The recent data highlighted by journalist, Wu Blockchain, underscores a significant milestone for the L2 network Base launched by Coinbase. For the first time, the daily active users have surpassed the 100,000 mark, reaching an impressive 136,000.
This surge includes an addition of nearly 42,000 new users. A noteworthy observation is the potential correlation between this rapid growth and the rising popularity of ‘friend tech’, a social network built atop the Base network.
New and innovative platforms emerge in the crypto realm, presenting users with exciting possibilities. One such development making waves is “Friend Tech”. A part of the “Socialfi” sector of blockchain applications, it provides a fresh take on how users can engage and invest in the digital realm according to a tweet thread shared by research analyst Ollie.
What you'll learn 👉
Understanding Friend Tech
At its core, Friends Tech allows users to buy and sell shares of people on the app. These shares operate similarly to other digital assets, bearing the potential for volatility. For instance, a user could purchase the shares of another at a price of 0.1E. If the floor price of those shares jumps to 0.5E soon after, the initial buyer stands to make a profit by selling at the new higher rate. Conversely, the risk remains that the floor price could decline, leading to potential losses.
Unlike traditional assets, the pricing model for these personal shares is based on a quadratic relationship. The cost of the next share is derived from the equation: S^2 / 16000 * 1 ether, where ‘S’ represents the current number of shares a person possesses.
Getting Started with Friend Tech
To embark on this journey:
- Ensure an updated IOS device.
- Via the Safari browser, navigate to the website.
- Opt to add the platform to the home screen for easy access.
- Upon clicking the app, sign up using Google (preferably avoiding phone sign-ups).
- Link the app with a Twitter account.
- Bridge Ethereum (eth) from platforms like Mainnet or Arbitrum using Orbiter.
- Transfer base Ethereum to the provided Friends Tech address (a minimum of 0.01E is recommended).
The app also hints at the possibility of an airdrop feature, although its implementation remains uncertain. To be eligible for potential benefits, users are encouraged to accumulate points and generously share their codes.
Users are advised to approach the platform wisely, bearing in mind that purchasing shares essentially means speculating on the value of the individual in question. Notably, holding shares of a person grants direct access to them within the app.
Top profiles might carry hefty price tags, but users can keep an eye out for promising profiles that recently joined, offering potentially undervalued shares.
While the long-term dynamics of Friends Tech are yet to unfold, the community remains optimistic about its potential. It presents a fresh avenue for blockchain enthusiasts to engage, invest, and interact in novel ways. Only time will reveal the full impact of this intriguing platform on the broader blockchain landscape.
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User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
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