Friend.tech Dominates CT 💪

GM. This is Degen Scoop. It’s Tuesday, here’s the scoop:

• Friend.tech Dominates CT 💪

• China Bringing Credit System to Metaverse 💳

• Millions of Token Unlocks This Coming Week 🎡

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Friend.tech Becomes Dominant New App in Crypto Ecosystem

If you’ve followed CT at all over the past two weeks, you’ve certainly heard of FT by now. In short, this is a SocialFi app where users can hold a share (now “keys”) of users and have access to a private chat and potential upside on the perception of a user’s value. The app has even begun to draw in crypto outsiders such as OF creators, FaZe Banks, and other Web2 names.

Regardless of your feelings about the app itself, this is the sort of app that can bring in the masses. Critics call the app BitClout (which didn’t survive) as a critique, but we have an app devoid of tx via wallet, easy mobile usage, and normies coming in. This is what the users want. Servers are getting hit with the parabolic growth, but we’re very bullish on the future of SocialFi.

Infamous Chinese Social Credit System is Being Brought To the Metaverse

The controversial credit system devised by the Chinese government is making its way to the metaverse. China is aiming to create a digital identity system for users that will also bear users’ social credit score so the two are inherently intertwined. The kicker is that China is making profiles for ALL online users which invites significant speculation.

Bringing the system to a virtual entity is unexpected in the short term, but inevitable in the long term. Aside from social credit, one has to expect that there are future implications having to do with finance and machine learning endeavors. The digital yuan will also need a base layer of data to work with which is part of the necessity of digital identities from the Chinese perspective.

Millions Worth of Tokens $LDO, $YGG, and $AVAX Coming This Week

When tokens are created, there are often vesting schedules. This effectively means that X amount of tokens will get release by/on X date. This week we are seeing notable unlocks in Lido, YGG, and Avalanche. The first of which will be from Lido where $14M worth of tokens unlock on August 26th which constitutes about 1% of the supply.

The largest unlock will be coming from Avalanche where $102M of tokens will be unlocked on the same day; this is nearly 3% of the entire supply that will become liquid. YGG will see nearly $3M of its token become liquid; this is some 6% of the total token supply. While Lido and YGG aren’t that large monetarily, I’d be worried if I was holding AVAX going into Saturday with so much becoming liquid. Best of luck, anon.

Notable NFT Sales in the Last 24 Hours:

Notable Threads You May Have Missed:

Meme of the Day

If you think your memes are better, submit them to the newsletter and get featured for your work!

Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

Thank you for reading, if you enjoyed this please subscribe if you haven’t already! If you’ve already subscribed, please consider sharing this!

DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.