In the realm of content creation, three key elements take center stage: “complexity,” “variability,” and “unpredictability.” Complexity, as the name suggests, gauges the intricacy of the text. Variability, on the other hand, assesses the diversity of sentence structures. Finally, unpredictability denotes the likelihood of anticipating the following sentence. It’s worth noting that human authors often interweave intricate and shorter sentences, introducing an element of unpredictability that differs from the more uniform sentences generated by AI. Hence, when embarking on the content creation task ahead, the aim is to infuse it with a healthy dose of complexity and variability while keeping predictability to a minimum. It’s also essential to adhere to English as the sole language of composition. Now, let’s reimagine the following text:

Security-conscious Friend.tech users have the option to fortify their accounts with a two-factor authentication (2FA) safeguard.

Amid a wave of SIM-swap attacks targeting its users, the brilliant minds behind the decentralized social media platform, Friend.tech, have introduced an additional layer of security.

In a post dated October 9, shared on X (formerly Twitter), the Friend.tech team shared the good news, stating, “Now, you can bolster the security of your Friend.tech account with a 2FA password. This added protection becomes invaluable in case your cellular carrier or email service ever falls into the wrong hands.”

Whenever Friend.tech users log in on new devices, they will be prompted to set up an additional password.

A word of caution from Friend.tech: Neither the Friend.tech team nor the Privy team have the ability to reset these passwords, so use this feature judiciously.

The implementation of this latest change comes on the heels of several SIM-swap attacks directed at Friend.tech users since September.

“Froggie.eth” became one of the initial Friend.tech users to suffer a SIM-swap attack on September 30, and this unfortunate incident sounded the alarm for others to stay vigilant.

In the following days, more Friend.tech users came forward with similar harrowing tales. The collective toll was estimated at 109 Ether, equivalent to roughly $172,000, stolen from four users within a week. A mere few days later, another four users fell victim, with a staggering $385,000 worth of Ether disappearing.

In an effort to mitigate the risks associated with SIM-swap exploits, Friend.tech had already updated its security on October 4, enabling users to add or remove various login methods.

Critics had voiced their concerns, pointing out that Friend.tech could have implemented this solution sooner. One user exclaimed, “Finally,” while another echoed, “Took you long enough.”

Yet amidst the critique, a prominent creator on Friend.tech, “0xCaptainLevi,” remained optimistic. He emphasized that two-factor authentication (2FA) is a game-changer and has the potential to propel the social media platform to unprecedented heights.

In an October 8 thread on X, Blockworks founder Jason Yanowitz disclosed one of the methods used in orchestrating SIM-swap attacks. The process involves a text message that solicits a user for a number change request. Users can respond with “Yes” to authorize the change or “No” to reject it.

Should the user respond with “No,” they will then receive a genuine verification code from Friend.tech and be prompted to send that code to the scammer’s number.

“If we don’t receive a response within 2 hours, the change will proceed as requested,” a subsequent message warned.

Jason Yanowitz offered a stark warning, stating, “In reality, if I sent the code, my account would be wiped.”

As of now, the total value locked on Friend.tech stands at $43.9 million, representing a 15.5% decrease from its all-time high of $52 million on October 2, according to DefiLlama.

The post Friend.tech updates its security following SIM-swap assaults. appeared first on BitcoinWorld.

Trading volumes and activity on the controversial SocialFi platform Friend.tech has been elevated recently, but that is not necessarily a positive metric. 

Over the weekend, the total trading volume on Friend.tech exceeded $10 million, the highest for several weeks.

However, industry analyst Colin Wu said, “This may be exit behavior.”

Ethereum is being withdrawn from the platform as keys are being redeemed at a faster rate than they are being minted, according to Dune Analytics.

Friend.tech ETH Exodus

More than 5,000 ETH was withdrawn from the platform in the two days over the weekend. It is the largest withdrawal since October 24, when 4,380 ETH was taken off in a single day.

Moreover, Friend.tech total value locked fell 21% over the weekend to 17,100 ETH, or $33.6 million.

It is the lowest TVL on the SocialFi platform since mid-September.

On November 18th and 19th, the total trading volume of friend tech exceeded 10 million US dollars, which was the highest in more than half a month. This may be an exit behavior. A total of 4.42k ETH was withdrawn from friend tech in the two days over the weekend. Friend tech TVL…

— Wu Blockchain (@WuBlockchain) November 20, 2023

Since its peak of around $50 million in early October, Friend.tech TVL has tanked by around 34%.

Additionally, there has been virtually no increase in the number of new users since late October. According to Dune, the platform has a total cumulative user figure of 839,190, but activity has fallen back overall. Bitcoinworld reported last week about Friend.tech’s daily transactions plunging to new lows.

Read Also: Pro-Bitcoin Javier Milei Becomes New President of Argentina

Moreover, the platform has been plagued with scams as malicious actors target its users through phishing and SIM-swap attacks.

