[Intern Research] Friend.Tech
Friend Tech: A crypto app attracting speculative users from within the industry
What is Friend Tech?
Friend Tech is a Socialfi app on Base that allows people to tokenize their social network by issuing, buying, and selling shares of social profiles.
When someone buys a share of an influencer (Influencer A), they gain access to that person's channel, similar to a token-gate system. Influencer A can post content exclusively visible to shareholders in this channel. Shareholders also have the ability to privately message Influencer A, with these messages being visible only to the sender and Influencer A.
Anyone can create a profile on Friend Tech by linking their Twitter account. Currently, an invitation code is required.
Profile owners receive a free share of their accounts, and other users can freely buy and sell these shares.
The price of shares fluctuates as trading activity occurs.
There is a 10% taker fee for trading shares, with 5% going to the Friend Tech treasury and 5% to the share issuer.
How different participants profit
Holders profit by buying shares at a low price and selling them at a higher price. Many MEV arbitrage bots have been deployed to automate this process, automatically purchasing the first few shares of a Twitter account with a certain number of followers when they register on Friend Tech.
Influencers profit from the trading fee revenue, which is 5% of each transaction.
The Friend Tech platform generates 5% revenue, which is contributed to the treasury.
Each Friday, for the next 6 months, points will be airdropped to users
Point will have future use cases on the platform
Unclear whether it would be a token or not
Current State of Friend.Tech
Friend.Tech in Numbers
Friend.Tech earned 1.42M in fees over the past 24 hours, exceeding Uniswap (https://defillama.com/fees)
Last Friday, Base reached 136k DAU, surpassing Arbitrum, thanks to Friend Tech
Cumulative # of buyers and sellers as of Aug 21st (10 days since launch): 67K unique buyers vs 26k unique sellers (https://dune.com/cryptokoryo/friendtech)
Friend.Tech and Twitter
FT heavily depends on Twitter for user authentication, as you have to link your Twitter account to FT.
Very smooth for crypto native app
Social login with Google or Facebook, painless ETH Deposit to Base (FT internalized the bridging process, allowing users to deposit ETH from Mainnet to Base)
User base and general sentiment
Primarily people in crypto, with very few members from outside of the industry
Most people join the app for speculation purposes
The founder is anonymous: @0xRacerAlt
The lead dev of TweetDAO, which is no longer active
Later partnered up with @shrimppepe to create Stealcam after TweetDAO
Rebranded Stealcam to Friend Tech in May
Series A: Paradigm, Val is rumored to be 50M, SAFE + Token Warrant
Useful Tools & Links
Trading platform for shares of major influencers: Link
Telegram bot that gives alarms when big influencers create accounts on Friend Tech: Link
This article is for informational purposes only and should be considered financial advice. While the author has made a significant effort to ensure the accuracy of the information provided, the author does not explicitly or implicitly guarantee the accuracy or completeness of the information and is not legally responsible for it. The author is also not liable for any losses from using this article for investment or other decision-making purposes.
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