As the market rises and falls, the prices of some AltCoins never return.

Likewise, products and services may never return once gone.

In the “What to play today” daily question, who still mentions the name Friend.Tech?

However, you didn’t say this a year ago: Friend.Tech is the new trend of SocialFi, the darling of Paradigm investment, the hot topic written eagerly in various research reports, the god of wealth liberating KOL fan economy…

How did it become a discarded piece that even dogs don’t play with now?

Attention is not eternal. The once popular encryption products have long since fallen from grace.

But the encryption market has a memory, so let’s take a brief look back and see how Friendtech played its good hand into a mess.

The peak is extremely noisy, and it is terrifyingly quiet after disillusionment.

First, let me tell you a ghost story.

Data shows that the daily active users of Friend.Tech today are less than 100.

And in the previous frenzy, its daily active users once exceeded 77,000, but the active users have dropped by 99.9%.

But almost a year ago, Friend.Tech emerged as a dark horse.

In mid-August last year, friend.tech emerged. The total volume of shares (Key) bought and sold exceeded 1 million, with over 66,000 independent buyers and 25,000 independent sellers. It can be said that it is an encryption product that almost everyone participated in, just like STEP N.

Just two weeks after the launch of FT’s V1 version, the platform has attracted over 100,000 users and generated about $25 million in revenue, marking significant achievements in user adoption and financial performance.

At that time, FT’s financial performance was still relatively healthy, and it was even able to generate what is called real income sharing, distributing approximately 6 million US dollars of revenue to users.

At that time, everyone’s idea of FOMO for this product was actually very simple. The sooner you get in, the sooner you buy the key, the more money you can make. Quickly occupying the fan base of celebrity KOLs became the key to wealth, and FT also had a point system to determine your level based on activity, creating an expectation of winning Airdrops.

In the previous dull Bear Market, it did bring a long-lost Liquidity carnival.

The world’s publicly available data is very transparent, and this hot trend naturally attracts the attention of institutions in the industry. In the same month, FT also announced that it had received seed round financing from top VC Paradigm, and the expected Airdrop endorsement and capital injection pushed the fear of missing out sentiment to a climax.

With a new product model, solid user data, and top VC endorsement… In the previous cycle, when there was no debate about high FDV and low liquidity, and when VC was not seen as an opponent, Friend.Tech did have a good hand with these elements.

But we all know that the FT selling key model has some flaws and monotony due to the lack of long-term involvement. Once there are no more people involved, the natural defects will quickly cause the product to lose popularity.

Everyone can see that the FT team, of course, understands it better, so the urgent task is to do a good job in product, operation, and economic expectation management, and extend the life cycle and vitality of FT.

Just a good hand, but it was played terribly.

Operate like a tiger, product is a fool.

If time were to be played back, you would find that FT’s decline can be traced back to different details at various points in time.

Perhaps a extreme statement can summarize it all - the operation is fierce, the product is 01928374656574839201.

Don’t get me wrong, it’s not that there are no merits to FT’s products. On the contrary, it has the ability to attract traffic and liquidity that previous products did not have; it’s just that compared to other operational strategies and directions, the product itself seems stagnant.

The initial traces of excessive force, as we mentioned in the article ‘Two-level reversal, friend.tech still agreed for you and the imitation disk to be fren’ last year.

FT initially strongly resisted users from playing other similar copycat platforms, and publicly stated that playing other copycat platforms would not earn FT points; after facing community resistance to this arbitrariness and narrow-mindedness, the founder, fearing the loss of users, immediately issued a public apology, the rapid and unexpected reversal of attitudes can be described as a public relations disaster.

It is very likely that the FT team itself did not have a clear idea of how to operate and handle the relationship with competitors at that time. For a product with a phenomenal presence, going into battle unprepared seems a bit reckless, and the implications are even more significant.

And another fierce operation is the excessive PUA in the V2 version.

When April comes to an end, after a long silence, Friend.Tech is scheduled to release the FRIEND Token and a brand new V2 version on the 29th, igniting the community’s enthusiasm once again.

But the release of Token and version has been delayed to May 3rd, which is still within the acceptable range for investors; what really causes resistance, however, is the rules and experience of receiving the FRIEND Airdrop:

In addition to following at least 10 users on FriendTech, users must also join 1 club to receive AirdropToken; Obviously, the design of the club is to encourage users to engage with the V2 version in the long run, and to promote activity through the design of the club, so that users have new things to play with and continue.

The forced binding of joining first and then claiming coins is already displeasing. Coupled with the difficulty in claiming coins on the day of long, the Tokens cannot be claimed for a long time. At the same time, due to insufficient liquidity added to the FRIEND pool, it has started to drop sharply in the Secondary Market, and many long people have not yet claimed it, so the Airdrop value has been halved.

I have lost all my coins, where do I have the heart to listen to your PUA again?

Some netizens joked: The only update we got after 8 months is ‘Club’, and everyone just uses it to claim Airdrop.

The misalignment between incentives and product features has caused a decline in confidence in FT.

But when the roof leaks, it coincides with continuous rain at night. The FT team then did their own thing again. The co-founder of Racer publicly stated, “I hope to migrate the product out of the Base network” and pointed out that the product is being excluded and isolated within the Base ecosystem.

It’s obviously dangerous to draw a clear line between oneself and the public chain one is relying on and publicly criticize it. The market is also voting with its feet, and FT is once again facing a double fall in users and price.

What’s even more impressive is that in June, FT announced that it would launch its own proprietary chain, Friendchain, transforming from the application layer to the infrastructure layer.

But will the market pay for this change?

Compared to aggressive operational maneuvers and directional choices, the FT product seems to have changed little from a year ago. The page is concise, even rudimentary, with no separate app. The game is still using the same old tricks…

Product two hundred and five, stacking other internal and external troubles, it is not surprising that the phenomenon-level product falls from the altar.

Looking at other social products like Farcaster, there are many other Meme coins, such as FRAME, FAR, POINTS. Compared to the waves of heat, FT has really fallen behind.

Is P&G a passport for P&G?

Perhaps, FT should not have been sitting on the altar in the first place.

By improving the Pangs model, it can fly higher, but the flaws of the aircraft itself cannot be ignored.

The P&G is indeed a pass for P&G people, but it does not necessarily guarantee that they can always go on. FT exploded in the market last year, with a variety of factors coming together, and there is inevitability in contingency, but this inevitability cannot be fully replicated.

Profit-seeking rises in a crowd, and there is no profit in a remote drainage. The reason is simple, it’s just that the process of FT is pumped for a long time.

Ultimately, SocialFi products like FT have not found a real product-market fit, and they are more like short-term speculative products rather than meeting real needs. Coupled with the controversial operations, the outcome is predictable.

But if all phenomenal encryption products are just historical phenomena, the best encryption product is still speculation.