Over the weekend, the team reported that they had identified and removed 600,000 accounts identified as bots. However, it appears that genuine users have also been locked out.

We've been working to reduce botting. Today, we identified and removed 600k accounts identified as bots from the feed's vote distribution.

If you believe your account was identified as a bot in error, please contact support@friend.tech and include your X/Twitter username

— friend.tech (@friendtech) November 17, 2023

User Lockouts

Prominent crypto influencers are now reporting being locked out of the platform. One said they lost more than 10 ETH, which the platform will not help them recover. “These social finance apps are all incompetent, and I regret joining them,” said “SalsaTekila.”

Meanwhile, analyst Alex Krüger said the Friend.tech team “locked me out with an upgrade, then refused to help,” adding:

“These people are absolute scum. Founders have a fiduciary duty towards holders who put their money in.”

Update on my social finance journey:

1) Got locked out of friend tech and they won't help me recover; lost probably 10+ ETH.

2) Got drained on star arena for all my avax, lost like 1500 avax.

— SalsaTekila (@SalsaTekila) November 19, 2023

It appears that the Friend.tech hype could be waning as users become disgruntled with the platform and start withdrawing their assets (if they can).

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The post Trading Volume On Friend.tech Surges. Is This A Possible Exit Behavior? appeared first on BitcoinWorld.

The majority of the TVL comes from only two native Base projects.

Friend.tech’s TVL grew by 540% in the last month, according to DefiLlama.

Since its August debut, Coinbase’s layer-2 network Base has seen its TVL soar to an all-time high of $397.32 million, beating Solana’s TVL ($358.96 million). According to DefiLlama’s statistics, Base has made remarkable strides in the previous 30 days, with the network’s TVL increasing by a massive 97.21%. The TVL of Solana, on the other hand, has dropped by 9.64% within the same time period.

The majority of the TVL comes from only two native Base projects. Aerodrome Finance, a decentralized exchange, has the highest TVL at $97.83 million, while Friend.tech, a decentralized social networking service, stands at $36.53 million.

Major Contribution

Launched on August 28, Aerodrome offers customers a variety of services, including the ability to deposit liquidity in exchange for its native AERO tokens. While Aerodrome’s TVL struggled to attract investors in its first few days, on August 31 the value of the token surged, with $150 million pouring in.

Its TVL peaked at $200 million on September 2 but has subsequently dropped by around 51%. The early excitement seems to have died out. On August 11, Friend.tech became available to the public, allowing its users to tokenize their social networks via the exchange of “Keys.” The platform had a huge increase in September after being declared “dead” in late August owing to plunging user activity and fees.

Friend.tech’s TVL grew by 540% in the last month, according to DefiLlama, with most of the rise occurring following a pump that kicked out on September 9. This coincided with a spike in daily trading volume.

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According to Blockworks, Friend.tech, a SocialFi app, experienced its largest daily outflow on October 23, with $5.81 million leaving the platform. This was followed by the second-largest daily outflow on October 25, with another $3.21 million exiting. The downturn may have been accelerated when the platform's most valuable creator, a profile known as 'Vombatus,' sold 176 of their own keys, worth around $1.5 million. Vombatus' key price fell from around 8.3 ETH to 1.671 ether (ETH) after the sale.

Vombatus has since set up a profile on New Bitcoin City, a Friend.tech spinoff priced in bitcoin (BTC). New Bitcoin City has been offering boosted airdrops to users migrating from Friend.tech and has seen more than $3 million in net inflows in the past two weeks, according to DeFiLlama. As the assets undergirding the projects pump, SocialFi apps are having a mixed week. Friend.tech, Stars Arena, and Friend3 were trending downward, per DappRadar, while New Bitcoin City and Post.Tech saw growth.

Friend.tech's total value locked (TVL) stood just shy of $40 million on Wednesday. The app still accounts for some 86.8% of the dollar volume among top SocialFi projects after Avalanche-based Stars Arena suffered an exploit, according to a Dune Analytics dashboard.

 Key takeaways

SocialFi combines social, NFT, and DeFi to create a community-driven economy with community tokens or NFTs at its core.

Friend.tech currently leads the SocialFi landscape across quantitative metrics.

Despite Friend.tech's dominance, fierce competition exists in the rapidly evolving SocialFi sector, with projects like post.tech and friendzy challenging for prominence.

The competitive landscape of SocialFi, as meticulously analyzed by Bitget Research, paints a dynamic and evolving picture of this emerging field. SocialFi, the amalgamation of social, NFT, and DeFi, represents the marriage of community-driven economies within the DeFi realm, with various projects vying for dominance. Notably, Friend.tech has risen to prominence, leading in terms of quantitative metrics and boasting significant interaction and user numbers as of October 9th. However, the competition within SocialFi remains fierce, with projects like post.tech and friendzy, while not far behind, challenging Friend.tech's dominance. In this rapidly evolving sector, Friend.tech's ascendancy marks the beginning of a heated competition for the top spot in the SocialFi landscape.

