全面解读friend.tech V2：核心功能、平台经济与代币潜力

Odaily星球日报Published on 2024-05-08Last updated on 2024-05-08

Abstract

LP APY 接近 600%，friend.tech V2 的平台经济是如何设置的？FRIEND 上升空间如何？

原文作者：Karen，Foresight News

曾经一夜风靡的 Web3 社交交易协议 friend.tech 在五一假期期间上线 V2 版，尽管其代币经历了高开低走再反弹的波折过程，但凭借新功能付费群 Club、独特的费用设计机制以及接近 600% （昨日甚至达到 1400% ） 的 LP APY，让 friend.tech 再次成为热门话题。

friend.tech V2 页面延续了简洁的设计风格，以官网为例，顶部设有 Club 和创作者搜索框，左侧导航栏从上到下依次为钱包、活动和 Chat 模块，其中，钱包展示了持有的 ETH、FRIEND、Keys 以及挖矿奖励等；活动页面罗列了关注的创作者的 Key 交易活动；Chat 页面则聚合了持有 Key 的 Club 以及创作者，方便用户社交。

friend.tech V2 核心功能：付费群 Club

付费群 Club 是 friend.tech V2 的最大亮点，在 V1 货币化 KOL、创作者的价值的基础上，增加了 Clubs 空间，相当于付费群一样的存在，不过后进群的人需要支付更高的价格，并且交易仅支持 friend.tech 平台代币 FRIEND，而且每笔交易会收取 1.5% 的费用（这部分后面会讲到）。Key 持有者还可以随时投票选举所在 Club 的主席，Clubs 主席负责管理俱乐部并选择 moderators。

Club Key 的价格遵循一个特定公式，下一个 Key 的价格为 S^ 2/100 （以 FRIEND 计价），S 是当前 Key 的数量。下表是笔者统计到的第 S 个 Key 时的价格图表，供读者参考。

全面解读friend.tech V2：核心功能、平台经济与代币潜力

任何人都能创建任意主题的 Club，创建时，可以选择标准曲线（按照如上公式），也可以选择相当于标准曲线价格 10 倍的专用曲线。若选择标准曲线，当一个 Club 进群人数达到 50 名时，Key 价格为 25 FRIEND；若选择专用曲线，此时，Key 价格为 250 FRIEND。需要提醒的是，不同的 Club 可以有相同的名称，所以交易时需要格外注意。

全面解读friend.tech V2：核心功能、平台经济与代币潜力

据 Dune 数据显示，截止 5 月 6 日撰稿时，friend.tech 平台 Club 数量已超 11 万，Club 成员超过 61, 592 名，交易笔数超过 45 万次，总 Club 交易量接近 1700 万枚 FRIEND， 24 小时内 friend.tech 产生的总费用已达到 82 万美元。

全面解读friend.tech V2：核心功能、平台经济与代币潜力

来源：Dune

按照 Club 市值来看，friend.tech Club 前两大群组为，交易员 Ansem 创建「Ansem's Army」：编号#59528 ，Key 价格为 2766 FRIEND，群内有 371 名成员，以及 friend.tech 创始人 Racer 创建的「Fight Club」：编号#1 ，Key 价格为 2371 FRIEND，群内有 125 名成员。

全面解读friend.tech V2：核心功能、平台经济与代币潜力

除 Club 之外，friend.tech 表示还将推出 Keydrops、Memeclubs 和 Pinned Rooms 等新功能，为用户带来更多元化的社交体验，光是 Memeclubs 就足以让社区兴奋和充满想象力。

平台经济和代币分配

friend.tech 在发布 V2 空投之时，每一个积分可以换取 1 枚 FRIEND，不过刚开始只可以认领 10% 的 FRIEND，之后加入一个 Club 并关注 10 人后可以领取剩余的 90% 。这有助于在短期之内很大程度上激励平台活跃度，但同时也遭到社区用户的吐槽。

friend.tech 未开启代币可转用性，当前仅在自己的平台（DEX「Bunnyswap」https://www.friend.tech/lp）上开通了代币兑换和 FRIEND/ETH 流动性提供服务，由于 friend.tech 自身平台上流动性提供的收益非常之高（当前接近 600% ），目前，FRIEND/ETH 的流动性有接近 4700 万美元。

在 friend.tech 上，用户在 FRIEND/ETH 池子兑换需要扣除 1.5% 的兑换费用，交易 Club Key 也需要支付 1.5% ，这些费用均会由 LP 提供者共享（FRIEND 形式），除此之外，未来 12 个月内，friend.tech 还会对 LP 提供者共分配 1200 万枚 FRIEND 激励。

也即，在 friend.tech 上提供 FRIEND/ETH 流动性可以获得三种收益，包括 1.5% 的兑换费用（当前 APY 为 1071% ）、 1.5% 的 Club Key 交易费用（当前 APY 为 202% ）以及共享 1200 万枚 FRIEND 激励（当前 APY 为 135% ）。

