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Sadly, the later burning of the platform’s contract in September 2024 has left existing vulnerabilities unaddressed and made future updates impossible. In terms of market capitalization, that translates to $274 million at its peak to $8.01 million currently, ranking it below the top 1600 cryptocurrencies. Since the peak value of $274 million on its token launch, FRIEND has declined over 98% and is now largely unused and left abandoned by the development team. During the checkout, input the Friend.Tech-generated wallet address as your wallet address, complete the transaction, and voila! Leveraging Layer 2 technology, embracing the concept of progressive web apps, embedding wallets for seamless initiation — these facets create a synergy that marks friend.tech as a groundbreaking fusion. The brilliance of friend.tech lies not only in its valuation mechanism but also in its ability to distill insights from the cacophony of platforms.
Is It Time to Board the Friend.tech Hype Train?
So far, the only practical utility such “keys” have is to provide access to a private chat with the crypto personality who issued them. In this sense, frenetic trading in friend.tech shares is reminiscent of the Bitcoin Ordinals and BRC-20 craze in March-April 2023. Prices are based on a bonding curve, where keys become more expensive the more people own them. The creator earns a 5% commission on each sale, and 5% more goes to the protocol. Richard “FaZe Banks” Bengtson II, co-founder of the influential esports community FaZe Clan, joined the platform late Sunday and saw his share prices quickly become among the costliest. Elsewhere, NBA player Grayson Allen saw shares surge quickly in mere hours after joining.
Friend.tech launched on August 11, and by August 28 it had reached $6.4 million in TVL with over $1.5 million in fees collected on some days. With $80 million in trading volume and 125,000 unique traders, it is the tax treatment of cryptocurrency the most viral thing in crypto after $PEPE. For now, the airdrops consist of “points” airdropped to users every Friday on a weekly basis. The app mentions that the points will have future uses in Friend.tech, which may translate to a future token airdrop. Nevertheless, this is speculative, so pay attention to the official Friend.tech accounts for information regarding the project. When purchasing “Keys”, the money spent is inclusive of the platform and creator fees.
MEV bots and tools for friend.tech users
Later in this article, we’ll look at how to send ETH to Base and buy friend.tech shares. FTX, the failed crypto exchange founded by Sam Bankman-Fried who currently sits in jail while he awaits trial for multiple charges of wire fraud, securities fraud, and money laundering. The crypto-centric VC fund invested $278 million in the exchange, which it later told investors was now worthless. Once your own key has been purchased, you will encounter the platform’s home page. In order to use the Friend.tech app, you must first create an account. For the pseudonymous founders of Friend.tech, the bigger concern is sustainability.
The user who steals an image off the original stealer has to pay 0.001 ETH, and each subsequent steal of the same image costs 0.001 more plus 10% more than the previous one. The first person to “steal” an NFT gets it absolutely free, but all subsequent stealers have to pay to reveal the image. If your NFT gets stolen, you’ll suddenly see that there’s more ETH in the wallet but the image is gone. Every Friday friend.tech distributes off-chain airdrop points depending on each user’s activity level. Scammers have already descended on Friend.tech after seeing how quickly it has blown up. Multiple phishing campaigns have already spread, attempting to trick users into signing up for a fake airdrop scheme which would then effectively drain their crypto wallets.
Friend.tech priceFRIEND#3964
This means that “controversial personalities might earn more or even creating FUD will be used as a strategy to earn fees.” Friend.tech operates by allowing users to cryptocurrency change platform development steps and features buy keys (shares) in other users. Key prices increase as demand grows, thanks to a unique bonding curve mechanism. The project charges 5% fees on transactions plus 5% that goes to the key issuer.