1. What is SocialFi?

SocialFi, short for Social Finance, combines social and finance elements. It's a fusion of social, NFT, and DeFi that creates an ecosystem where social and finance interact. Think of it as a community-driven economy with community tokens or NFTs linking people, all under the umbrella of DeFi. Lately, the term SocialFi has become quite popular and broadly refers to almost all Web3 social projects. With the buzz around Friend.tech, there's been a surge of interest in SocialFi projects, heating up the competition.

2. As of June 18th

There are two notable aspects in the competitive landscape of SocialFi:

Friend.tech leads across all quantitative metrics, undisputedly taking the top spot.

With various SocialFi projects emerging, Friend.tech faces fierce competition.

Data source: Dune Analytics

3. As of October 9th

Looking at interaction and user numbers, Friend.tech boasts 87,600 daily interactions, capturing 44% of the entire SocialFi landscape. In second place is post.tech with 66,800 interactions. Post.tech is a Web3 SocialFi project on Arbitrum, often considered an emulation of Friend.tech. In terms of active traders, Friend.tech still has the highest number, while other projects lag far behind, averaging around ten times fewer active traders than Friend.tech.

Data source: Dune Analytics

4. In terms of trading volume and protocol fees

Friend.tech commands a dominant position. Its daily protocol fees account for 53% of the total, reaching $196,000 on October 9th. Ranking second is friendzy, with protocol fees of $144,000, constituting 39.1%. Friend.tech also maintains a significant lead in terms of trading volume, with a daily volume of $1.126 million, making up 80.3%.

5. Challenges Ahead

While Friend.tech excels across various data dimensions, it's not without challenges. For instance, concerning protocol fees and interaction numbers, Friend.tech's lead over second-placed projects like post.tech and friendzy isn't extremely wide. The competition for the second spot in the overall SocialFi landscape remains fierce.

Conclusion

SocialFi is a dynamic space, and Friend.tech's prominence doesn't mean it won't face competition; in fact, the competition is heating up.

The platform's impressive daily interactions and user numbers set it apart, while its commanding position in terms of trading volume and protocol fees reinforces its significance. However, the competition is undeniably heating up in this dynamic space, with projects like post.tech and friendzy vying for a prominent place in the SocialFi landscape. Friend.tech's supremacy, while noteworthy, does not diminish the fervent competition characterizing this swiftly evolving sector, making it essential for all players to continuously innovate and adapt to stay at the forefront of Social Finance.

According to CryptoPotato, over the weekend, the total trading volume on Friend.tech exceeded $10 million, marking the highest level in several weeks. However, industry analyst Colin Wu suggests that this may be an exit behavior. Data from Dune Analytics shows that Ethereum is being withdrawn from the platform at a faster rate than it is being minted, as keys are being redeemed.

More than 5,000 ETH was withdrawn from Friend.tech over the weekend, representing the largest withdrawal since October 24, when 4,380 ETH was taken off in a single day. Additionally, the total value locked (TVL) on the platform fell by 21% over the weekend to 17,100 ETH, or $33.6 million, the lowest level since mid-September. Since its peak of around $50 million in early October, Friend.tech's TVL has dropped by approximately 34%.

The platform has also seen virtually no increase in the number of new users since late October. Dune Analytics reports a total cumulative user figure of 839,190, but overall activity has declined. Friend.tech has faced issues with scams, as malicious actors target its users through phishing and SIM-swap attacks. Over the weekend, the team reported identifying and removing 600,000 accounts identified as bots, but it appears that genuine users have also been locked out.

Prominent crypto influencers have reported being locked out of the platform, with one user claiming to have lost more than 10 ETH, which the platform will not help them recover. Analyst Alex Krüger also reported being locked out of Friend.tech, stating that the team 'refused to help.' As users become increasingly disgruntled with the platform and begin withdrawing their assets, the hype surrounding Friend.tech may be waning.

Friend.tech introduces a new global text feed where users can actively influence post rankings. This feature allows individuals to vote posts up or down, determining their visibility on the platform.

Users receive daily votes at 12 PM ET, correlated with the value of their keys, giving them a direct say in content curation.

This interactive feed is now live, accessible via friend.tech’s dedicated posts page. It signifies a shift towards more democratic content management, where users play a crucial role in shaping the narrative and visibility of posts.

Introducing the friendtech feed, a globally ranked text feed where users move posts up and down by casting votes.Users receive votes to cast every day at 12pm ET based on their key prices.Live now at https://t.co/IpBpKmyEdK pic.twitter.com/App90TFChq

— friend.tech (@friendtech) November 17, 2023

The Friend.tech Telegram Bot Incident

Earlier this month, friend.tech introduced an innovative user-empowered feature, but security challenges quickly overshadowed it. Users reported incidents of private key thefts, and suspicions arose around the @FriendSniperTch Telegram Bot as a potential source.

Cosine, a cybersecurity authority and founder of SlowMist, raised the alarm about these security breaches. He emphasized the possible vulnerabilities in friend.tech’s security infrastructure, casting a shadow over the platform’s recent strides in user empowerment.

