How to Get Started With Friend.tech
You'll need a mobile phone, a Twitter (X) account, a friend.tech invite code and at least 0.01 ETH to fund your friend.tech account.
Key Takeaways
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Friend.tech is a decentralized social media application on the Base network. Users own personalized shares and purchase other users’ shares to be able to interact with the shareowners.
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Friend.tech also has a dedicated airdrop tab where points are allocated weekly on Friday. These points are expected to translate to tokens for friend.tech governance.
Cryptocurrency enthusiasts are raving about friend.tech, the new social media application on the Base network. Over 111,000 users have bought account shares on the application and moved over 45,000 ETH while creating accounts and trading user shares on the platform based on data from Dune Analytics.
You can also track friend.tech shares on Coingecko.
Friend.tech tokenizes user influence and attention and lets other users purchase rights to a creator’s attention. Creators and influential individuals can utilize the application to connect to their audience, where shareholders enjoy privileges like being able to enter private chatrooms with the creator or user.. It also presents them an opportunity to monetize their influence, where user shares (known as keys on the platform) are tradable. These key prices are based on supply and demand, with the keys currently going for up to 7.1 ETH for Racer, one of friend.tech's founders.
At time of writing, the application is still in its beta testing phase, and new users will need to obtain an invite code to be able to access the application.
Ready to try the application? Follow this guide to get started,
Download the Application
Friend.tech is a PWA (Progressive Web Application), which can be installed in your device like a native mobile application. However, PWAs aren't limited to specific operating systems as they are enabled by the web browser.
To download friend.tech:
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Visit Friend.tech on your mobile device
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Click on the menu on the top right corner of your browser and select Install app. Allow the download to complete.
You can now access the platform by tapping on the friend.tech icon from your application list.
Create a Friend.tech Account
Now that you've downloaded the application, it's time to create your account.
Step 1: Create an Account
Click Sign in to start your account creation process. In the next screen, enter your mobile number or use your Google or Apple account to sign up.
Step 2: Find a Friend.tech Invite Code
Friend.tech is an invite-only application at the moment, so you'll need an invite code in order to use the application. You can obtain an invite code from friends who are already using the application. You can also look out for users sharing access codes on Twitter or other social media channels. Friend.tech may also distribute more invite-a-friend access codes to existing accounts, so if you know someone with an account, you can check in with them to see if they have more codes available!
Once you obtain an access code, enter the access code in the provided box and click Proceed.
Step 3: Link Your Twitter
Friend.tech requires you to connect to your Twitter account. You will need to authorize the application to access your Twitter profile in order to user friend.tech.
Step 4: Fund Your Friend.tech Account
There are two ways to fund your account: you can either deposit ETH directly into your friend.tech wallet through the Ethereum mainnet, or send ETH to the provided address on the Base network. In the case of the latter, ensure that you are sending via the Base network or your funds might get lost. Do note that the minimum deposit is 0.01 ETH.
When this is done, you can now start trading shares on the platform.
How To Trade Keys On Friend.tech
Now that your account is funded, it's time to buy your first shares!
You can also purchase other users' keys on the platform. If you have a specific Twitter (X) account you'd like to connect with, you can search for their username under the Explore tab. Under the Explore tab you'll also be able to see the top users, as well as who's trending at the moment.
Once you purchase a user’s shares, you can message them from your Chats tab.
Friend.tech Analytics
There are multiple resources for friend.tech analytics. These are useful when it comes to tracking how the top accounts are performing and what they've been up to. In this section, we'll share a friend.tech analytics tool that you can use to monitor accounts, along with others that provide an overview of how the app is performing.
These tools are all publicly available – that said, always be careful when connecting your wallets to any applications.
Friend.tech Dashboard
Friend.tech dashboard offers users a way to look into the details around a specific friend.tech wallet. All you have to do is enter their Twitter handle into the search bar and hit Search User. You'll then be able to see all available information related to a specific account, including their rank, number of points, holdings, their key price graph, holder pie charts, key activity related to their account, and key holders. You can also use it like a personal dashboard to check out and manage your own assets.
In the below screenshot, we've taken a look at HsakaTrades, one of the top accounts on friend.tech.
Dune Dashboards
There are a few Dune dashboards available for friend.tech. One of these is by @whale_hunter, where beyond looking at the overall project stats such as users, volume, fees, and keys traded, it also features statistics around activity by the hour of the day. For example, at time of writing, the highest number of average trades take place at around 15:00, but the highest hour for average volume is at 20:00 hours.
If you're more interested in friend.tech trading statistics, creators' earnings, MEV sniping bot activities, and friend.tech's impact on BASE, you can check out the dashboard built by @21co.
Friend.tech Airdrop
Under the friend.tech Airdrop tab, users can see how many points they've earned over the course of the week. Points are allocated based on the user's activites on the platform, and are calculated on a weekly basis.
We just did our first Friday Points Airdrop to 44k users.
— friend.tech (@friendtech) August 18, 2023
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
The current sentiment is that these points will likely translate to a future token, as the Series A round came with token warrants.
Friend tech raised a Series A recently for a $50m valuation.
— Derivatives Monke (@Derivatives_Ape) August 20, 2023
The Series A round came with token warrants so there will definitely be a token coming out.
Paradigm was their only seed round investor, so it's in their benefit to tease an airdrop because:
Tease airdrop ->
Farm…
To accumulate points, users can trade creators to build up their aggregate transaction volume. It's also likely that the more popular an account is, the more points the creator will earn. As an example, Cobie, who's one of the top five accounts on friend.tech at time of writing, earned 1.1million points in the first drop. Beyond transaction volumes, users can also constantly interact with the app through messages and other activities.
Do note that airdrops are highly speculative and following the above steps is not guaranteed to result in earning tokens.
Final Thoughts
Friend.tech holds many promises, and a significant number of cryptocurrency enthusiasts are exploring these opportunities. If you are looking to get started, this guide takes you through the basic procedures. It is, however, not exhaustive of the operations on the platform. As the platform develops, new features are likely to be added. Ensure that you understand how these features work and how they apply to users. This article is only educational and not financial advice.
Joel is deeply interested in the technologies behind cryptocurrencies and blockchain networks. In his over 7 years of involvement in the space, he helps startups build a stronger internet presence through written content. Follow the author on Twitter @agboifesinachi
Or check it out in the app stores
