys extended beyond these chatrooms. They opened the door to a wealth of perks, enriching the Friend.tech experience for their holders. From exclusive behind-the-scenes content to early access to new releases, these perks made the Friend.tech journey even more rewarding.

In the past few months, Coinbase's Layer 2 network, Base, has witnessed a remarkable surge in usage. On August 10, 2023, there was a notable milestone as Artemis reported an all-time high in daily active addresses and daily transactions. More than 127,000 wallets sent over 630,000 requests to the network during this time.

What makes August 10, 2023, even more significant is the launch date of friend.tech, which has rapidly become one of the top dApps on Base. friend.tech has claimed the top spot in revenue and fees generated, as per reports from Dune Analytics. Since its launch on August 10, 2023, friend.tech has attracted over 200,000 users and facilitated a trading volume exceeding $230 million.

Getting to know Friend.tech

Friend.tech, a sleek web3 social media application, introduces an innovative approach to connecting creators with their audience, all while gamifying the experience. This platform seamlessly incorporates blockchain technology and cryptocurrencies into its operations, blurring the line between traditional social media and decentralized networks.

Friend.tech leverages a unique concept: it converts user influence into tokens known as keys (formerly referred to as shares). These keys can be acquired by users to gain access to a friend's attention or influence, with their value determined by dynamic supply and demand conditions.

For creators, Friend.tech provides a playground for experimentation, empowering them to explore strategies to enhance their influence and attract new shareholders. In essence, it allows creators to cultivate communities and monetize their impact. Meanwhile, the audience enjoys exclusive privileges, such as intimate conversations with their favorite creators within dedicated chat rooms.

Since its inception, Friend.tech has welcomed several noteworthy cryptocurrency influencers, including Hsaka Trades and Jordan Fish (Cobie), into its fold. Moreover, it has expanded its reach beyond the cryptocurrency sphere, attracting NBA players and esports personalities to the platform.

Founders of Friend.tech

Friend.tech was founded by a dynamic duo: 0xracerAlt and Shrimp.

Before teaming up with Friend.tech, Racer played a significant role in TweetDAO, a pioneering project that operated a Twitter account as a DAO, providing access exclusively to holders of the Tweet DAO Egg NFT collection.

Subsequently, Racer collaborated with Shrimp to create Stealcam, an innovative platform allowing users to upload single images, which are then transformed into NFTs. The unique twist lies in the fact that these NFTs remain concealed until someone "steals" them, with each theft driving up the NFT's price, offering a fresh and engaging approach to traditional NFTs.

How does it work?

Friend.tech offers a warm and user-friendly experience as a Progressive Web Application (PWA), making it easy for users to manage their Friend.tech profiles right from their mobile browsers. Within this PWA, we've designed a non-custodial personal wallet, ensuring that users have complete control over their Friend.tech wallets and the option to export them to other wallet applications.

As users set up their accounts and fund their wallets, they give birth to Keys within their accounts. These Keys can be acquired by other users to access the creator's account. It's important to note that every user account on Friend.tech holds Keys, and their value is intricately tied to the influence of the account owner and the demand for those Keys.

Friend.tech creates a space where users can connect with creators who hold their Keys through chats or discover popular creators. Impressively, the platform has facilitated over 38,500 ETH worth of creators' Keys traded thus far.

The early usage statistics reveal something special about Friend.tech—it has struck a chord within the Crypto Twitter community, sparking genuine excitement. Now, let's explore the reasons behind the remarkable popularity of Friend.tech.

Why is Friend.tech popular?

Friend.tech isn't the sole player in decentralized social media applications. What sets it apart is its ingenious approach to transforming the attention economy into an engaging game—a strategy that has resonated with countless users. Cryptocurrency enthusiasts particularly cherish the concept of tokenization, especially when it opens doors to earning opportunities. Moreover, Friend.tech empowers influencers to curate content within their private chatrooms, providing a highly personalized experience for token (key) holders.

Every user wields control over their keys, and they directly benefit from the growth of these keys. This unique feature makes Friend.tech exceptionally appealing to influencers, as it introduces a fresh monetization avenue. As influential figures join the platform, they bring their devoted followers along, offering them a chance to engage with their beloved creators. Friend.tech, in essence, paves the way for followers to initiate conversations with their idols by acquiring these tokens, creating meaningful interactions and connections.

Beyond the social connections it fosters, Friend.tech introduces an intriguing feature known as the "airdrop tab," unveiling a captivating point system. Every Friday, points are generously airdropped, and these points are destined for future utility within the friend.tech ecosystem. This entices airdrop enthusiasts, individuals eager to establish themselves as early adopters and stand a chance of reaping future rewards. The speculation that these earned tokens might play a role in the project's governance has further intensified engagement and curiosity.

Another pivotal factor contributing to Friend.tech's buzz is the immense hype surrounding the Base network. As a freshly launched Layer 2 network affiliated with Coinbase, a platform boasting over 100 million users, Base's popularity is soaring. Some of this heightened interest naturally spills over to projects nestled within its ecosystem. In a noteworthy development, Paradigm, an investment firm with strong ties to Coinbase, announced its investment in the Friend.tech project. This endorsement has significantly bolstered the confidence of both investors and users in the project's potential.

In a succinct tweet, Twitter user 0xjaypeg beautifully captures the essence of friend.tech's allure, painting a vivid picture of its appeal to both users and venture capitalists within the Friend.tech flywheel.

Conclusion

Tokenization and true ownership lie at the core of cryptocurrency and blockchain technology, representing values cherished by many. Friend.tech, in its innovative approach, seeks to tokenize influence and attention in a unique manner. In doing so, it aspires to redefine centralized creator economies like Onlyfans while harnessing the capabilities of the Base network. Leveraging the Base network's high throughput potential could provide Friend.tech with a distinct advantage. Watching its growth and anticipating the emergence of similar applications in the future promises to be a fascinating journey. Equally captivating will be observing how decentralized social platforms fare in comparison to their centralized counterparts.

As creators and their dedicated followers navigate this platform, it's advisable for them to be mindful of potential privacy considerations as mentioned earlier. Furthermore, it's important to emphasize that this article is purely for educational purposes and does not constitute financial advice.