What is Friend.tech?

Summary: Friend.tech is the most popular decentralized social app on the Base network that leverages tokenized attention to uniquely monetize creator influence. It's demonstrated significant economic viability with substantial user engagement, boasting 170,000 ETH in volume and consistent monthly fees of $2.7 million. 

As the platform gears up for its Version 2 upgrade and the highly anticipated $FRIEND token airdrop, it continues to attract a growing user base eager to explore new features and earn valuable governance tokens.

What is Friend.tech?

Friend.tech is a decentralized social app on the Base network that allows creators to connect with their audience in a personalized way by monetizing their influence through tokenized attention. Creators' influence is quantified into "keys," which followers can purchase to gain exclusive access to private chatrooms and other perks offered by the creators.

Since its launch on August 10, 2023, Friend.tech has quickly become one of the top dApps on Base, boasting over 170,000 ETH in volume and 16,000 ETH in protocol fees. The platform, built on an EVM-based layer 2 and leverages smart contracts, ensures a secure environment for transactions and interactions. Additionally, Friend.tech has been consistently generating about $2.7 million in fees each month.

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How to Use Friend.tech

Friend.tech is a permissionless decentralised social media platform on the Base layer 2 network. This means that to join, all users need to have is a web 3 wallet, like MetaMask, that can be easily be set up and configured for use.

Here is our simple walkthrough to help you get started on Friend.tech:

1. Set Up a Web 3 Wallet: Create a wallet with platforms like MetaMask or Coinbase Wallet. Ensure to connect Base as one of your supported networks within the wallet.
2. Transfer ETH to Base: Utilize a trusted Base bridge to move Ethereum (ETH) to your Base account, a vital step for executing transactions on Friend.tech.
3. Install the App: Go to the Friend.tech website on your mobile device and add the application to your home screen for swift access.
4. Finalize Account Setup: After installation, finalize your setup by sending ETH to your Friend.tech deposit address from your connected Web 3 Wallet on the Base network.

These steps will prepare you to explore and engage with the innovative features Friend.tech offers on the decentralized social media landscape.

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Friend.tech Airdrop

Friend.tech is gearing up to airdrop the $FRIEND token in line with the upcoming release of Version 2, expected to drop on April 29. In anticipation of this, over $7 million has recently flowed into the platform, driving total value locked to nearly $40 million. Users are able to earn points for buying and selling keys, as well as other on-chain actions.

These points will be transferable for a governance token that will give users rights to revenue, and could be potentially worth thousands of dollars. By aligning the new version release with the airdrop of points, Friend.Tech aims to attract new users and retain current ones, leveraging the draw of exclusive insights and potential governance roles available through its system.

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Friend.tech Revenue and Growth

Friend.tech is demonstrating robust growth and economic viability in the decentralized social media market. Recent data shows an impressive total of 847,621 unique shares traded and a vast trading volume of 312,019 ETH over 6,772,843 transactions. 

The platform maintains a strong user base with 843,816 unique traders and has logged significant revenue, evidenced by 16,757.601 ETH in total protocol fees. Moreover, the platform has seen substantial financial inflows, with $242 million USD recently moved, highlighting its strong market position and the engagement of its user base.

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Is Friend.tech Safe?

Friend.tech is built on the secure Base Layer 2 blockchain and is backed by Paradigm, a reputable venture capital firm known for supporting robust protocols like Uniswap and Lido. However, privacy risks exist as the platform may expose users' Ethereum addresses and has not yet published a privacy policy. 

Users are advised to take measures like using alternate emails and new wallet addresses to enhance their safety. Therefore, while the platform's technical foundation is strong, attention must be given to privacy and data protection.

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Bottom Line

Friend.tech has successfully established itself in the decentralized social media space by capitalizing on tokenized attention and maintaining a secure and low feetransaction environment on the Base network. 

With the anticipation of the $FRIEND token airdrop and the Version 2 upgrade, the platform is attracting a surge of users keen on maximizing their points to qualify for valuable governance tokens. While engaging with Friend.tech, users should be mindful of privacy risks and implement recommended security measures.