Internet calls out Friends.tech among data leak & suspicions, Elon supports crypto candidate (while SpaceX dumps BTC), do you use Magic Store & Connect3?
GM fam! There’s a new hype in the c-town aimed to beat the blues of the b-market 🥵 and who is Elon cheering for today? hint: some politician who loves Bitcoin 👀
We’ve covered this and some super cool products like Connect3 and Magic Store, along with new opportunities to learn, earn and move up in web3! 🚀
If you like reading TWIW3, consider sharing it with your friends and help them climb up the web3 ladder! No Gatekeeping! 😋
Friend.tech, a decentralized social media app, has been the talk of the C-town since its beta launch on August 11. Boasting:
🙋♂️ Over 64,000 new users 💰 More than 24,000 ETH in trading volume
How does it work exactly? 👀
Friend.tech is built on Coinbase’s layer-2 network Base.
💰 It lets you buy shares of your friends and favourite influencers. 🎁 The bonus? Owning these shares grants access to a private chat with the user.
Sounds risky? You’re not the only one! Crypto commentator, Yazan believes the share prices and overall activity will nosedive within a span of six to eight weeks.
And he’s got reasons to think so! “How come there’s 100 holders, and the price is 1 ETH — 1 ETH to be able to see a private chat?”
According to Cygaar, a pseudonymous software engineer, the price of your shares on friend.tech is proportional to the square of the outstanding supply.
Increase in supply ➡️ exponential increase in price
The Silver Lining ✨
Despite the hullabaloo, there's some praise for Friend.tech's user experience.
David Phelps, co-founder of Jokerace and EcoDAO, even dubbed it the "best crypto UX." Here’s why👇
No app store download needed 📲
Simplified fund bridging and transactions 💸
One-time ETH deposit for continuous share trading 🔄
Also, look at these BIG numbers!
$1.42 million in fees in just 24 hours 🤑
Over 724,000 transactions from 64,500 unique traders 🔄
Total revenue of $1.88 million 💵
Remember BitClout? Is Friend.tech destined to face the same fate as BitClout did? Questions only, no answers, only debates!
Blame it on the bear market that people will jump in on any opportunity to make money and then be disappointed by it, but let’s be a little hopeful, please? We need it 🥵
Let us know your thoughts about Friend.tech in the comments 👇
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⛓ On-Chain Organisations Need Better Governance ⛓
Shreyas Hariharan is the co-founder of Llama, a governance system for on-chain organizations that prioritizes effectiveness over bureaucracy.
Listen to this episode to keep up with the developments in web3 governance and lessons we learnt through their experience with AAVE, Uniswap, Lido Finance, Nouns and more. 👇
If you liked this episode or found it useful, Support us in making web3 accessible for all 👇
Elon Musk is rooting for Vivek Ramaswamy, the youngest-ever Republican presidential candidate.
Why? One word to make him the obvious choice: Bitcoin!
Yes, he's a big advocate for crypto in the U.S.
Ramaswamy's Crypto Commitment 💰
At the Bitcoin 2023 conference in Miami, Ramaswamy announced his campaign would accept Bitcoin contributions.
He's the second presidential contender for the 2024 U.S. elections to welcome BTC.
There was a QR code leading to a donation portal at the event. AND Donors contributing within the $6,600 limit would receive an exclusive NFT as a token of appreciation.
With Robert F. Kennedy Jr., Andrew Yang and more politicians spreading the BTC word, what’s happening? Why have these 2 become inseparable?
Transparency: Blockchain makes Bitcoin transactions clear, good for politicians aiming for open campaign funding.
Global Backing: Bitcoin donations can come from international fans.
The Hip Politician: Young, tech-savvy and especially crypto-crazed folks would love a cool president!
Decentralisation: Advocating for BTC shows their commitment to less governmental control and more individual freedom, or at least creates an illusion of it 😀
Whether the candidates are accepting Bitcoin for campaign contributions or advocating for crypto, we better get some good regulations and no BS policies in place! 👀 Read more here.
Work in Web3 👩💻
Put your learning to work, upskill and join discussions that will help you level up!
Let’s get into Posty’s fresh pecks from the world of web3!
🧐 Bitget's KYC Boogie: New user verification starts in September. No KYC, no new trades from October. You can’t escape the regulations! 🕺
🎮 China's Metaverse Move: Social credit system in virtual worlds? Digital IDs, real-world punishments, and playing the "long game" for metaverse standards.
🌏 India Leads Crypto Regulations: G20 nations following India's lead, on the brink of finalising global crypto regulations.