In a swift response to these security incidents, SlowMist has actively engaged in supporting the affected users. They have created a dedicated portal for reporting similar security breaches, signaling their commitment to investigate and address the issue of private key theft.

This situation emphasizes the urgent need for friend.tech to strengthen its security measures. The platform must ensure that its users’ safety is not compromised by its innovative offerings.

As friend.tech navigates this new chapter with its user-focused feed, it faces a balancing act between embracing innovation and addressing security vulnerabilities.

The platform faces a complex landscape, requiring a balance between its dedication to user engagement and content democratization. At the same time, it is imperative to actively uphold user trust and reliability through robust cybersecurity measures.

The post Friend.tech Unveils New Voting-Driven Post Ranking Feature on friendtech Feed appeared first on Metaverse Post.

Over the weekend, the total trading volume on Friend.tech exceeded $10 million, the highest for several weeks.

However, industry analyst Colin Wu said, “This may be exit behavior.”

Ethereum is being withdrawn from the platform as keys are being redeemed at a faster rate than they are being minted, according to Dune Analytics.

Friend.tech ETH Exodus

More than 5,000 ETH was withdrawn from the platform in the two days over the weekend. It is the largest withdrawal since October 24, when 4,380 ETH was taken off in a single day.

Moreover, Friend.tech total value locked fell 21% over the weekend to 17,100 ETH, or $33.6 million.

It is the lowest TVL on the SocialFi platform since mid-September.

On November 18th and 19th, the total trading volume of friend tech exceeded 10 million US dollars, which was the highest in more than half a month. This may be an exit behavior. A total of 4.42k ETH was withdrawn from friend tech in the two days over the weekend. Friend tech TVL…

— Wu Blockchain (@WuBlockchain) November 20, 2023

Since its peak of around $50 million in early October, Friend.tech TVL has tanked by around 34%.

Additionally, there has been virtually no increase in the number of new users since late October. According to Dune, the platform has a total cumulative user figure of 839,190, but activity has fallen back overall.

Moreover, the platform has been plagued with scams as malicious actors target its users through phishing and SIM-swap attacks.

Over the weekend, the team reported that they had identified and removed 600,000 accounts identified as bots. However, it appears that genuine users have also been locked out.

User Lockouts

Prominent crypto influencers are now reporting being locked out of the platform. One said they lost more than 10 ETH, which the platform will not help them recover. “These social finance apps are all incompetent, and I regret joining them,” said “SalsaTekila.”

Meanwhile, analyst Alex Krüger said the Friend.tech team “locked me out with an upgrade, then refused to help,” adding:

“These people are absolute scum. Founders have a fiduciary duty towards holders who put their money in.”

Update on my social finance journey:

1) Got locked out of friend tech and they won’t help me recover; lost probably 10+ ETH.

2) Got drained on star arena for all my avax, lost like 1500 avax.

— SalsaTekila (@SalsaTekila) November 19, 2023

It appears that the Friend.tech hype could be waning as users become disgruntled with the platform and start withdrawing their assets (if they can).

The post Weekend Trading Volume Surges in Possible Friend.tech Exodus appeared first on CryptoPotato.

According to news from BlockBeats, the latest data on the "Keys" price rankings from Friend.tech for October 1 indicate that crypto KOL Vombatus takes the top spot with a commanding 7.966 ETH. Following close behind, Crypto KOL CBB0FE holds the second position with an impressive 5.663 ETH.

Crypto KOL Levi claims the third spot with 5.112 ETH, while Platform Founder Racer is in fourth place with 5.006 ETH. Lastly, Crypto KOL Hsaka rounded out the top five with 4.422 ETH.

The "Keys" price ranking from Friend.tech highlights the dominance and influence of these Crypto KOLs (Key Opinion Leaders) in the blockchain and cryptocurrency space. Their standing demonstrates the substantial impact their opinions and activities have on the digital asset ecosystem and the ongoing dynamics of the crypto market.

 

 

 

 

 

According to Odaily: Feedback from a community user named Ki regarding new measures that friend.tech is using to combat bots. Friend.tech, renowned for its technological innovation, has introduced an anti-bot monitoring mechanism that checks the combinations of usernames and random numbers, such as ki18707608, as part of their ongoing efforts to ensure transparent and fair operations.

It was brought to light when users, including woody82343978, reported that their ft score for this week was awarded zero points. They believed this was due to the application of the new mechanism. Friend.tech, in response to these concerns, ensured that the insights were considered, and further details were shared on their official communication channels.

While the application of such mechanisms can sometimes lead to user inconveniences, they are crucial in safeguarding the integrity of digital platforms against potential automated bot activities. Friend.tech is working actively towards maintaining a secure and authentic user interface, though it's recommended for the community users to stay updated through their official sources.

 

 

 


 

The team at Friend.tech is taking a significant step towards bolstering user security by introducing a two-factor authentication (2FA) password feature.