关于代币分配，friend.tech 曾表示，其投资者已同意放弃向用户出售代币的权利，代币将由用户控制，会将包括 Paradigm 等在内的风险投资人的积分发放给用户。

不过，friend.tech 并未公布详细的代币供应量细节，这也引发了社区的质疑。据 BaseScan 页面，当前最大总供应量为 91, 082, 420 枚，合约细节显示代币无上限。而 friend.tech 官方 LP 页面显示的流通供应量为 7910 万枚 FRIEND（结合 Dune 数据，该流通供应量为已认领的代币空投和代币激励释放），流通市值为 2.04 亿美元（按照截止撰稿时 FRIEND 价格为 2.65 美元计算）。

全面解读friend.tech V2：核心功能、平台经济与代币潜力

不过，去年 8 月份，friend.tech 在刚上线平台之时，其表示，计划分 6 个月（每周五）分发 1 亿枚积分，按照目前一个积分换取 1 枚 FRIEND 来看，空投量为 1 亿枚，然后再加上未来 12 个月对 LP 提供者分配的 1200 万 FRIEND 激励，总供应量至少为 1.12 亿枚。

谁是 FRIEND 持有者和 LP 提供者？

根据@willprice 制作的 Dune 数据，在 friend.tech 提供流动性最多的地址为台湾歌手黄立成所拥有，其提供了 175.88 万枚 FRIEND 流动性（在 5 月 7 日再次购买花费 661 ETH 以 2.57 单价购买近 80 万枚 FRIEND）；其次为 0x e 3879 b 开头地址，该地址在 LP 中提供 62.55 万枚 FRIEND，同时在 Aerodrome ETH/PRIME 提供 263 ETH 和 42, 552 枚 PRIME 流动性。排名第四、第五、第六的用户分别为 @bitgoten、Christian 2022.eth（NextGen Digital Venture 合伙人）和 Cryptoyieldinfo 等。NFT KOL dingaling 也持有逾 41 万枚 FRIEND，不过尚未进行质押。

全面解读friend.tech V2：核心功能、平台经济与代币潜力

FRIEND 上升空间如何？

笔者认为，在近期代币空投引发广泛争议的背景下，friend.tech 100% 分发给社区，代币启动相对还算成功，也赋予了 FRIEND 在 Club 中支付的实用性。可以设想，随着 Club 的增多和发展，用户支付的 FRIEND 代币也会随之增加，这些代币实质上被锁定在系统中，形成了稳定的价值支撑。此外，friend.tech 为 LP 提供了丰厚的奖励，这也将吸引更多的 FRIEND 代币流动性锁定。

正如之前提到的，friend.tech 还未开启代币可转用性，这意味着 CEX 没有办法上线 FRIEND 代币，获得 FRIEND 的方法只有认领空投或者在 friend.tech 平台上用 ETH 买入 FRIEND。同时用户也可以将 FRIEND 和 ETH 组合成 LP 提供流动性，来赚取奖励。

那如若 friend.tech 开启代币可转用性，会发生什么？笔者认为这将使得 FRIEND 流通性也会得到极大的提升，进一步驱动 FRIEND 进入价格发现阶段。但这也可能导致平台原先设置的 1.5% 兑换费用机制被取消，进而减少 LP 的奖励。不过，从长期来看，代币的广泛流通将有助于提高其市场认知度和价值稳定性。

DeFi 研究员 Ignas 提出了一个独到的观点，其希望 FRIEND 不会启用可转移性，相反可以创建一个封装 FRIEND，即 wFRIEND，交易所可以上线 wFRIEND，但同时不影响原始代币的功能。不过个人认为本质上不会有太大的区别，因为一旦 wFRIEND 在交易所上线，链上交易者仍可以先从交易所购买 wFRIEND，再进行解封装去提供流动性。因此，关键在于 friend.tech 如何平衡代币的流通性、可转移性与平台功能的稳定性，以实现 FRIEND 代币的长期价值增长。

当然，笔者在观察 FRIEND 成交数据的过程中，发现了一个有趣的迹象，在代币上线后的前两三天内，尽管买单金额显著多于卖单金额，但买单数量却远低于卖单数量，这种单笔买单金额高达数千乃至上万美元的交易屡见不鲜。以 5 月 5 日某一个特定时刻的过去 24 小时数据计算，尽管买单的总成交额比卖单高出 15% ，但买单数量却比卖单数量少 70% 。然而，从昨日开始，市场上出现了多笔金额极小、甚至小于 0.01 美元的买单，将买单笔数和卖单笔数拉平，这些交易极有可能是由机器人执行的刷单行为，其背后的动机尚不明朗，我们难以确定这是否是为了某种特定目的而进行的操作。这一现象无疑为 FRIEND 增添了一丝神秘和不确定性。不过截止 5 月 7 日 17: 15 ，FRIEND 买单人数继续减少，仅为卖单人数的 1/10 ，而成交额却无太大差别。

原文链接

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