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- Within just days of launch, in the last 24 hours of Friend Tech, the decentralized social platform has surpassed Bitcoin and Uniswap in trading fees.
- The social dApp has created a huge buzz fueled by its airdrop and ability for users to utilize “shares” as digital assets.
Friend Tech is revolutionizing the social media landscape with its unique approach that offers not only social engagement but also financial benefits. With the platform already a favorite in the crypto community, the platform has witnessed a meteoric rise
In the last 24 hours just days after its launch, the social media decentralized application (dApp) recorded 4,400 ETH ($8.1 million) in trading volume. Consequently, by making $1 million in transaction fees during the same time, the platform has surpassed Bitcoin, Uniswap, and BSC.
Market experts are betting that the social media platform that managed to raise funds in Series A with a $50 million valuation will be the next major social platform in the industry due to its unique solutions to get user engagement. Paradigm was the sole investor in the seed round and the funding round included token warrants, confirming the issuance of a token in the near future.
How Friend Tech Works
At first, Friend Tech looks like any other ordinary social media platform such as Telegram and WeChat, offering users a chance to join exciting and popular groups. Friend Tech, however, allows these groups to monetize, with new users in groups required to pay a base fee to be members. This base fee gives them ownership, essentially making them shareholders of the group.
Friend Tech is taking the crypto world by storm, amassing over $1m in fees over the last 24 hours.
This is largely being fuelled by speculation and airdrop hype. But how can you get involved?
🧵: Everything you need to know about the Friend Tech airdrop (and how to qualify).👇
— Miles Deutscher (@milesdeutscher) August 20, 2023
As the group’s popularity grows, so does the value of the “shares.” When users want to exit a group, they can liquidate their ownership and possibly make a profit from the amount they paid when they joined.
This unique design means that users not only get to enjoy social engagement in the groups they join but financial benefits along it. In addition, the platform offers a seamless and user-friendly onboarding process.
On top of the fundamental benefits introduced by Friends Tech, the platform is conducting an airdrop for those that download the app on their mobile handsets, login in with their Twitter account, and engage in activities.
We just did our first Friday Points Airdrop to 44k users.
Some reminders:
– 100M points will be distributed during the six month beta period
– Airdrops happen on Fridays
– Points are recorded off-chain
– Points will have a special purpose once the beta period ends— friend.tech (@friendtech) August 18, 2023
The team behind the platform notes that airdrops are rewarded based on activity points. Users are therefore encouraged to increase their points total by engaging in purchasing shares in interested groups, an action that further helps other users to acquire additional shares, Trading shares of other creators, and distributing their referral codes for new users to join.
The airdrop is one of the genius ways the team behind the project is deploying to reach a mass audience and drive interest in the project.
The dynamic platform is built on Coinbase’s layer 2 platform, Base. Launched on the mainnet earlier this month, Base is already making headways and with the help of exciting projects such as Friend Tech, enjoying mass adoption at the offset.