This security enhancement aims to protect users from the increasing threat of SIM-swap attacks, which have plagued the platform recently.

Friend.tech Introduces Two-Factor Authentication (2FA) Passwords

The move comes as a response to a series of SIM-swap attacks that have targeted Friend.tech users since September. These attacks involve hackers gaining control of users’ phone numbers, bypassing security measures, and gaining unauthorized access to accounts. The consequences have been devastating, with some users losing valuable digital assets.

You can now add a 2FA password to your https://t.co/YOHabcBL3H account for additional protection if your cell carrier or email service becomes compromised.

Neither the friendtech nor Privy teams can reset these passwords, so please use care when using this feature pic.twitter.com/g0m2E4att2

— friend.tech (@friendtech) October 9, 2023

To address these security concerns, Friend.tech announced the addition of 2FA passwords in a post on Oct. 9 on its official social media account. This new feature allows users to add an extra layer of protection to their Friend.tech accounts. If a user’s cell carrier or email service is compromised, the 2FA password will protect them from authorized access.

Users will also be prompted to set up a 2FA password when signing onto new devices, providing an additional barrier against potential attacks. Notably, neither the Friend.tech nor Privy teams can reset these 2FA passwords, placing the responsibility squarely in the hands of users.

The decision to implement 2FA has been met with mixed reactions. While some users have applauded the move, others have criticized Friend.tech for not acting sooner. Prominent platform creator 0xCaptainLevi expressed optimism about the new security feature, emphasizing that 2FA is a “big deal” that can help elevate the social media platform’s security and popularity.

How SIM-Swap Attacks Exploit Friend.tech Users

In a separate thread on X, Blockworks founder Jason Yanowitz shed light on one method by which SIM-swap attacks are orchestrated. Hackers send text messages to users, requesting permission to change their phone numbers. Users can reply with “YES” to approve the change or “NO” to decline it.

If a user responds with “NO,” they receive a genuine verification code from Friend.tech and are prompted to send it to the scammer’s number. This manipulation tactic puts users at risk of losing control of their accounts and digital assets.

Someone is trying to hack my @friendtech

1) Text sent saying they’re changing my number

2) I respond no

3) They say to confirm no, send the verification code

4) Receive actual verification code from friend tech

5) After no response, they text again saying they’ll auto… pic.twitter.com/j76vI969jP

— Yano (@JasonYanowitz) October 8, 2023

With the introduction of 2FA password protection, Friend.tech aims to fortify its platform security and give users greater peace of mind. The new feature ensures that even if cell carriers or email services are compromised, Friend.tech accounts remain secure.

The post Friend.tech Introduces New Feature to Boost User Security After Series of Incidents appeared first on CryptoPotato.

According to Blockworks, Friend.tech, a SocialFi app, has experienced a plateau in dollar inflows and a significant slowdown in new users. Despite this, existing users remain optimistic as they await a monetization route for airdropped Friend.tech points. Cumulative dollar inflows for the platform have plateaued at around $35 million, with fewer than 400 users signing up daily this week, as reported by DeFiLlama. This is a significant drop from the more than 5,000 users added daily throughout much of October.

In other news, gaming NFT rental platform LootRush has released a listing mechanism allowing users to rent out their gaming NFTs. NFT owners can connect their wallets to the platform and receive payment when users play games with the rented NFTs for limited periods. LootRush CEO Anderson Ferminiano expects the platform's annualized rental volume to reach $6 million by the end of 2023, making Web3 gaming more accessible.

Lastly, NFT volumes have risen for a fifth consecutive week, according to CryptoSlam!, but remain significantly below early 2023 levels. Roblox CEO David Baszucki expressed hopes that objects from the popular online game could eventually become NFTs, while Bored Ape Yacht Club's ApeFest saw several attendees suffer eye injuries due to bright lights at the event.

Friend.tech plans to reward users who stay loyal and refrain from joining its forks or clones. 

The SocialFi project will automatically forfeit the points of users who choose to opt into its forked versions. 

The points are expected to have a special purpose on the tokenized social media platform. 

Friend.tech’s users expressed disappointment at the project’s decision to punish users by forfeiting points. 

Friend.tech, the decentralized social media platform that has taken the web3 space by storm, announced a controversial policy earlier today, in light of copycat applications and forks. The SocialFi project stated that it would punish users who opt-in to rival SocialFi projects by disabling the reward point accumulation feature for them. However, the founder of the project reversed the controversial policy less than twelve hours after unveiling it.

Friend.tech To Forfeit Points Of Users Who Move To Clones

According to an announcement on X (formerly Twitter) earlier today, friend.tech stated that it would punish users who move to “forks and copies” by forfeiting their existing reward points and having them automatically opt out of earning any reward points in the future. 

Users who choose to venture onto rival SociaFi projects would still be able to use friend.tech, the tokenized social media platform clarified. The platform added that its latest reward point policy was in order to make sure that loyal users were rewarded fairly during its Beta stage. 

