‘I give it six to eight weeks’ — Critics warn friend.tech hype won’t last

Drawing parallels to BitClout– a predecessor DeSo app from 2021– pseudonymous Web3 online marketer Legendary shared his bearish prediction on the durability of Friend.tech. The bull case for friend.techOthers however, shared a far more favorable outlook on the new decentralized social media platform, applauding it for its unique developments in UX for crypto applications– something that crypto app designers have long struggled to get right.David Phelps, the co-founder of Jokerace and EcoDAO, explained Friend.techs UX as the “biggest crypto has actually seen,” pointing to three primary aspects as to why the app was such a considerable development for crypto. The app does not require users to download through an app shop account, which points more highly to the concept of decentralization.

Yazan argued there has actually been an unsustainable rate at which share costs have increased.” The screwed up market making that warranties that the app makes the most money along with developers– the price goes up too quickly,” he said. “How come theres 100 holders and the price is 1 ETH– 1 ETH to be able to see a personal chat?” According to pseudonymous software engineer Cygaar in an Aug. 20 X thread, the rate of someones shares on friend.tech is proportional to the square of the exceptional supply. As the supply increases, the price increases exponentially.It looks daunting, so lets simplify it. Lets presume that you only want to buy/sell a single share (quantity = 1). This is likewise understood as the spot price.Using our intermediate school algebra abilities, we can expand out the function and well get: price = supply ^ 2/ 16000– cygaar (@ 0xCygaar) August 19, 2023

While numerous crypto market heavyweights have actually applauded the app for bringing thousands of individuals motivating and on-chain sign-ups from even non-crypto figures– such as gaming YouTuber Faze Banks and Russian demonstration group Pussy Riot– some have actually warned its at threat of burning out.Built on Coinbases layer-2 network Base, friend.tech is a platform that allows users to purchase shares of their buddies and influencers, which in turn grants them access to a personal chat with that user. Speaking to Cointelegraph, crypto commentator Yazan pointed out a number of troubling aspects that led him to believe the app has between 6 and 8 weeks before both share prices and basic activity begin to nosedive.Let me inform you one thing.Something isnt ideal about @friendtech. Drawing parallels to BitClout– a predecessor DeSo app from 2021– pseudonymous Web3 online marketer Legendary shared his bearish prediction on the longevity of Friend.tech. The bull case for friend.techOthers nevertheless, shared a far more favorable outlook on the brand-new decentralized social media platform, applauding it for its novel developments in UX for crypto applications– something that crypto app developers have long struggled to get right.David Phelps, the co-founder of Jokerace and EcoDAO, explained Friend.techs UX as the “biggest crypto has actually seen,” pointing to three primary elements as to why the app was such a considerable development for crypto. The app doesnt require users to download by means of an app store account, which points more strongly to the concept of decentralization.

While numerous crypto market heavyweights have actually praised the app for bringing thousands of people motivating and on-chain sign-ups from even non-crypto figures– such as gaming YouTuber Faze Banks and Russian demonstration group Pussy Riot– some have actually warned its at risk of burning out.Built on Coinbases layer-2 network Base, friend.tech is a platform that allows users to buy shares of their pals and influencers, which in turn grants them access to a private chat with that user. Speaking to Cointelegraph, crypto analyst Yazan pointed out a number of troubling elements that led him to think the app has between 6 and 8 weeks prior to both share rates and basic activity begin to nosedive.Let me tell you one thing.Something isnt right about @friendtech.

According to information from DefiLlama, Friend.tech has produced $1.42 million in costs in the last 24 hours and $4.2 million since its public launch. Total Friend.tech costs and income given that launch. Source: DeFiLlamaAt the time of publication, the overall income for the job stands at $1.88 million, and it has actually seen over 724,000 transactions from more than 64,500 unique traders.Magazine: Blockchain games arent actually decentralized … however thats about to change