. @theunipcs yesterday posted the perfect thesis on @clantechapp
- Friendtech ATH was 250M
- @fomo valuation is 550M
They also launched in the hottest chain this cycle.
Love the consolidation between 3M and 5M, usually after that they explode to 10/15M and then higher.
Btw I'm Unipcs key holder.
thesis on https://t.co/pyUsjjWvNo by @fiatphobia
description: friendtech but built on the @fomo social graph on robinhood chain
1. crypto social and personal tokens have category-level potential comparable to memecoins and/or NFTs
2. bitclout, friendtech, zora have all been the current thing in crypto for at least a month before ultimately falling, but few categories with higher peak attentions across multiple attempts
3. fomo is arguably doing better right now than any social app in the history of crypto (saying this as someone whose favorite all-time crypto app has been farcaster, but not sure it was ever this hot at any one moment in time)
4. this would be the first substantially different app built on top of the fomo social network, using their traders ranking and PnLs, which is fairly novel
5. bitclout, friendtech, zora all lacked specific valuable utility to justify buying personal tokens / keys beyond speculation (which could be sufficient on its own, but may not be for longevity), access to chat rooms with some of the top traders onchain objectively has value as demonstrated by the fact people already pay for this
6. i replied to a tweet from @fiatphobia with five suggested changes and he executed 60% of them within 20 minutes and the other 40% (larger items) within 20 hours while also shipping a bunch of other things most of which were objective
improvements, i don’t know him or his history or reputation but seems to ship fast and persist vs. slow and/or ghost
7. @changefomo has been top 2-3 all-time PnL on @fomo seemingly for as long as I’ve been using the app and he is a top holder of $clan and seems likely to claim his profile (he would be the first individual to do so, still extremely early)
8. reflexivity of a fomo-based friendtech type platform could get crazy as the best traders would be making money from the fees on the trading of their keys, incentivized to share, and competing to top the leaderboard of keys prices just as PnLs on fomo
9. mcap has mostly floated between $1-3M and keys in the app have yet to see first significant wave of buying, so this is all basically pre-anything and any catalysts could compound to send it
10. built on Robinhood chain where I have yet to see really any apps that are interesting to me personally, mostly just memecoins and stock tokens and memecoins with stock pairs and launchers but nothing creative like this, and a breakout app would be big for RH which has clearly established itself as a top 5 chain contender just 2 months in
extremely risky, not investment advice do your own research, don’t buy more than you can comfortably afford to lose
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