Friend.tech users took issue with its latest policy, with many expressing their disappointment and frustration. The majority of the crypto community agreed that users should be free to explore other projects without risking the rewards accumulated from their activities and contributions so far. 

Friend.tech’s pseudonymous developer, Racer, reversed the controversial reward point policy within hours of announcing it, following backlash from users and the broader crypto community. The developer apologized to the users, and urged them to explore other products.

I’ve been operating from fear…..That fear made me act with a mindset that is zero sum when i told you not to use other products….. Please live your life as you want.”

Racer, friend.tech developer

pic.twitter.com/IZtkRveuH6

— friend.tech (@friendtech) August 29, 2023

It is unclear as of now how users will be able to use the reward points in question, but the SocialFi project previously stated that they will have a “special purpose” once the six-month beta period ends. Friend.tech plans to distribute 100 million reward points throughout the Beta period, with airdrops every Friday. Airdrops consider user activity until Thursday 23:59, following which the points are rewarded and recorded off-chain. 

According to CryptoPotato, Friend.tech's Total Value Locked (TVL) has recently experienced a significant decline, with its largest single-day drop of 7.8% occurring in early October. This downturn in performance has been accompanied by a substantial redemption of keys on the platform, as well as ongoing sim swap attacks casting a shadow over the network.

Data and research analyst Tom Wan revealed the massive drop in the network's TVL on Dune Analytics. On October 4, the network experienced its largest single-day drop in TVL, losing about 2.3K Ethereum. DefiLlama stats show that the Base-based platform's TVL declined from 29.19K ETH to 27.14K ETH on October 4, and by early October 6, it had fallen to 26.48K ETH.

Despite the decrease in TVL, idle capital remained steady at 10.34K ETH (approximately $17M) on October 4, as the redeemed keys were fully withdrawn from the network. Reports suggest that the amount of dry powder did not drop, indicating that users could potentially reenter the market at any time.

Tom Wan's thread also highlighted key redemption statistics, with September 14 marking the peak, as 6.7K ETH worth of keys were redeemed. On October 4, key redemptions surged to a new high of approximately 2.1K ETH, valued at $3.5 million. Users who redeemed their keys on October 4 chose to withdraw the funds from their accounts, resulting in no increase in idle capital within the network.

One of the biggest key holders, Chang, has been among those redeeming keys. Reports state that the player offloaded 43 of his keys, making profits of about 140 ETH ($232K). This offloading led to a significant price decline in the key, dropping from 3.89 ETH per key to 2.64 ETH.

The recent and ongoing sim swap problem is reportedly to blame for the sudden decrease in TVL. Reports indicate that a scammer could make $387K in Ethereum through sim swap attacks on the network's users. In response to numerous complaints, Friend.tech upgraded its system to include login removal options. However, Tom Wan believes that the recent withdrawals and TVL drops are primarily due to the sim swap attacks.

According to Cointelegraph: Decentralized social network Friend.tech has updated its features, allowing users to alte login methods for their accounts. This comes in response to complaints about SIM-swap attacks, according to the company's social media announcement on October 4.

The updated settings can be accessed directly from the app, with users needing to tap on their wallet balance to implement changes. The update comes after several inquiries from users regarding the lack of two-factor authentication passcode functionality.

Friend.tech explained that current limitations may risk users locking themselves out of their accounts. The platform noted that Privy, their privacy feature provider, is working diligently to implement the upgrades.

However, on October 2, some Friend.tech users reported experiencing issues where they are not prompted to confirm passcodes. If entered incorrectly, neither Privy nor Friend.tech can reset them.

Following the update, a slew of user responses indicated that some were locked out of their accounts, while others changed their number only to find continued unauthorized access on other devices.

These changes were made in light of the platform's recent vulnerabilities revealed on October 4, following reports of users losing control of their accounts to SIM-swap attacks. Over 100 Ether was reportedly drained within a week due to these attacks.

On October 5, the exploits continued, allowing scammers to amass approximately $385,000 worth of Ether.

Despite these issues, Friend.tech has reportedly seen a significant increase in revenue, with surges totaling 10,663 Ether and its total value locked exceeding 30,000 Ether.

 

Friend.tech, a decentralized social token-driven app, is at the forefront of a digital revolution in the social media and blockchain landscape. This innovative platform offers a unique way for creators to monetize their influence and content while providing users exclusive access. In a world where traditional social media platforms rely on ads and algorithms, Friend.tech stands out by putting the power back into the hands of content creators and their communities.

With over 317,000 unique buyers and 11,000 ETH in revenue since its August 2023 launch, Friend.tech is making waves. This guide explores the platform’s pivotal role in reshaping the intersection of social media and blockchain, offering a glimpse into a future where tokenized attention reigns supreme.

What is Friend.tech?

Friend.tech is a decentralized social network built on the Base network, a Layer 2 scaling solution for the Ethereum blockchain. Launched on August 10, 2023, this innovative platform has garnered substantial attention and user engagement. Friend.tech is a groundbreaking bridge between social media and blockchain technology.

