FriendNet is an innovative social networking dapp that introduces the concept of tokenizing friendships. Recently unveiled on the augmented Coinbase layer-2 network Base on August 10th, it swiftly garnered attention from enthusiasts embracing its novel features.
Termed a "SocioToken" or "ConnectiCoin" ecosystem, this platform offers users the intriguing ability to trade fractional interests in specific Twitter accounts and other social profiles, a paradigm shift in the realm of "SocialFi."
Pioneering crypto maven and investor '@DaanCrypto' has generously compiled a comprehensive manual for navigating this new-age social crypto hub.
The All-in-One Guide to Friend Tech ????@friendtech has taken this space like storm. It's been getting a lot of traction, capital inflow and bringing up opportunities for everyone involved.— Daan Crypto Trades (@DaanCrypto) August 20, 2023
Here's all you need to know ???? pic.twitter.com/PHKPHEPnHE
FriendNet's Financial Ascendance
Astounding figures revealed on August 21st by DeFi analyst Miles Deutscher showcase FriendNet's staggering accumulation of over $1 million in transaction fees within a mere 24-hour span. Delving deeper into the data, DeFiLlama elucidates that the platform's earnings reached an impressive $1.4 million during the previous day, a feat surpassing both Tron and Uniswap.
Recent records from August 20th unveil its daily income at $710,000, as documented by DeFiLlama.
Intriguingly, a contingent of eminent personalities within the crypto social sphere have embraced the platform, orchestrating an undeniable momentum. Evidently, the allure of airdrops has also contributed to this phenomenon.
Seed Funding Chronicles
Proclaiming an impressive milestone, FriendNet successfully secured a substantial $50 million through a well-received Series A funding cycle, spearheaded by the prominent VC behemoth Paradigm. Significantly, this endeavor came bundled with "token warrants," hinting at a forthcoming token. Deutscher, the sharp-eyed crypto analyst, appends:
"The strategic airdrop maneuver not only generates fervent discourse around the platform but also fuels its practical adoption."
Fresh off the press, the platform's announcement regarding a "reward points" initiative has piqued interest. Early adopters of the project are poised to receive these tokens via airdrops, though their exact utility remains cloaked in mystery. While there's conjecture of potential tokenization for these points, such conjectures remain speculative.
However, the endeavor does not escape skepticism, with some voices advising caution about the potential for manipulation and unwarranted market surges.
Let me tell you one thing.— Yazan (@YazanXBT) August 20, 2023
Something isn’t right about @friendtech.
???? Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people?
???? The way pricing works is ridiculous and can be easily taken advantage of.
???? Pumps and dumps. pic.twitter.com/TJqcktEM6P
Divergent sentiments resonate across industry observers, with one asserting, "As the current market sentiment wavers, opportunities for meaningful engagement are scarce." This sentiment is swiftly succeeded by an astute observation:
"Although the pursuit of profit is fervent, it's prudent to anticipate the platform's trajectory will crystallize within the impending weeks or months."