Haseeb Qureshi, a partner at venture capital firm Dragonfly Capital, recently posted on Twitter and mentioned an interesting topic. He noted that social app Friend.tech (FT) went from boom to bust in just four months. This question prompted a response from Ethereum founder Vitalik Buterin.
Dragonfly Partner: Social Finance (FT) is short-lived
Haseeb Qureshi raised doubts. He believed that the pricing curve seemed to be the reason why FT stalled. The pricing curve caused the keys of all Room Owners to rise rapidly, but After the upward spiral, there will also be a downward spiral. How did the FT team design it in the first place? And what did everyone learn from it?
DeFi researcher Ignas pointed out under Haseeb Qureshi’s tweet that the narrative of social finance (SocialFi) rose in August and September last year, but then gradually disappeared. The same situation also occurred with the hype after the launch of the Bitcoin ETF, which also gradually faded away. This shows that the narrative in the crypto space is changing very quickly.
This question also attracted a response from Vitalik Buterin, the founder of Ethereum.
Vitalik: Bad GameFi is replacing the fun of games with speculation
Vitalik responded that some bad GameFi projects are replacing the fun of games with financial speculation. Chain games should be as fun as traditional games. I have emphasized this many times before, and I believe a similar situation occurs with encrypted social applications.
Vitalik also predicts that the decentralized social protocols Farcaster and Lens Protocol will never disappear in four months like FT, and may even last as long as a year.
Haseeb Qureshi replied to Vitalik, saying that he agreed with his point of view, but he believed that in addition to "social financial speculation = bad", there are many lessons worth learning from it.
And he also doubts whether it is too early to draw a conclusion by denying the social concept related to financial speculation now? Because most ideas require many attempts before they can be realized.
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