At its core, Friend.tech empowers creators to monetize their content by tokenizing attention. That means that creators can leverage their influence and content to offer unique perks and experiences to their followers. These perks are accessed through digital tokens known as “Keys.” The value of these Keys is tied to the creator’s influence and demand for their content.

As of October 4, 2023, Friend.tech boasts impressive statistics, with over 317,000 unique buyers, 314,000 unique subjects, and a revenue exceeding 11,000 ETH. These numbers underscore the platform’s rapid growth and its potential to revolutionize how creators and users interact in the digital landscape.

Core Elements and Features

Friend.tech operates invite-only, and obtaining an invite code is crucial. These invite codes act as exclusive tickets to access the platform. Users can acquire invite codes through friends, Reddit forums, or Twitter searches. The invite-only approach fosters a sense of community and adds an element of exclusivity to the platform.

Setting Up an Account

Once in possession of an invite code, setting up a Friend.tech account is a straightforward process. Users are required to download the Friend.tech app and log in. They can link their social media accounts, specifically Twitter (now X), either through their phone number or Google account.

Depositing Funds

Users must deposit Ether (ETH) into their accounts to actively participate in Friend.tech. It serves as the currency for transactions within the platform. Users can bridge a minimum of 0.01 ETH to their Base wallet account, essential for engaging in the platform’s activities. 

Alternatively, the platform provides a seamless deposit process on the mainnet through the Friend.tech platform, ensuring users’ convenience.

Friend.tech Keys 

Friend.tech revolves around the concept of “Keys.” These Keys are digital tokens granting access to a user’s exclusive private chats, perks, and content. Creators on the platform sell these Keys to their followers, enabling them to benefit from the unique offerings associated with that creator. The value of Keys is determined by the creator’s influence and the demand for access to their content. Users can also sell their Keys if they leave a particular group or creator, creating a dynamic marketplace within Friend.tech.

Fee Structure

Friend.tech employs a fee structure to sustain its operations and reward creators. When users purchase Keys or engage in share-related buy/sell transactions, a 10% fee is applied. Half of this fee goes to the creator, while the other half is directed to the Friend.tech treasury. For instance, if a user buys a “John Key” for 1 ETH, John receives 0.05 ETH, and the Friend.tech treasury receives the same amount. 

This fee structure ensures that creators are incentivized to offer exclusive content and perks to their followers while supporting the platform’s growth and development.

Airdrop Points

Friend.tech introduces a unique feature in the form of airdrop points. Users can access this feature through a dedicated tab within the app. Airdrop points are distributed to users weekly, every Friday. While the specific future uses of these points are speculative, they hold the potential for exciting developments within Friend.tech. Monitoring official Friend.tech accounts for updates and information regarding the project’s direction is essential.

Creating a Friend.tech Account

Creating a Friend.tech account is the first step to entering this innovative platform’s decentralized social token-driven world. This section will guide you through the process, emphasizing the significance of purchasing your initial Key to kickstart your journey on Friend.tech.

Step 1: Obtain an Invite Code

You’ll need an invite code to embark on your Friend.tech journey. These codes act as the keys to the platform and are necessary for gaining access. You can obtain an invite code through various channels, including referrals from friends, Reddit forums, or by conducting a quick Twitter search. Once you have a valid invite code, you’re ready to proceed.

Step 2: Setting Up Your Account

Visit Friend.tech: Open your phone’s browser or use your computer to visit the Friend.tech website. Ensure that you have your invite code ready.

Download the Friend.tech App: Follow the prompts to download the Friend.tech app to your device. This step is crucial for easy access to the platform.

Log In: Launch the app using your Google account or phone number. This initial login step is essential for account verification.

Step 3: Linking Social Media Accounts

Link Your Twitter Account: Next, you’ll need to link your Twitter account (also known as X) to Friend.tech. This linkage establishes the connection between your social media presence and the Friend.tech platform.

Authorize Access: Grant the necessary permissions and authorize access to your Twitter account. This step ensures seamless integration and interaction between the two platforms.

Step 4: Depositing Funds

Deposit Ether (ETH): Friend.tech operates on the Ethereum blockchain, and to participate fully, you need to deposit a minimum of 0.01 ETH to your Base wallet account. That can be done through a bridging process, transferring funds from your Ethereum wallet to your Base wallet.

Alternate Deposit Option: Alternatively, you can choose the more convenient method of depositing funds directly on the mainnet through the Friend.tech platform. It streamlines the process for a hassle-free experience.

Step 5: Purchase Your Key

Before diving into the broader Friend.tech community, starting with your own Key is essential. This initial purchase unlocks your ability to explore the platform, engage with creators, and become a part of the tokenized attention economy. Buying your Key is the first step towards experiencing the exclusive content and perks offered within the Friend.tech ecosystem.

