Instructions for Participating in the Friend.tech Airdrop Hunt from A-Z

What is Friend.tech’s mechanism of action? How to receive Friend.tech airdrop

Despite emerging after projects like Lens Protocol and CyberConnect, Friend.tech is the name that truly caught people’s attention in the SocialFi trend. The project launched its beta version on 11/8, but within less than 24 hours on 20/8, it generated profits of up to $1 million. As of now, Friend.tech’s average revenue stands at around $12 million and continues to grow steadily in the future. This is an incredibly impressive figure. grow steadily in the future. This is an extremely impressive number. Please follow our article below to explore and experience the project to have a chance to receive the Friend.tech airdrop.

What is Friend.tech?

Friend.tech is a decentralized social networking application built on Layer 2 Base and utilizes user data taken from X (Twitter). Therefore, a new user joining Friend.tech will not need to set up all their information from scratch.

Thanks to the use of a novel mechanism and the attraction of many celebrities to use their product, Friend.tech quickly reached a user milestone of hundreds of thousands. Alongside this, tens of thousands of ETH have been transferred to the platform, and daily trading volume sometimes surpasses even NFT.

According to some disclosed information, Friend.tech has received investment and support from the Paradigm investment fund, although specific figures have not been revealed. Paradigm is known for its long-term investment strategy and has invested in many major projects such as Uniswap, Lido Finance, Axie Infinity, Cosmos, and more.

How Friend.tech operates

In general, Friend.tech is a platform that allows users to chat with Key Opinion Leaders (celebrities) in a private group. However, to chat with any KOL on Friend.tech, users are required to purchase the “key” of that celebrity.

In essence, the key is no different from an ERC token, but the information is stored off-chain, and the total supply of these keys fluctuates based on user buying and selling demand in the market. KOLs are the ones who issue the keys, but they do not have the right to mint keys themselves; they also have to purchase them on the market like regular users.

These keys are not traded on an AMM DEX like regular tokens, so the price of keys is calculated using a bonding curves formula as follows:

y = x^2 / 16000

Where:

y: The price of the key, calculated in ETH. x: The total supply of key tokens at the current time (x can change, increase or decrease, depending on the quantity of keys bought or sold). To better understand, let’s take an example:

KOL A has 100 people owning the key today, so the price of the key for the next buyer will be: 100^2/16000 = 0.625 ETH. If the number of people buying the key increases to 120, the price of the key at that time will be: 120^2/16000 = 0.9 ETH. However, if the number of people selling the key increases and the total supply decreases to 80, the price of the key at that time will be: 80^2/16000 = 0.4 ETH. Additionally, with every key transaction on Friend.tech, a 10% fee will be applied to the total transaction volume, and it is distributed as follows:

5% goes to KOL. 5% goes to the protocol.

Opportunities when using Friend.tech

Although Friend.tech has garnered a large user base for its product, when compared to other Social projects, it’s still relatively low. Therefore, there are significant opportunities:

Invest in keys from prominent KOLs early at much cheaper prices. Become a KOL with high-quality content and receive transaction fees from key buyers. Opportunities to receive airdrops in the future when the project releases its token.

How to use Friend.tech and receive the Friend.tech Airdrop

To start using Friend.tech, you will need a mobile phone, a Twitter account (X), a friend.tech referral code, and at least 0.01 ETH to deposit into your friend.tech account. Here are the steps to complete in order to receive the Friend.tech Airdrop:

Step 1: Access https://friend.tech to add the app to your home screen.

Step 2: Open the home screen => Select App => connect your Gmail.

Step 3: Enter the invite code; each code can be used only once:

ft-5nqqpdlx

ft-peav9w0u

ft-xtc5p8zd

Or get codes here: https://twitter.com/friendtech Look in the comments under Friend.tech’s recent posts to find a valid code.

Step 4: Link Your Twitter (you can use a disposable Twitter account or your main account).

Friend.tech requires you to connect to your Twitter account. You will need to authorize the application to access your Twitter profile in order to user friend.tech.

Step 5: Send $ETH from the Base network to the provided wallet address (copy the address). If you don’t have ETH on the Base network, you can use the Bridge to transfer $ETH from the Ethereum network to Base: https://bridge.base.org/deposit. Once you have ETH on the Base network, send $ETH from Base to the wallet address copied in the previous step.

Step 6: Purchase your own Key and then buy keys from others for trading; you can buy from anyone, but it’s preferred to buy cheaper keys (around $5 or less).

Step 7: The calculation for the Friend.tech Airdrop points is as follows: Portfolio value: 69.7% Number of holders: 11.6% Holding time: 8.2% Number in the watchlist: 3% Fees: 2.6% Last message sent: 1.89% Share supply: 1.79% Last online: 0.85%.

Step 8: Go to the Global section to trade keys; buy new keys with a price range of 0.00025 to 0.00056 to limit potential losses (for experienced users).

Read more: Guide to Participating in Big time’s Airdrop Program

Conclusion

Through this article, AZC News have introduced and guided everyone on how to experience the Friend.tech project to have the opportunity to receive the Friend.tech Airdrop. Don’t forget to follow our articles regularly to stay updated on potential airdrop projects and not miss out on market news.