Friend.tech, a new decentralized social media (DeSo) app, has rapidly gained attention in the crypto world, attracting over 64,000 new users and over 24,000 ETH in transaction volume since its beta launch on August 11th.
While Friend.tech has received praise for onboarding numerous users into the crypto space and engaging non-crypto individuals, some experts caution that the platform might be susceptible to a downfall. Cryptocurrency commentator Yazan raises concerns about the sustainability of the app's stock price and overall activity, suggesting that the rapid rise in share prices may not be maintainable.
The app operates on Coinbase's layer 2 network Base, allowing users to purchase shares of friends and influencers, granting them access to private chats with these users.
A software engineer using the pseudonym Cygaar noted that the price of a person's stock on Friend.tech is proportional to the square of the float, causing the price to rise exponentially as the supply increases.
Despite differing opinions on the app's future, Friend.tech has introduced novel developments in crypto app user experience. Co-founder of Jokerace and EcoDAO, David Phelps, lauds the app's user experience, highlighting its unique features that enhance decentralization. The se features include not requiring users to download the app through an app store account, automatic fund bridging, and a simplified transaction process.
Friend.tech's impact on the crypto space is undeniable. It recently announced a seed round investment from crypto venture capital firm Paradigm. The app has generated substantial transaction fees, with $1.42 million in the past 24 hours and $4.2 million since its public launch. The project's success has led to over 724,000 trades from more than 64,500 unique traders.
