Product Review | Have you tried Debank's social product besides friend.tech?

The social field is still popular, and recently, the hottest social platform on Base, friend.tech, has attracted a large number of users on its own. Friends who are interested in the social field should have played friend.tech. After the news of Paradigm's participation was released, the trading data of the protocol skyrocketed. As of the time of writing, the data shows that the trading volume of friend.tech has exceeded 30,000 ETH, and the protocol's revenue has reached 1383 ETH, even driving the TVL of the Base chain.

Actually, after Elon took office, he frequently made "major changes" to Twitter. Many people are looking for the next suitable application for Web3, and friend.tech has emerged. Its biggest advantage is that it can easily and quickly gain profits by using the influence of Twitter. Secondly, the application's model is very simple. The popularity has also skyrocketed, but many people on social media have also expressed concerns about the application, including:

-IOS is only used as a plugin inserted into the desktop, which raises concerns about the security of the plugin.

- Secondly, the creation of fake accounts is also a problem. For some KOLs, there are many fake accounts that can be sold based on a first-come, first-served basis. In cases where the evaluation is not standardized or unchecked, users can easily purchase shares of fake KOLs. Additionally, many robot accounts can trade shares faster than real accounts.

-friend.tech is a social application with limited scalability. Currently, it only supports chatting and purchasing shares through chat.

- It should also be noted that concerns about data privacy and platform pricing are similar to those of fan tokens, which typically do not perform well.

- There is very little information available about this project, including common details such as a roadmap, founder information, or whitepaper.

- The user experience is not good, for example, network failures, delays, etc.

Actually, besides friend.tech, there is another event worth paying attention to in the social field, which is the launch of Debank Chain based on OP stack by DeBank. This L2 aims to become the social layer of cryptocurrency (currently in the testnet, and the mainnet is expected to go live in 2024), and DeBank's social applications also seem to be doing very well.

Debank Chain

About DeBank Chain, the official social media of the application provides an introduction. This L2 is based on OP stack and mainly focuses on solving three key issues while maintaining strong security: minimizing gas costs, providing a native experience similar to account abstraction, and ensuring the security of L1 assets. Most importantly, DeBank Chain is committed to becoming a social layer for cryptocurrency.

DeBank Chain's updates mainly include:

The consensus mechanism has been modified to reduce the gas cost of a single transaction by 100 to 400 times, in order to accommodate the high-frequency nature of social interaction.

Integrated natively at the chain level is a system similar to AA (Account Abstraction), allowing users to enjoy a near Web2 experience while maintaining 100% compatibility with the current EVM standard.

The new account system supports dedicated L2 private key signature transactions, reducing the use of L1 private keys in social scenarios and enhancing the security of users' L1 assets.

玩转 Debank 社交

Playing with Debank Social

In fact, most people know Debank for its ability to analyze on-chain data and track wallet transactions. However, DeBank has been expanding itself, such as the Rabby wallet and its efforts in the social field. Based on the future launch of its L2, DeBank Stream and DeBank Hi will be the main applications worth interacting with and experiencing. Here is the tutorial:

Click to enter Debank official website, connect your wallet, you can use MetaMask or DeBank's Rabby wallet; (this article uses MetaMask, but you can also import MetaMask into Rabby).

Click on DeBank L2 Unregistered and choose OP, Arb, or Polygon chain (lower gas fees).

Set password (6-digit password for payment or confirming transactions, etc.);

After completion, select Deposit L2, choose the chain with USDT/USDC assets, and deposit 100u or more U into DeBank L2. In addition, you can withdraw assets back to L1 at any time.

After depositing U, click on your own domain name on the homepage to mint (currently, minting a domain name requires 96U), bind your Email and Twitter accounts and verify them, and you can also choose to use your held wallet NFT as your avatar.

After completion, you can publish some content on the platform according to your preferences. In addition, you can also mint some badges on DeBank Stream, such as wallets that have followed more than 100 people, received project airdrops (1INCH, ARB, OP, DYDX, etc.), and spent a certain amount of ETH Gas on the Ethereum mainnet. These badges may be some standards for rewards in the future.

As a social application, DeBank Stream is similar to Twitter, rewarding users for creating value (based on time and attention). After users publish content, they can receive corresponding rewards, which are based on the exposure of their content and some promotion obtained during the spread on Stream, such as the number of followers, clicks, comments, and reposts of other users, as well as the asset value of these users.

In addition, DeBank also allows users to publish Threads and Polls (similar to Twitter). For Polls, users can choose questions and options, and can also set the scope of users who answer the questions, such as user assets, user TVF, the newness of the address, and the number of followers.

What's even more innovative is that the DeBank Stream application also comes with a lottery function. After following the user who initiates the lottery, users can describe the specific details of the lottery and then choose the amount, quantity, and range of participants.

Therefore, on DeBank Stream, the time spent by users, the content published or read, comments, and reposts will all be calculated as value contributions and recorded in the user's account.

Compared to Twitter, although there are similar rewards, the threshold for Twitter is very high, requiring extremely high page views and followers. Secondly, for Chinese KOLs, they need to bind Stripe to receive rewards (which is not very easy). In contrast, DeBank appears to be simpler and more universal.

One of the more well-known Web3 social protocols is Lens, but it seems that Lens has been focusing on rewarding users through airdrops. DeBank Stream, on the other hand, is ahead of both and has already started to focus on the cryptocurrency social layer. Compared to other social protocols, DeBank is also a tool for tracking wallets, allowing users to see other users' wallet assets and investment portfolios. This is unique for a social application and is the closest application to a Web3 social protocol.

Debank Hi also has a similar feature to friend.tech, where users need to pay a certain fee when sending messages to others (both parties can chat for free after mutual follow-up). The difference is that Debank Hi is a paid chat, and the payment does not belong to the "user share" of friend.tech. The cost assessment is based on the other party's number of fans, contribution, etc.

In addition, the DeBank application interface also displays "Tokens Soon", which is worth our interaction.

Conclusion

The popularity of friend.tech is due to its extremely efficient "profit-seeking" nature, which allows users to quickly earn profits. However, it cannot be said to be a very complete social application at present. The recent surge in popularity was also due to the announcement of financing by Paradigm two days ago. In comparison, DeBank, which has a valuation of 200 million US dollars, has completed a financing of 25 million US dollars. Well-known investment institutions include Sequoia China, Dragonfly, Coinbase Venture, Circle, Ledger, etc. The advantage of DeBank's social application is obvious, which is wallet binding, which is also the best way to track real users.

Compared to friend.tech, DeBank has more obvious advantages, including:

Investment institutions are becoming more hardcore;

Wallet binding method is more Web3;

More closely aligned with social applications;

More authentic users;

Launched their own L2.

The myth of friend.tech's longevity is unclear, but compared to that, DeBank, which is ready to fully enter the Socialfi platform, clearly has more prospects.

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