Starting from the first principle, analyze the Friend.Tech of the big fire

Friend.Tech Timeline:

8.11 FriendTech appeared in AlphaGroup. At this time, most people still don’t know why, some smart players have already started to ask for invitation codes and start buying and selling shares

8.12 With the downtime of FriendTech App and some players being stuck in buying shares, the popularity has dropped, and most users think that’s it

8.13-8.17 Open source tools such as FriendMEX appeared in the field of vision

8.18 Announced the completion of Paradiam's seed round financing

Caption

Core functions:

1. Private circle: After purchasing the shares of KOLs, users have the right to chat with them and watch their specific content.

2. Share transaction: The pricing of shares is calculated by the following formula: Price in ETH = supply^2 / 16000

Friend.Tech charges a 10% fee on each transaction of group shares, 5% of which is allocated to KOLs, and the remaining 5% goes to the treasury revenue. As of August 21, more than $2.1 million has been credited to Friend Tech treasury.

First principles behind Friend.Tech:

When you are working on an innovative product, you will find yourself stuck in countless multiple-choice questions, so let’s take Friend.Tech as an example:

1. What services do our products provide to users?

A. Better content social experience than Twitter

B. Users can hype KOL’s share with us, but Twitter cannot provide this service

2. Do we attract ordinary or kol first?

A. Ordinary users are the most important, with a large user base, what we want are users

B. KOL, KOL is the main producer of content

3. Is the share of each user free pricing or bonding curve?

A. Free pricing, so that users have the motivation to work hard to produce content and grow by themselves

B. Using a curve equation to determine the price seems to be more acceptable to share buyers

So how to solve the liquidity of everyone's share?

A. Freely provide liquidity, kol's own share should be motivated by itself

B. Lock liquidity, so that people who bought shares can sell at any time without being Rug

Obviously, so far, Friend.Tech has done everything right. Friend.Tech prioritizes the interests of KOLs, and reserves 5% of the transaction fees for each share for KOLs. This means that KOLs only need to manage their own Community, keep the community active and change hands, then you will receive continuous benefits. The criticism of Bonding Curve is that the share price jumps too fast. As long as 200 people buy it, the share will reach an astonishing 2.2ETH (but from the author's point of view, this is not an excessive price. The NFT of the well-known alpha community LaserCat is currently The pricing is around 4ETH.), but the good thing is that KOLs are happy to see their worth soaring, who doesn’t want their own worth to be high, right?

Grab the most important users, let them continue to work for you and get real money from them, this should be the first principle in the current web3 social products.

Current speculative sentiment:

As of August 21st, among the current alpha communities, what the group members are looking forward to is the launch of relatively large CT KOLs (transaction-type overseas KOLs are especially popular, especially KOLs with bitclout original skins will get extra points), such as @Banks, As soon as it went online yesterday, it skyrocketed to 2.4ETH, and many group friends hit this golden dog. The most frequent sentence of group friends is still: how about this account?

At present, Friend.Tech has not launched the function of sending pictures online, so there are not many Bianbian bloggers settled in. Once this function is opened, I believe that Bianbian bloggers will bring a new wave of transaction volume to Friend.Tech.

Derivatives:

FriendMex: Friend.Tech front-end interface developed by the well-known MEV Researcher @_anishagnihotri, has the following functions:

1. You can trade shares without registering FriendTech

2. See the K-line and other data of the transaction share

The project has been open sourced, the following is the github link:

Share Split Contract: @0xfoobar is a well-known developer who has developed a function called: WRAPPED FRIENDS, which can package account shares into ERC20 tokens, so that they can be traded on Uniswap. The problem this product solves is that some blue-chip KOL shares exceed 2 ETH, which affects the trading experience of some retail investors. Therefore, splitting into Erc20 tokens will help retail investors trade blue-chip shares with fewer chips. It is an index product.

RealFriend.Tech: RealFriend.Tech is a Friend.Tech sharing tool developed by @iam4x. The usage scenarios are as follows. If you have a promising KOL, you can use this tool to keep an eye on him and wait for him As soon as you register with Friend.Tech, you can buy his shares first. At present, this product can only be used if you buy this guy's share, it's really smart for this guy.

Product website:

Summarize:

In most cases, making a popular product is much more difficult than making infrastructure; I believe that Friend.Tech also found the first principle of its product after countless attempts. Leaving aside the economic incentives, the reverse of the whole process is also a very interesting process, like planning a performance; who is my audience? What does my audience like to watch? How to get them to buy tickets? How to keep them from leaving early?

Although I appreciate the team of this product, but in the end, whether your network is your networth or someone else's networth, let us wait and see!