Behind the sell-off of friend.tech Key: The dilemma of human nature under the lack of liquidity

Original - Odaily

Author - 0xAyA

For most friend.tech (hereinafter referred to as FT) players, one of the scenarios they least want to see is someone selling their keys at a high price, and players who engage in mutual holding (3, 3) hate this even more. Taking fire under the cauldron is the act of actively extracting liquidity.

However, with the emergence of imitation disks and the difficulty in maintaining traffic, FT fell into a period of negative-sum game of funds on the market - and for some people, it took away the precious liquidity in the bear market. It seems so natural, so what is the story behind each Key that is sold?

Really done: Stolen wallet

On September 30, froggie.eth tweeted that it had been attacked by a SIM card hacker, and its FT account had lost more than 20 ETH in assets. As of October 5, a total of 234 ETH had been stolen from 4 FT users. The hackers modus operandi is roughly the same, which is to invade FT accounts through SIM card attacks and sell off all the keys on the accounts. Although FT officials have since added a 2FA mechanism to prevent similar incidents from happening again, incidents of FT account thefts continue. happened, and SlowMist founder Cosine commented on the feature:

This 2FA actually allows users to set an independent password. When users perform fund-related operations, they must keep this independent password, otherwise your funds will be gone...

One day ago, the account of Pangchy, the giant whale in the FT Chinese area, also encountered a similar situation: all the Keys in his account were sold out, and the price of his own Keys plunged downwards like a roller coaster, and all the Keys were sold. The profit - 43 ETH was transferred across the chain to a new Ethereum address. Soon Pangchy tweeted that the account has been stolen and is being processed. I will explain to everyone later.

Pangchy later tweeted to add the reason for the incident. He had used a third-party bot when he first entered FT.@FriendSniperTchDuring the operation, the private key was accidentally leaked, which led to the occurrence of this incident, plus another FT player who had used the bot before.@CJCJCJCJ_There have also been accounts stolen, which can basically prove the fact that a third-party bot has stolen the wallet.

But what is even more intriguing is a passage in Pangchy’s apology tweet:

I saw it a few days ago@CJCJCJCJ_After it was stolen, I thought about clearing the account and changing my account. However, since it was troublesome to change the locked key, and there was no problem with my wallet at the time, I took a chance and thought that Brother CJ might be my rug.

Fake play: Theres something going on at home, Ill deal with it first.

With the blessing of Paradigms bloodline, the big players who had been crazy about scoring points in Blur have also joined the FT game. Hanwe is obviously one of them. With his previous successful experience in Blur, his Key was quickly obtained. With the recognition of the market, the price has also risen. The (3, 3) should be (3, 3), and the points should be increased. Everything seems to be going according to the established script.

It wasnt until Hanwe smashed the board in the air that FriendTechs PvP attributes finally showed their sharp fangs.

Regarding his behavior, Hanwe responded like this:

The FT bloggers in the Chinese area are more humane and worldly in comparison. They tweet to announce that they will do activities to empower their Keys, but then they smash the Key and delete the tweet See you later, which has the effect of an absurd comedy. It’s a pity that the onlookers said:

The battle royale spirit is once again carried forward here - during the day, you will blow your keys in various rooms, and at night, you will transform into a ruthless disk-smashing robot, throwing out all the keys in your hand, and the harvest of all this may eventually be even one. Not even ETH.

Game: Dual Lack of Liquidity and Confidence

The emergence of FT has brought bright spots to the SocialFi track, and has also brought few new opportunities to the market that is struggling in the bear market. However, its own characteristics have destined the limitations of its capital capacity—— Compared with the group symbolism of NFT, the Key that directly materializes the value can certainly bring more benefits to individuals, but the price of the leading KOL is far different from that of blue-chip NFT, and it also locks up large funds. Influx of imagination space.

In the market environment that lacks liquidity, FTs weekly points mining cycle of up to half a year has made many people feel timid midway. The changing market environment and the straight up and down prices are tempting users at any time. In the end, I can only choose between being passive (3, 3) and paying the beheading fee to leave. The PVP characteristics of FT make the purchase and sale of Keys a Roman battle of life and death. In the worst case, friendships will be lost, and in serious cases, people and money will be lost.

The previous high-profile addition of Brother Ma Ji has not given a boost to the entire ecosystem, and the constant emergence of imitation disks will undoubtedly attract latecomers to actively participate. Will the players who still stick to FT be able to continue to treat each other with respect and steadily gain points, or will they be able to gain points in the future? On a dark and windy night for a month, I brushed off my clothes and went away, hiding my merits and fame? Everything still needs to stand the test of time.