Friend.tech

Friendtech Rugged.

Here's the story of how friendtech became the #1 SocialFi app.
And how it experienced a downfall for the history books 🧵👇
(1/16)

Part 1: The early days.
0xRacer and Shrimppepe founded friendtech in August 2023.
It was during the bear market. The timeline was boring.
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The concept was exciting:
Connect your X account.
Buy "shares" of your friends for access to an exclusive group chat. For each purchase and sale of your shares, you receive 5%.
The more shares, the more expensive they get.
(3/16)

Through this, friendtech had viral moments early on.
And "influencers" were incentivized to push it: Five to six figures in trading fees were not impossible for mid-sized creators.
And don't forget the invite codes.
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Part 2: The Ponzi.
Friendtech changed the name from "shares" to "keys".
And quickly evolved from a simple SocialFi app to advanced trading.
Bots that sniped keys immediately after an account was created and a new strategy became the talk of the town:
(5/16)
The strategy was called (3,3), based on game theory.
The concept: I buy your key, you buy mine. We both make money.
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Part 3: The peak.
This was another reason why top keys were suddenly worth >5 ETH.
Onlyfans models created accounts.
And for a moment it looked like friendtech really had product-market fit.
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During this time, not only the top creators made a big bag, but also the team.
More than $60M USD in total fees.
Creators promised their key holders wild things, one even created a leaderboard for the top key holders and promised to split his airdrop between them.
(8/16)

Numerous copy cat platforms were created on other chains: Solana had friendzy, Avax had StarsArena.
People said it has the "potential to become the next Instagram".
And for a moment, it seemed to go up forever.
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Part 4: The downfall.
Over time, however, interest waned.
Less activity, attention shifted, the only thing keeping it alive was the hope of an airdrop.
In early 2024 friendtech was nothing more than a distant memory for most.
(10/16)

The airdrop was a long time coming and after months of waiting it became more and more of a meme.
Trading volume on friendtech and key prices fell sharply.
Nobody was interested anymore.
(11/16)
Part 5: The end.
Then, in early May 2024, the airdrop actually happened.
Expectations were high after Paradigm - a VC famous for pumping tokens to big valuations - was announced as one of the investors.
(12/16)

All attention was on friendtech again. At least for a few days.
The FDV at launch was $1.5B USD and it actually ran to $2.5B USD.
But most instantly sold their airdrop and moved on.
A race to zero quickly began.
(13/16)

Together with the airdrop, friendtech shipped a product upgrade.
TLDR: "Clubs", which are linked more to topics than to creator.
But although some influencers bullposted it, there was never any real interest.
(14/16)

Yesterday, friendtech announced its end after a continued fall into irrelevance. Tokens and keys are now basically worthless.
(15/16)

Did you use friendtech? What can we learn from their downfall?
Let me know in the COMMENT.
That's it for today folks,
Thanks for reading! For more insightful crypto content,
Follow Me @Crypto PM
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#Friend.tech前景预测 #FriendTech #friend.tech #scamriskwarning

Cryptocurrency influencer Machi Big Brother lost $16 million on a $17 million investment in Friend.Tech (FRIEND) tokens. Initially purchasing 11.1 million FRIEND tokens for 5,200 ETH ($16.7 million), the investment's value plummeted to $0.7 million following a sell-off. This loss followed a decision by the Friend.Tech team to abandon their smart contract control, effectively ceasing operations within a year of launch. The FRIEND token's value has significantly dropped, highlighting the risks and volatility in the cryptocurrency market.
#friend.tech #friend

Renowned crypto influencer Machi Big Brother incurred a substantial loss of $16 million after investing $17 million in Friend.Tech (FRIEND) tokens. The initial investment of 11.1 million FRIEND tokens, purchased for 5,200 ETH (approximately $16.7 million), plummeted in value to $0.7 million following a sudden sell-off. This significant loss was precipitated by the Friend.Tech team's unexpected decision to relinquish control of their smart contract, effectively ceasing operations within a year of launch. The drastic decline in FRIEND token value underscores the inherent risks and volatility of the cryptocurrency market.
$DOGS $BTC $AAVE
#friend.tech #friend #CPI_BTC_Watch #TON #dogs

Friend.tech, a key player in web3 social networking, has announced its partnership with Conduit to develop Friendchain, a new native blockchain. This blockchain initiative aims to utilize the FRIEND token as a transferable gas token within its ecosystem.
The announcement has resulted in an immediate 15% surge in the value of the FRIEND token, reflecting investor enthusiasm and market confidence in the project’s potential.
Friend.tech Announces Friendchain Development with Conduit
On June 8, Friend.tech unveiled plans to develop Friendchain, its proprietary blockchain that will utilize the FRIEND token as a fully transferable gas token. Despite the announcement, specific details about the project’s launch timeline remain undisclosed. The platform expressed enthusiasm about collaborating with Conduit on this initiative, promising to provide updates as they progress in building this new blockchain.

The decision to develop Friendchain aligns with earlier statements from the project’s co-founder, Racer, who hinted at potential dissatisfaction with the Ethereum layer-2 network Base, backed by Coinbase. In May, Racer offered a substantial reward of $200,000 for developers capable of smoothly migrating the platform away from Base, citing feelings of alienation from the ecosystem.
The announcement of Friendchain has sparked mixed reactions within the community. Some analysts view it as a natural evolution for successful decentralized applications to transition into independent chains. However, others caution that such a move could potentially hinder growth and ecosystem integration.
Mixed Reactions to FriendTech’s Friendchain Decision
A prominent advocate for FriendTech, known as The Giver on the social media platform X, has characterized FriendTech’s decision to develop Friendchain as “short-term bullish and mid-term bearish” for the crypto venture. According to the analyst, FriendTech should prioritize maximizing user acquisition to establish a robust user base, potentially leveraging connections through the Base and Solana blockchains.
The advocate elaborated on the long-term vision, emphasizing the goal for backers and investors to benefit from protocol fees and eventually exit at a Software-as-a-Service (SaaS) multiple akin to Web2 companies. However, he expressed concern that Friend.tech’s current focus on capturing on-chain value may be premature, highlighting a disconnect between the platform’s initial and future phases.

Since its launch in August 2023, Friend.tech has been a prominent SocialFI decentralized application (dApp) on the Base network. At its peak, the platform processed a daily transaction volume exceeding 500,000, but recent data from a Dune Analytics dashboard indicates a significant decline to fewer than 1,000 transactions per day.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#friend.tech #Friend