friend.tech is the new app that is getting a lot of attention. The uniqueness of this app lies in its ability to enable users to create tokens linked to their profiles on the X social media site, which they can then trade. If you have someone’s code, you can go into a private chat room with them.
Even though the project has only been out for a little less than two weeks, it has already drawn more than 100,000 people. Data on a well-known Dune monitor has proven that this big accomplishment is real.
DeFi Dave, a well-known crypto trainer, thinks that friend.tech might have ongoing appeal. He emphasized that the app’s appeal doesn’t solely revolve around the tokens; rather, it stems from users actively engaging and participating in the lively chat environment.
SocialFi
In the middle of recent crypto trends like liquid staking tokens (LSTs) and real-world assets (RWAs), friend.tech stands out by focusing on both social and financial elements. It’s important to note that it’s not just about money. Memecoins and other trends have a social aspect, but friend.tech is different because it focuses on people more than any other app or subsector in the crypto world.
The idea of using tokens to communicate on social media is not completely new; it has been around for a long time. Balaji Srinivasan, who used to be the CTO of Coinbase, released Earn.com in 2018. It was an app that paid people to interact with important people. Coinbase later acquired Earn.com, but they subsequently shut it down in late 2019.
Bitclout and other similar projects have also tried giving bits to specific people. But, compared to the unique method taken by friend.tech, these projects have had trouble getting a lot of support.
Talk about airdrops:
A weekly airdrop program started on August 18 is one reason why friend.tech is getting a lot of attention.
On the other hand, OKHotShot, a well-known on-chain expert, thinks that the app might not be as exciting after the airdrop promotion is over. He told The Defiant that in these kinds of situations, things usually go up at first and then go down after that.
DeFi Dave, on the other hand, has a different point of view. He says that user involvement on friend.tech goes beyond the appeal of getting tokens through airdrops. He says that if most of the people on the platform are looking for airdrops, then the site isn’t really serving its purpose. Dave says that the chat feature of friend.tech is much more important than the financial aspects that led to the creation of tools for selling social coins.
In an interesting move, the group seems to be trying to put less focus on money. Friend.tech underwent a significant change on August 21. The tokens that reflect accounts were renamed from “shares” to “keys.” This change shows that the site doesn’t want to be seen as primarily a money-making business.
