The Solana Friend.tech fork, Friendzy, has generated almost $ 1 million in volume since its launch less than a week ago. The Friend.tech clone uses the same mode of operation as the leading incumbent by allowing users to tokenize their tweets, which they can buy and sell in the form of ‘keys’, which they use to join chatrooms belonging to their favourite content creators.
The applications spokesman said they were optimistic they would reach the one million mark by the close of business today as the current trade volume is at $920000.
Friend.tech is a decentralized social media platform backed by Blockchain technology. According to data from Dune, the platform’s weekly volume has flirted along the $ 2 million mark for the last two weeks. Friend.tech, which is slowly making a comeback after its dump in August, was launched on August 11.
The platform declared dead in late August by the crypto community on X (formerly Twitter) has seen a surge in deposits and activity in the past few weeks.
The Friendzy spokesman stated that the Solana Fork intends to dissociate itself from Friend. tech by offering more features other than chatrooms, as this would ensure it maintains its price curve. Friendzy, just like Friend.tech tokenizes tweets into keys which users can trade to access chatrooms.
The keys award various benefits to the users whose extent and nature are determined by the creators owning the chatrooms, as indicated on the Friendzy application FAQ page.
Demand and supply determine the keys’ prices, the higher the keys demands the higher price, and the lower the number of keys, the higher the price. Like any other decentralized exchange, fiat is not used in these transactions. Traders acquire these keys against a smart contract.
The spokesman also added that there is a notable increase in the app’s volume compared to its leading incumbent, which has often been speculated to be a Ponzi scheme due to the hype created by creators and its high pricing schemes.
Shares of top accounts on Friendzy cost $10, whereas Friend.tech shares sell at $ 11.50.Key holders earn royalties on both applications once they are traded, with higher prices in Friend.tech means higher royalties, outshining Friendzy in this aspect. This motivates token holders to use Friend.tech keys to attract higher royalties.
Friend.tech had warned its users from using copycat versions of its platform. The decentralized social media stated that those who associate themselves with forks would have their keys forfeited. The crypto community criticized this announcement and believed that this move went against what the industry stood for.
The poor attempt to derail competition was poorly received, as the crypto community on X demanded an apology from the platform.
The pseudonymous founder of Racer’s social media platform retracted the platform’s comments and offered a public apology on his X account on August 29. He termed the earlier statement a stupid attempt to beat the competition for his application. The announcement was made at a time when the application was experiencing reduced activity and trade volume.
Coinbase risk manager attributed Friend.tech failure to poor execution and Greed. Shortly after this announcement, other copycats and Forks of the decentralised social media platform, such as Friendzy, have emerged and amassed more profits.
Friend.tech was launched on August 11. The blockchain-based social media platform quickly gained popularity among creators, which saw increased volume and activity. However, this was short-lived as the volume quickly plummeted weeks later.
The frenzy around this application indicated the need for a decentralized social media platform, leading to forks and copycats such as Friendzy, which has acquired much volume using the same mode of operation. The leading incumbent’s efforts to beat competition from these forks by retracting user keys were not well received by the crypto community, which led to a quick retraction of their statements.
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