Friendzy | September 22, 2023 | HIGH RISK
Friendzy is a Friend Tech clone built on Solana. It allows users to speculate on the social capital of creators/influencers by purchasing their ‘keys’ which are essentially just social tokens associated with their name.
FriendTech was launched on Coinbase’s Base layer 2 chain, and has grown to over $36M in TVL:
While Friendzy is a FriendTech clone, there are 3 reasons it may see success where other clones have failed:
1) The Solana community is very influencer heavy. Solana’s NFT boom in 2021 and 2022 spawned a cohort of large influencers native to Solana.
2) The Solana community already has a strong NFT community with a lot of liquidity compared to other chains. Solana has a large amount of users that have liquidity, know how to operate a web3 wallet, and how to buy NFTs/tokens.
3) Friendzy creates a fly-wheel effect based on incentives to claim royalties. Unlike on FriendTech, you can buy someone’s keys before they sign up and verify on the platform. They still accrue royalties, but can not claim them until they verify on the platform. As more influencers verify to claim their free money, it draws more attention and money to the platform.
For example, SolBigBrain has not verified his profile yet by connecting it to Twitter, but he has >$1800 in royalties to collect if he decides to do so. As this number grows, it will become more and more likely that he verifies to collect his free money. Each time a big influencer verifies, it adds attention and legitimacy to the platform.
There is an additional flywheel effect in that many of these high-earning creators can recycle their royalties back into the platform to pump the price of their own keys or invest in other influencers on the platform.
The strategy for those interested is to simply buy the keys of large influencers on the leaderboard with the expectation that more money will continue to poor into these profiles as this platform gains more notoriety. Keys are priced in $SOL and can be purchased by connecting a Solana wallet like Backpack or Phantom.
There is always the chance that this platform has security vulnerabilities or has developers that intend to rug pull the entire thing. Investing money on this platform should be considered a HIGH RISK activity. Additionally, it is best practice to use a new burner wallet for things like this in case there are security vulnerabilities.
Official site: https://friendzy.gg/