Written by: IGNAS | DEFI RESEARCH

Compiled by: Xiaobai Navigation Coderworld

When Friend Tech was first launched, I shared that FT was just another way to transfer wealth from the poor to the rich because the most popularcryptocurrencyCharacters ultimately receive the most income from FT.

I still largely maintain these views, as a large following on X almost guarantees some cash from transaction fees. I have made over $2k just trying these apps. But what FT has blew my mind is how seemingly unknown people on X have made big bucks. Levi is an example, with a Key price of around $8k.

He started with proof of friendship (better words than 3,3), buying cheap keys from new users and chatting with them to entice them to buy his keys as well. He eventually became the first full-time content creator on FT and built the "most valuable" group chat on FT.

His strategy involves buying the keys of the “most valuable” accounts, aggregating “Alpha”, and sharing it with his key holders. He becomes the proxy key for all the most valuable accounts on FT. This is a risky bet because top keys are expensive, so upfront funding is required to succeed. Other influencers and scammers have different strategies:

• Vombat is buying his own Key to raise the price and sell it to his Key holder later.

• Some people provide users withBlockchainFree access to services or potential airdrops.

• A raffle for transaction fee income to one lucky Key holder.

• Build alternative UIs and services on FT for Key holders, such as Friendex, FriendMex, etc.

I have a question for you: do you really care? How much Alpha information can you get from the FT that you can't easily get from X or blogs?BlockchainIs access to the service really important to you? Airdropping key holders may be tempting, but it is difficult to determine the precise ROI of an airdrop.

These use cases are all designed to rationalize your purchase of Keys, which will generate transaction volume for the KOL and earn fees.

Maybe it’s to chat with KOLs? Maybe it’s to chase FT airdrops, or simply speculation on the rise in Key prices. Whatever the reason, it’s important to clarify your real motivation and goal for using the app.

To be honest, I’m still developing the value proposition for my Key holders. Currently, I’m sharing speculative opportunities in real time, which I find easier to do with a smaller group of friends. Interestingly, I feel more comfortable chatting on these SocialFi platforms, just like chatting with a group of friends online.

But how can I get to the top of the list? My wish is to become a Meme! Because Meme coins like Dogecoin do not have any fundamentals attached to it.

Friendtech’s Fork

Uniswap V2 is the most forked protocol in DeFi. To date, a total of 493 Uni forks have been launched. Most of them have faded into obscurity as the initial enthusiasm faded, but a few like Pancakeswap and Sushiswap are still standing.

Is this also the fate of FT forks? I believe so. While many forks will come and go, the few that manage to find their unique value proposition will survive.

The current FT fork ecosystem and its unique features:

Post Tech

In my opinion, Post Tech is the first fork I am optimistic about. On September 21, its trading volume even exceeded FT, and PT still maintained a trading share of 23%.

Here are the things I like and dislike about PT.

• The UI is better and smoother (because the FT UI is so bad).

• I like the chat feature that is open to all key holders, and I don't feel like I'm talking to myself when I chat. Other forks have it too.

• Built on Arbitrum, it is more suitable for deposits and withdrawals than Base.

• The feed algorithm needs tweaking since my timeline is only visible to a few people.

• The incentive for holders here is better because holding my key can benefit the holder (getting a portion of the transaction volume fees).

• The recommendation system incentivizes sharing to attract big KOLs to try it out.

Alpha — DeFi for Bitcoin Community

I like Alpha because I am bullish on Bitcoin DeFi.

Alpha is New Bitcoin City and BitcoinCommunityTrying to provide an alternative to Friend tech. The logic is to unite Bitcoin, Ordinals and BRC-20 fans and influencers.

It's really cool. There's a DM feature for one-on-one chatting with Key holders, and there's also a gaming section!

Alpha is closely tied to Bitcoin, much like the BRC-20 model. The foundation of the system, Trustless Computer (TC), is an "optimistic rollup" integrated with Bitcoin. But Alpha itself is built on NOS (similar to L3), with a block time of 2 seconds and a gas fee of 1 cent.

