- Good friend.tech competed with top-ranked DeFi platforms like Uniswap and Lido Finance, producing round $1.42 million in charges.
- The social tokenization app additionally contributed to exercise on Base, the lately launched L2 community incubated by Coinbase.
- Group members are torn over whether or not Good friend.tech may very well be one other DeFi one-hit surprise because the hype continues.
Crypto aggregator Coingecko added a class for wrapped variations of Good friend.tech shares because the venture continues to draw consideration, sparking discourse amongst DeFi members.
These tokens exist within the ERC-20 normal on Base, a layer 2 blockchain incubated by crypto trade Coinbase which launched in August. Wrapped variations of Good friend.tech shares went stay on August 19.
Good friend.tech Hype
The cell app launched with an invite-only beta a day after Base opened for public entry. The platform permits customers to tokenize their X (previously Twitter) accounts and promote a function known as “shares”. Shareholders are then afforded entry to a non-public chat room owned by the account whose shares they purchased. Customers have drawn comparisons with an analogous dapp known as Bitclout.
The venture has garnered consideration and participation from DeFi customers, reaching over 100,000 distinctive customers shortly after launch per a Dune Analytics dashboard.
Observers additionally raised eyebrows relating to the long-term worth proposition of the venture and its pricing mechanism. Good friend.tech employs a bonding curve that costs every share based mostly on the variety of shareholders. This additionally means the worth of every share might improve as extra customers purchase the shares of an account.
Bitclout, one other platform that tokenized customers’ social media presence, provided an analogous platform that ultimately pale after the preliminary hype.
Group members additionally raised privateness considerations after a so-called leak of customers’ on-chain addresses. “That is simply somebody scraping our public API that exhibits the affiliation between public pockets addresses and public Twitter usernames”, the crew responded.
Good friend dot tech
The mobile-only social media decentralized app at present has no privateness coverage web page, leaving questions in regards to the venture’s strategy to one among crypto’s most talked about matters.