Friend.tech Emerges As Hottest New Social Web3 App
Friend.tech has gripped the attention of crypto enthusiasts as a new decentralized social network which allows users to tokenize their social influence. Users can buy "keys" to unlock private chat rooms with creators, with key prices rising as creators gain followers.
The Web3 dApp runs on Coinbase's Base layer-2 network and requires an invite code from existing users to join the closed beta. Friend.tech links to your Twitter account and requires bridging ETH from mainnet to Base chain. Key prices follow a bonding curve formula, increasing exponentially as more are purchased. This incentivizes buying to boost creator popularity. Speculation is driving high activity as users anticipate potential airdrops, with more than $3m in revenue and over 100,000 users registered by the 24th of August, 2023.
However, the app has raised privacy concerns given its Twitter linkage and potential data leaks, while Twitter users have also highlighted issues around backend infrastructure.
So far, Friend.tech is generating significant buzz and transaction volumes, but it remains to be seen if the dApp has long-term potential given how previous crypto social media hypes have quickly fizzled out. Friend.tech provides an interesting new spin on monetizing social networks, and the concept of buying access to exclusive creator content shows promise. Long-term potential, however, will depend on whether its exponential key pricing model proves sustainable.
Ethereum Wallets Outpace Bitcoin Addresses in Latest Chainalysis Report
A recent Chainalysis report found Ethereum wallets to be the most active among top cryptocurrencies, with 79 million total addresses. Comparatively, 50 million wallets hold Bitcoin.
While Ethereum can claim the higher wallet figure, Bitcoin faces lower volatility risk, with 4,500 BTC wallets holding 50% of supply, indicating wider distribution. Meanwhile, only 131 wallets hold half of all Ether, raising price swing potential. That said, Ethereum staking services are expanding liquidity post-Merge, with protocols like Lido allow staking while retaining tradable ETH derivative tokens. While concentrated in a few wallets, Ethereum ownership appears distributed through staking pools. This prevents large individual withdrawals from influencing prices.
Further findings show that historically, Ethereum wallets were more active than their Bitcoin counterparts. From Q3 of 2020 through to Q1 of 2022, ETH wallets consistently exceeded BTC in monthly activity thanks to the so-called “DeFi summer.” Overall, Ethereum shows high network usage and liquidity, though potential volatility given concentration in few addresses. Bitcoin remains less risky currently based on wider spread of ownership.
New Thai PM Touts $300 Airdrop For Citizens
Thailand's Prime Minister, Srettha Thavisin, is pushing to provide a 10,000 baht ($300) airdrop to every Thai citizen over 16 in a bid to boost the economy. The newly appointed PM has a history of supporting crypto projects. As former CEO of real estate developer Sansiri, he oversaw the company's 15% stake in crypto service provider XSpring and launch of a real estate token.
Critics question the feasibility and need for blockchain in this government program. But Srettha's tech background suggests he aims to promote crypto and digital asset adoption. His rival, Move Forward Party leader Pita Limjaroenrat, also disclosed personal Bitcoin, Ether and other crypto holdings. While small, this signals growing crypto acceptance among Thai politicians. Previous administrations took a cautious regulatory approach toward cryptocurrencies, but Srettha's history of crypto business ventures and proposed digital token stimulus indicates he could promote more crypto-friendly policies.
Israeli Crypto Tycoon Implicated In $290m Fraud Allegations
Israeli police have recommended criminal charges against crypto entrepreneur Moshe Hogeg for allegedly defrauding investors out of $290 million between 2017-2018. Hogeg, founder of blockchain startup Sirin Labs and former owner of a major Israeli football club, allegedly promoted fake crypto projects and used investor funds for personal use.
Police say Hogeg created an appearance of legitimacy to fool investors worldwide, fabricating documents and touting worthless enterprises. Beyond financial crimes, Hogeg faces allegations of sex offenses violating women's privacy. He denies all charges.
Authorities claim to have seized extensive evidence across multiple countries. Hogeg spent a month in custody last year before being released to house arrest. While proclaiming innocence, Hogeg has accused police of mistreating him while detained. The cases now move to prosecutors to determine formal charges. If proven, this would constitute one of the largest crypto frauds by an individual.
USDC Set To Launch On Six New Blockchains
Coinbase has announced upcoming upgrades to USD Coin (USDC) which will see it launch on six new blockchains. The newly added blockchains including Base, Cosmos, NEAR, Optimism, Polkadot, and Polygon PoS.
As the second largest stablecoin after Tether (USDT), Circle–along with Coinbase–is adding support for USDC on major chains with aims to increase adoption, especially in decentralized finance apps. The rollout starts in September, with Polygon integration in October. With the addition of these six new chains, USDC will be available on 15 different networks overall.
The expansion comes as USDC transitions to a more decentralized model without Centre Consortium oversight. Coinbase has also taken an equity stake in USDC's governing body Circle. With rivals largely limited to certain networks, Circle is hoping that multi-chain availability will give USDC a competitive edge. This aligns with Circle's recent developer-focused launches like a programmable wallet and cross-chain transfer protocol.
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