Friendtech is the leading Social Fi platform whose success has given rise to a barrage of forks.
However as the market has shown us time and time again, it is wise to stick with the first mover.
And evidently, other projects have been building on top of FT.
Let's explore the Friendtech Ecosystem 👇
If you faded the whole narrative or have been living under a rock, here's a thread about FT to get you up to speed:
twitter.com/nftimm_sol/status/1689995006478536704?s=20
Of all the forks of Friendtech, the Friendtech ecosystem is flourishing with new products being built atop of the social platform.
Here are a few:
1️⃣ Frengate
@frengate is a suite of tools to customize and streamline the frendtech experience for both creators and holders
The tools being developed include:
Authenticator: with this tool, creators can link their friendtech rooms to telegram and discord communities.
With this creators can control the minimum amount of keys needed to access the chat and also restrict the chat to existing key holders.
With the friendtech app being buggy, it creates an alternative and familiar UI for creators and users through the Telegram and Discord apps.
For creators to access this tool, they need to burn a certain amount of $FGATE tokens which is determined by their share price.
Frenscore is a ranking tool built by Frengate
It uses a point system to rank Key holders on differnt timeframes including the 7 days, 14days, 1 month and all time.
The criteria for ranking within any timeframe are
1. Number of keys held
2. Duration the keys were held
3. Minimum duration of keys the holder has held
This tool makes it easier for creators to find their most loyal holders within any timeframe, which can be very useful for contests, giveaways etc depending on the creator.
The third tool built by FrenGate is an analytics tools with which users can track their portfolio performance in real time along with trade history
2️⃣ Friendtech33
@friendtech33 is a DAO launching a reserve currency $FTW which is backed by their Treasury.
The treasury is a basket of Friendtech keys, wrapped keys, ETH, the friendtech airdrop and other friendtech ecosystem tokens.
They recently did a launch sale on @VelocimeterDEX raising close to $400K
The aim of the DAO is to accumulate bluechip keys.
The keys would give $FTW holders and FT33 DAO key holders access to the chats of the accounts of the keys the DAO holds
The treasury is funded through the prelaunch sale and bonding.
FT33 works like an OHM fork
Staking of $FTW is also live with an APY of over 1400%
twitter.com/0xBreadguy/status/1707153805651894476
3️⃣ FrenBond
@FrenBond is a protocol for trading of bonds which track the value of keys.
Frenbond makes it possible for users to trade any keys prices with both longs and short without having to hold the key.
Its a PVP protocol. (And its not live yet)
Here is how it works
• Anyone can open a treasury allowing traders to buy bonds
• There are two types of bonds: Long and Short. Traders buy bonds to speculate on the price of the FT key before the bond reaches maturity. The time to maturity is usually set to 24H
• The price of the bonds starts from $1 and increases every second till maturity and holders can also sell their bonds before maturity
• When the treasury reaches maturity, anyone can close it. The winning bondholders can then collect the payout from the treasury
• Fees goes to FrenBond keys holders and to $GFB holders
• The key holder/owner of the bond being traded also earns a percentage of fees
4️⃣ Friendlend
As the name suggests @frenlend is a protocol for lending borrowing powered using wrapped friendtech keys.
Lenders can deposit ETH into the lending pools to earn yield, while borrowers can collateralize their wrapped FT keys to borrow against.
twitter.com/frenlend/status/1704592014413808084?s=20
Friendlend does not use Oracles instead it uses collateral ratio and utilization rate to protect lenders.
Every pool starts with a collateral ratio which is independent of token price.
The collateral ratio specifies the amount of tokens that can be borrowed for every collateral token and it is based on the utilization rate.
The utilization rate is the percentage of liquidity in the pool that is being borrowed.
Whenever lenders remove liquidity, the utilization rate starts to increase and when it gets above a specified threshold, it triggers the collateral ratio (CR) of the pool to start reducing over time.
Any position whose CR > pool ratio can be liquidated.
This incentivizes users to add collateral to decrease their CR which reduces the utilization rate of the pool.
When the utilization rate of the pool falls below the threshold, a recovery state is achieved and the CR increases towards the maximum CR once more.
This system helps to maintain a fair collateral ratio depending on market demand.
There is currently an early partner program ongoing which would be about 10 partners.
These partners would have a genesis pool which would be the only pools at the beginning when the protocol launches.
Other projects to look into:
- Friendex
- FriendDAO (@frienddaotoken)
- FriendMEX (@FriendMEXcom)
- Friendtechpro
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@0xsurferboy
Analyst | Deep Dive Threadooor Covering Untapped and Overlooked Projects and Narratives Twitter 👇