However, the presence of MEV bots means that regular users have almost zero chance of buying quality new shares as soon as they are issued. Technically, share issuers don’t have to do anything for their share buyers beyond responding in the group chat — but many do. For example, leverage trader RookieXBT shares his revenue with the shareholders who have at least two shares and adds them to his MagnetMoney community, where he literally gives away money. Friend.tech charges a 5% protocol fee on each transaction, plus a 5% fee that goes to the share issuer. Since around $7.8 million in fees have been collected so far, the founders of friend.tech have earned around $3.9 million — though hopefully most of it will be used for project development.
- Base doesn’t have any token of its own, so don’t fall for any scam offers of “BASE tokens”.
- Everyone jumps on an opportunity to make money, but I think the platform will be done within the next weeks to months.
- Once you have gained access to the app, you must log in and link your Twitter (X) account to the app through your phone number or Google account.
Airdrop Points
One audience member asked if most people will use a personal AI for “videos that make them laugh” or for “information that’s only going to confirm their biases.” Schmidt has advised the US government and military on technology for years. In 2016, he chaired the Defense Innovation Board, which advises the Defense Department, and chaired the US National Security Commission on Artificial Intelligence in 2018. “Their governments are not ready. The government processes are not ready. The doctrines are not ready. They’re not ready for the arrival of this.” If that feels Ponzi-ish to you, do not ever ask a Bitcoin maxi about the hard cap on the cryptocurrency. Worried about being caught out by cybercriminals this holiday season?
How a digital “you” can sit through your agonizing web conference calls
There’s a new trend in Base, the second-layer solution built by Coinbase COIN to help scale Ethereum ETH . We are talking about Friend.tech, one of the hottest projects in Base. Coinbase’s chain reached a historic record of 15.88 transactions per second on August 21, according to l2beat data. The total value locked under Friend.tech is now over $6 million, according to DeFiLama data. Friend.tech is a browser-based application launched on the Base network, an Ethereum scaling network provided by crypto exchange Coinbase.
Both Burgum and Wright agree that the United States needs an “all-of-the-above” approach to energy. We need to make energy permitting faster, so solar and wind projects don’t get backlogged, while also ensuring that nuclear and geothermal projects are advanced. As this administration takes shape, my goal is to call balls and strikes leonardo da vinci drawing tipped to sell for £12m at london auction as I see them. I don’t expect to agree with every policy decision or appointee, but I also won’t dismiss the potential for positive change where it exists. Trump’s disinterest in certain policy areas makes the vision of the appointees all the more critical.
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Friend.Tech exemplifies a novel approach towards social interactions by tokenizing social credibility. This not only gamifies social engagement but also introduces a marketplace dynamic where interactions bear financial value. This fosters a more user-centric social ecosystem that prizes privacy, control, and financial incentive over mere engagement. The exclusivity of invitation codes plays to the platform’s selective community-building approach, though this may change in the future to accommodate a broader audience. Friend.Tech operates on an invite-only basis, at least for now, ensuring a curated user base. Friend.Tech has mentioned airdropping points to active users every Friday, with a total of 100 million points distributed over a six-month beta period.
Sometimes these users would incentivize the sale of these tokens by linking them to exclusive content. The app, built on Coinbase’s layer-2 blockchain Base, allows users to tokenize their likeness by selling “shares” of themselves to their followers, who then become shareholders and can message the users directly. The app was quickly picked up and popularized by “Crypto Twitter” personalities like Frank DeGods and gainzy222, trading influencer RookieXBT, and NBA player Grayson Allen, to name a few. Firstly, users aren’t required to download the app through an app store account, which emphasizes decentralization. Secondly, the app automatically links funds, simplifying transactions.
The co-founders go by their X.com (formerly Twitter) usernames “0xRacer” and “shrimppepe,” according to one of their investors, Paradigm general partner Charlie Noyes. He identified three key factors that make the app a significant breakthrough for cryptocurrency. Given the hype around Friend.tech, people are cautious but want to get involved, and crypto industry leaders have praised Friend.tech network’s advancements. In addition to this, according to data from Defi Llama, Friend.tech has generated $6.64 million in fees since its beta launch.