Is Friendtech the Uniswap Moment for Social? | EP 30
Sep 26, 2023
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Guests Aric and Jae discuss the exciting potential of Friend.tech as a social network and its impact on reputation systems. They explore the concept of a guarded ponzi, building on Friend.tech, and the challenges of an immutable bonding curve. The conversation also covers security, onboarding improvements, and the speculative nature of Friend.tech.
Friend.tech has the potential to be a template for value creation in the social network space.
The concept of three-three on Friend.tech creates a unique social dynamic and has the potential to evolve into an on-chain identity network.
Friend.tech's features open doors for various protocols and applications to be built on top of the platform, expanding its utility.
While Friend.tech faces challenges like onboarding friction and limited scalability, its security and unique social dynamics outweigh these challenges and it has the potential to continue growing.
Deep dives
FriendTech's Potential as a Template for Building Value Creation Platforms
FriendTech has shown potential as a platform for value creation, with millions of TVL and protocol inflows in a short period. The platform effectively redistributes value to creators and provides a magical experience for users. This has led to an emergence of a cult-like following and exclusivity within the community. FrontTech could serve as a template for other applications to build upon and explore innovative ways of facilitating value creation for creators.
The Power of Three-Three and Social Dynamics on FrontTech
The concept of three-three, where users buy each other's keys, has created a unique social dynamic on FrontTech. The reputation and identity attached to the keys make the decisions and interactions transparent and impact the way users behave. Public defections have social consequences, and the exclusivity and reputation of the community drive value and cooperation. Three-three has the potential to evolve into an on-chain identity network, which can foster new social games and reputation systems in the future.
New Opportunities for Building on FrontTech
FrontTech's features, like the ability to buy and transfer keys and the potential for OTC swaps, open doors for various protocols and applications to be built on top of the platform. Initiatives like viral lending and liquidation mechanisms have been explored, while projects like Nine-Nine are leveraging FrontTech's infrastructure for lending and borrowing activities. Creators and aggregators have also started utilizing FrontTech to provide exclusive content and aggregated views on keyholder activity. The potential for new utilities and applications on FrontTech is vast.
Challenges and Considerations for FrontTech's Future
FrontTech faces some challenges, such as onboarding friction, limited scalability due to the bonding curve, and the immutability of key features. However, the platform's security and its unique social dynamics outweigh these challenges. FrontTech has the potential to continue growing by finding solutions, such as read-only access keys or upgrades to the protocol through new contracts. The platform could also benefit from building moats to support its growth and avoid unnecessary cannibalization within the ecosystem.
Onboarding Process and Simplification
The podcast discusses the onboarding process of the platform, highlighting both the ease and the previous challenges users have faced. Initially, onboarding was a cumbersome process that involved multiple steps such as signing in with Apple or Google, linking social media accounts, depositing funds, and entering invite codes. While some improvements have been made, such as allowing users to deposit into their wallets directly without bridging, there is still room for further improvement in streamlining the onboarding process.
Security Concerns and Custody Risks
The importance of security and custody is emphasized in the podcast, especially for handling large accounts and external LP capital. The discussion revolves around the risks associated with security, custody, and operational risks in the crypto space. While there are concerns about security frameworks and attack vectors, the podcast also explores potential solutions, such as using embedded wallets and stronger encryption methods to enhance security measures. The challenge of navigating regulatory requirements and compliance is also acknowledged in this context.
Potential Directions and Utilities for Keys
The podcast delves into the potential future directions and utilities for keys within the platform. It explores the idea of keys becoming yield-bearing assets, with possibilities for staking contracts and rewards for key holders. The concept of gamifying the platform through off-chain actions is discussed, highlighting the potential for key holders to gain exclusive access, receive surprises, or obtain alpha based on their interactions and engagement. The podcast also mentions NFT communities, the importance of network effects, and the exploration of new social web3 primitives beyond traditional forks.
Imran and Qiao bring on Aric and Jae to discuss whether Friend.tech is the Uniswap moment for social.
No BS crypto insight for founders.
Timestamps
(00:00) Intro (00:46) Welcome to Good Game (00:58) Aric and Jae's background (04:03) How did they feel about Friend.tech when it first launched? (14:45) Why Friend.tech is so exciting? (20:29) Is Friend.tech really a social network? (26:44) Why do we think (3,3) can actually be a guarded ponzi? (31:22) Could this be a start to an on-chain reputation system that could interact with DeFi? (34:14) What could be built on Friend.tech? (40:19) What is Friend.tech going to build natively and what is going to be left open to DeFi? (43:49) How big of a problem this immutable bonding curve is (47:23) Friend.tech vs. Worldcoin (48:45) Things that could be built on Friend.tech using your identity (51:45) How Friend.tech onboarding can be improved even further? (54:35) The security scare (59:49) When will they enable 2FA? (01:01:23) What does it take for funds that have LPs money and not prop money to get onboarded? (01:02:44) Could Friend.tech build a desktop app? (01:03:51) 0xngmi's tweet regarding an attack vector (01:05:17) A cool thing about Friend.tech (01:06:29) Meta perspective -- Is this always going to be speculative driven? Are they building a habit? (01:17:05) Are our Friend.tech keys securities? (01:20:42) Forks -- Bullish or bearish? (01:27:53) What do we want to see built on Friend.tech?
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DISCLAIMER: The views expressed herein are personal to the speaker(s) and do not necessarily reflect the views of any other person or entity. Discussions and answers to questions are intended as generalized, non-personalized information. Nothing herein should be construed or relied upon as investment, legal, tax, or other advice.
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