Morning Minute | FriendTech v2 Shocks The World

TylerD's Market Summary

Today's Morning Minute is brought to you by Wasabi, THE leading NFT leverage protocol.

Did you see NFT news and immediately want to go long Bored Apes or Mutants? Or did you want to short them? 

How about wanting to long $PAC after the recent breakout (with leverage)? 

Either way, Wasabi has you covered.

With Wasabi's Perps markets, savvy traders can now win in any market conditions and earn points and Blast GOLD while doing so. 

It's a huge unlock.

They recently crossed $100M in cumulative trading volume on the platform, so traders are figuring it out.

So why not join them and start trading today, and earn those rewards!

🫂🫂 Friendship Is Back - And Profitable

Friend Tech was arguably the most polarizing app in SocialFi and even broader crypto over the past 8 months.

The app and its users were widely mocked last year, with many calling it an unsustainable ponzi, "3,3" driven and that it would certainly go to 0 once the token dropped.

Well, they were wrong.

What Happened?

Friend Tech v2 launched late last Thursday night.

It launched with no formal announcement or info, which led to chaos.

The $FRIEND token dumped as low as $0.80 on Friday morning as several notable CT influencers sold their tokens, while the app itself was barely working and no one knew how to use it.

Chaos continued through Friday, but then slowly, people started figuring out how the new app worked.

The app became more stable.

And people started buying $FRIEND and understanding its importance in the current app.

Now $FRIEND is at $2.80 ($280M FDV), up 250% from the bottom.

How Does Friend Tech v2 Work?

There are 3 primary new components to v2:

• Money Clubs
• A native DEX "Bunny Swap"
• LP Staking

Money Clubs are the hot new feature, somewhat replacing Keys as the primary social layer.

Anyone can launch a club, set up a bonding curve (normal or exponential) and choose to run it however they like.

Clubs are an improvement over key rooms in that everyone can chat and see each other's message, the bonding curve isn't as steep, and fees are lower (1.5% vs 10%).

Clubs are also transferable tokens, meaning a club owner could airdrop their club keys to Key owners, a whitelist, etc.

Bread mentioned yesterday how 3 types of Clubs have already started to emerge - interests (alpha, specific topics, people, etc.), memecoins / culture coins (i.e. BLEU) and 3rd party apps.

This new social layer has emerged in just 2-3 days post-launch. And they run on $FRIEND, the native token required to buy entry to a club.

To get $FRIEND, one must use the native DEX Bunny Swap.

And if one wants exposure without buying clubs, they can simply stake in the LP with big rewards (APR at 600% or higher right now), given the final 10% of points are used for liquidity mining.

In many ways, Friend Tech v2 is like Pump dot fun but bigger, with a built-in user base and the attention of all of CT.

By The Numbers

Some key metrics from the opening weekend:

• Clubs volume: 17.1M FRIEND ($46M)
• Club fees: 256k FRIEND ($691k)
• Total clubs created: 119,380
• Club creators: 66,811
• Club traders (users): 88,735
• Liquidity pool size: $48.2M

So nearly $50M in volume across nearly 90,000 users in its opening weekend - not bad.

To give a sense of the top clubs by price:

• Ansem's Army at 2745 $FRIEND ($7,686)
• Fight Club at 2,371 $FRIEND 
• CBB Cartel Club at 1,587 $FRIEND
• CBB FC at 1,254 $FRIEND
• The Pack at 824 $FRIEND

So there are 4 clubs which cost 1,000+ $FRIEND already. And it's about 134 FRIEND to make the top 50 right now.

And, reminder - you have to have $FRIEND to buy into these clubs, which many are already calling levered bets on $FRIEND.

Perhaps that's why $FRIEND is up to $2.80 already ($254M mc, $280M FDV).

What's Next?

There is still so much to unpack from this app's launch.

The keys for me with respect to what happens next:

• Will power users continue to use and build on the app?
• Will the team continue iterating on and developing the app?

Early signs point to "yes" for both of those questions.

If that's the case, this app is going to be around for a while.

And $2.80 per $FRIEND is fud...

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the weekend in NFTs:

• BTC led NFT trading volume with $8.7M on the day (+25%); ETH was next with $6.2M (+16%) and then Solana with $3.09M (-5%)
• Blob led trading volume with 22 BTC volume (0.067 BTC floor) after ties to EPIC EPIC EPIC runes circulated
• OMB holds pole position of BTC PFPs at 0.45 BTC; Quantum Cats at 0.397, NodeMonkes at 0.342 and Puppets down to 0.266
• ETH NFT leaders were mostly green gaining 1-5% on the day; BAYC +2% to 15.4 ETH; MAYC +3% to 2.97; Pudgy +7% to 11.98; Azuki -7% to 5.16
• Geometries, Anata and alignDRAW were notable winners, jumping 30-50% on the day 
• Solana NFTs were mostly red on the day; Mad Lads -3% to 83 SOL, Tensorians -2% to 13.7; DeGods -10% to 51, and y00ts -2% to 12.7
• Blast NFTs saw mega-green with many sets up 20-30% or more, led by Plutocats (+4% to 2.38 ETH), Blastopians (+24% to 0.37) and Blast Hoods (+133% to 0.12)

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the weekend:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are green this morning; BTC +1% at $64,250; ETH +1% at $3,160, SOL +5% at $154
• Memecoin majors were green as well DOGE +1%, WIF +8% PEPE +5%; MICHI, NUB, HALFIN outperform
• GBTC had BTC inflows on Friday, the first time in 80 days, which helped drive the weekend pump
  

🚀 Memecoin Movers 

• $HALFIN (+700%, $17.5M market cap, Base)
• $ELON (+32%, $19M market cap, ETH)
• $MICHI (+27%, $145M market cap, Solana)
• $NUB (+28%, $62M market cap, Solana)
• $POPCAT (+13%, $615M market cap, Solana)

📈 NFT Floor Price Increase (ETH)

• Kagami (47%, 0.09 ETH Floor)
• Frank Stella Geometries (33%, 0.6 ETH)
• Anata NFT (32%, 1.17 ETH)
• alignDRAW (27%, 2.15 ETH)
• CEDEN Keystone NFT (27%, 0.18 ETH)

🗓 Upcoming NFT Mints and Reveals

Today has a solid slate of mints spanning Base, Blast and Bitcoin.

The highlight is likely the Fantasy Top main competition launching at 3 pm ET. Given all the hype, expect some major trading, pack ripping and card swapping ahead of that game beginning.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Genesis Master Pass (8:00 a.m. ET)
• Reneverse (9:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Based Monsters (1:00 p.m. ET)
• Fantasy Top competition (3:00 p.m. ET)
• Bitcoin Keepers (3:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.