Following these simple steps, you can swiftly create your Friend.tech account, link your social media profiles, deposit funds, and acquire your Key. This process paves the way for you to engage with creators, access exclusive content, and become an active participant in the decentralized social token-driven world of Friend.tech.

Benefits of Friend.tech

Friend.tech offers a range of benefits that cater to creators and users, revolutionizing how content is monetized and simplifying the complexities of the Web3 environment.

Content Monetization

Friend.tech introduces a groundbreaking approach to content monetization. Creators can leverage the platform to generate income by providing exclusive content and privileges to users who purchase their Keys. This tokenized attention model ensures that creators are directly rewarded for their influence and the quality of their content. As the demand for Keys increases, so does the value, creating a lucrative avenue for content monetization.

Simplified Web3 Processes

One of Friend.tech’s notable advantages is its ability to streamline the intricacies of Web3 processes, making them accessible to a broader audience. Users can easily navigate the platform, bypassing the typical authentication and transactional hurdles associated with blockchain-based operations. This simplification ensures that newcomers and experienced users can seamlessly engage with the platform, fostering inclusivity within the decentralized ecosystem.

Harnessing Social Capital

In the Web3 landscape, social capital holds immense value. Friend.tech empowers users to convert social networks, relationships, and community participation into tangible economic assets. Users can strengthen their social capital and leverage it for financial gain by participating in the platform’s tokenized attention economy. This innovative approach blurs the lines between social interactions and economic opportunities, creating a dynamic environment where influence translates into prosperity.

Friend.tech’s unique combination of content monetization, user-friendly Web3 processes, and the harnessing of social capital positions it as a disruptive force in the evolving landscape of decentralized social networks. As users continue to embrace the platform, the potential for financial empowerment and meaningful content experiences becomes increasingly evident, further solidifying Friend.tech’s significance in the blockchain and social media convergence.

Limitations and Concerns

While Friend.tech presents an innovative approach to decentralized social networks and content monetization, it is essential to acknowledge certain limitations and concerns that users should be aware of.

Privacy Concerns

Friend.tech’s integration with Twitter, while providing a seamless onboarding experience, raises privacy concerns. Twitter has been a target for hackers, and users should exercise caution. Revoking app permissions via Twitter settings is advisable, thereby removing unwanted data ties and securing one’s digital identity to mitigate these risks. Additionally, using Friend.tech on a computer and adjusting settings through developer tools can offer an extra layer of protection.

Security Issues

Friend.tech’s partially custodial nature introduces security risks. Wallet keys are stored on Friend.tech’s server, which could be vulnerable to hacks or unauthorized access. This dependency on a third party for wallet management can concern users who prioritize self-custody and security.

Another security challenge is the absence of bot protection on the platform’s backend. This omission makes it easier for bots to exploit Friend.tech servers, particularly for acquiring shares of new users shortly after their initial on-chain purchase. Such an advantage to bots can create an uneven playing field, potentially impacting the user experience.

Profitability Challenge

Earning significant income on Friend.tech may be challenging without a substantial social following. The platform’s design heavily monetizes influence, so creators with larger audiences have a higher potential to earn from shared exclusive content or offers. For users with a limited following, achieving meaningful profitability could be more challenging.

Future Outlook

Friend.tech has emerged as a trailblazer in decentralized social networks, and its unique approach to Keys and influence monetization sets it apart. The platform’s future outlook is undeniably promising, considering its rapid growth and innovative features.

Platform’s Response to Challenges

Friend.tech has displayed adaptability in responding to its challenges. Initially intended for load testing, the platform’s unexpected viral success prompted swift infrastructure scaling and issue resolution. That demonstrates the development team’s commitment to addressing issues promptly, ensuring a smoother user experience.

Continuous Development

Friend.tech’s journey is far from over, with continuous development on the horizon. Users can expect refinements and enhancements to its features and security measures as the platform matures. This dedication to improvement reinforces its potential as a long-term player in the social token-driven space.

Shaping the Future of Social Media and Blockchain Interaction

Friend.tech’s unique model, combining social tokens and exclusive content monetization, could significantly impact the future of social media and blockchain interaction. It offers creators a novel way to monetize their influence, bridging the gap between content creation and financial reward.

Conclusion

Friend.tech is a pioneering decentralized social token-driven app that has garnered significant attention relatively quickly. Its unique approach to content monetization through Keys and the ability to convert social capital into economic assets make it a notable player in the evolving landscape of Web3 and blockchain technology.

The platform’s rapid growth and adaptability under challenges underline its potential for long-term success. However, users need to be aware of the platform’s integration with Twitter, privacy concerns, security issues, and the importance of having a substantial social following for profitability.

As Friend.tech continues to develop and refine its features, it has the potential to reshape the future of social media and blockchain interaction. The platform represents a compelling intersection of blockchain and social media, offering creators and users a novel way to connect, share, and monetize their online presence. As it navigates the ever-evolving landscape of decentralized technologies, Friend.tech remains an exciting platform to watch and engage with in the evolving world of Web3.