This sounds complicated, but there is an easy-to-use ETHNOS cross-chain bridge that can be used. Keys and fees are in TC TokenPayments, you can bridge and trade on New Bitcoin DEX.

Fan Tech

You may have noticed that every chain has a FT fork. Mantle is no exception.

Mantle powered by Bybit L2 The DeFi TVL is only $37 million, so the chain needs something exciting to attract more users. Fan Tech is definitely an interesting choice.

Compared with FT, the main differences are as follows:

• Share generation activities: Introducing bidding campaigns for new accounts to prevent bots.

• Smooth UI/UX: Includes features such as public/private posts, viewing accounts you follow on X, statistics page, dark mode, etc…

• Recommendation System: You earn 1% income from the tax on share transactions made by your invitees, as well as their share of the shares.

StarShares

Built on Avalanche, it's most similar to the original Friend Tech. At least at first glance. It also has a "Feed" section, just like on Twitter, where creators can share posts with their Key holders.

However, at this stage, the value proposition of StarShares lies in its access to Avalanche thought leaders such as Luigi, with whom I conducted an AMA on Avalanche’s end-game vision, and Avalanche founder Emin.

因此，如果您想向 Avalanche 社区推广某些内容，StarShares 可能是您的最佳选择。

Friendzy

Friendzy on Solana is currently one of the most disappointing FT forks to date. Its bonding curve is very flat, resulting in almost no price movement when new buyers purchase Keys.

However, the lack of a chat feature is a major flaw. So it falls short on two of SocialFi's key features: social interaction and finance.

The value of SocialFi and FT forks

You may have noticed that I didn’t extensively compare these apps based on differences in their transaction fees or bonding curves (except for Friendzy, which lacks a bonding curve).

That’s because I firmly believe that these applications should prioritize social. Their main goal should be to attract members of specific communities who feel a strong sense of connection to each other. These communities should have the ability to share both financial and social value. This aspect is crucial to the success of the SocialFi fork.

Therefore, it is not surprising that forks have occurred on different chains. However, whether you are tied to a specific L1 or L2 Feeling connected? Perhaps forks should be more specific to the target group rather than the chain they build on. That’s why it will be challenging to overcome Friend Tech’s first-mover advantage in this regard.

That's why my Key price on FT is higher than other platforms. You can get Key at a lower price on the fork and ask me the same question. But the problem is not just me. It's also about the whole community, the potential of the application, and the airdrop.

I’m also not suggesting that bonding curves or transaction fee percentages don’t matter. They matter, or Twitter would be enough. Speculation is the primary motivation for most of us to join these apps. But the difference around a few percentage points in transaction fees, referral programs, orTokenAirdrop speculation to compete will not make or break an application.

Speculation is an initial motivation for new people to join and interact with the application. However, I believe (or at least hope) that these applicationsXiaobai NavigationThe social interactions and relationships formed on these platforms will ultimately be key to their long-term success.

In the short term, the increasing number of new forks has a negative impact on the Key/share price because the dollar amount and attention are being overly dispersed.

If people lose money on the FT fork, this could lead to disillusionment with SocialFi. That’s why I hope the FT fork will encourage valuable social interactions beyond speculation. I guess this is wishful thinking.

Overall, SocialFi is still in its early stages, attracting new audiences and providing something exciting to do in this bear market. Personally, I will continue to research, test dApps, and share my insights on Twitter and on apps like FT, PT, Alpha, Fan Tech, etc.

The article comes from the Internet:How to find value in FriendTech's forked projects?

Related recommendations: Huobi HTX 10th Anniversary: Special events launched in multiple business sectors

On the occasion of its 10th anniversary and brand upgrade, Huobi HTX launched a "10th Anniversary Special Event" on official App, social media, community and other channels, involving: spot,contract, financial management, Mars Project and other business sections, users can share generous rewards by participating in activities. In the development of the crypto market for more than ten years,cryptocurrencyexchangeHuobi HTX has left an indelible mark. From 20…