SocialFi Protocol vs Mirror Trading Friend.Tech vs Stars Arena vs TOMO

The SocialFi Protocol vs. Mirror Trading Friend.Tech vs. Stars Arena vs. TOMO A ComparisonSocialFi Protocol, Mirror Trading Friend.Tech, Stars Arena, and TOMO are all popular platforms in the world of social and mirror trading. Each of these platforms offers unique features and services, making it challenging to choose the best one for your needs. In this comparison, we will take a closer look at these four platforms and see how they stack up against each other.SocialFi Protocol is a decentralized social trading platform that allows users to copy the trades of top-performing traders. It also offers a social network where traders can interact and share their insights and strategies. On the other hand, Mirror Trading Friend.Tech offers an AI-powered mirror trading service, which mimics the trades of top traders automatically. It also provides personalized trading advice based on the user's risk tolerance and goals.Stars Arena, on the other hand, is a popular social trading platform that focuses on the Forex market. It offers a variety of tools and resources to help traders make informed decisions, including technical analysis, news updates, and social sentiment monitoring. Finally, TOMO is a social trading platform that utilizes blockchain technology to ensure transparency and security. It allows users to copy the trades of successful traders and interact with them through a social network.While all these platforms have their strengths, there are some notable differences between them. SocialFi Protocol and TOMO both utilize blockchain technology, making them more secure and transparent compared to the others. This could be a significant advantage for users concerned about the safety of their funds. However, Mirror Trading Friend.Tech and Stars Arena have a more extensive range of trading tools and resources, making them more suitable for traders who rely on technical analysis and market research.In terms of popularity, SocialFi Protocol and Stars Arena seem to have a more significant user base, with TOMO and Mirror Trading Friend.Tech trailing behind. However, this could also be due to the relatively new introduction of TOMO and Mirror Trading Friend.Tech compared to the other two platforms.In conclusion, each of these platforms offers unique features and caters to different types of traders. It ultimately depends on the individual's trading style and needs when choosing the right platform for them. We recommend researching and exploring each platform's features before making a decision to find the best fit for your trading journey.

Author: Biteye Core Contributor Louis Wang

Editor: Biteye Core Contributor Crush

Community: @BiteyeCN

The Socialfi craze driven by Friend.Tech has swept across various public chains, with each chain creating its own imitation version and generating considerable popularity, such as Stars Arena on Avalanche and TOMO on Linea. This article will compare FT with these two imitation versions in terms of product experience, data, and more.

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01, Friend.Tech

As the pioneer of the Socialfi craze, Friend.Tech has brought a new narrative to the cryptocurrency market and established itself as a leader. Since its launch three months ago, it has accumulated over 75k users and TVL exceeding $44M.

(Source: https://dune.com/friendtechdatateam/friendtechdata)

Although many keys have become quite expensive due to the steep pricing curve, the trading volume has decreased significantly compared to the previous two weeks. Interestingly, new user growth continues, with daily growth even reaching a new high. There are still many new users pouring in.

(Source: https://dune.com/whale_hunter/friend-tech-ultimate-analytics)

Meanwhile, although there have been cases of FT users’ funds being stolen due to SIM swap, negative news does not seem to have a significant impact on FT.

The profitable funds have not quickly exited, and a large amount of idle funds remains within Friend.Tech. Therefore, TVL has not significantly declined due to trading volume or potential risks.

(Source: https://dune.com/21co/friendtech-analysis)

For popular Chinese accounts on FT, you can refer to this board:

https://www.cryptohunt.ai/zh-CN/friendtech/topcn

02, Stars Arena

Stars Arena is an FT-like product on Avalanche, which features a similar gameplay to FT by purchasing tickets to enter each other’s private chat rooms.

One significant functional difference is that SA is more like Twitter. Users can post content, present it in the form of feed, and have more diverse operations.

In addition to room chat, users can also like, retweet, comment, and even tip “tweets,” making the social elements richer compared to FT, resembling Farcaster with private chat and group features.

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(Source: https://www.techflowpost.com/article/detail_14130.html)

SA was first launched on the PC end and, similar to FT, it needs to be added to the desktop on the mobile end. The registration and deposit process is similar to FT as well. Avalanche C-Chain is used to deposit AVAX as the transaction currency. The overall experience is much smoother compared to FT. SA uses an invitation link for referral and has a commission mechanism to encourage spreading the word.

The economic model is also a 10% transaction fee, but the distribution ratio is different from FT. SA allocates 7% of the profits to the landlords, 2% belongs to the platform, and the remaining 1% is used for commission rewards. This means that when the trading volume is the same, landlords on SA will earn more than FT.

SA plays a positive role in increasing daily active users for Avalanche and has received strong support from Avalanche officials and founders. Both have joined SA. SA’s TVL reached a peak of over $2.5M and has nearly 25k users.

Unfortunately, the good times didn’t last long. On October 7th, SA’s contract was subjected to a replay attack by hackers, who stole all users’ assets in the contract, worth about $2.9M in AVAX.

In the end, SA recovered 90% of the stolen assets. Currently, the contract has been audited and the product relaunched on the 17th. After the relaunch, users need to migrate their wallets in the app to access their previously owned assets.

(Source: https://dune.com/_d3f4ult/starsarena)

Clearly, the stolen contract dealt a huge blow to user confidence. After recovering $2.9M in assets, one-third of the funds flowed out on the same day, and TVL plummeted, currently maintained at $1.2M.

03, TOMO

Users are quite enthusiastic about the imitation platforms on the new L2. Those who missed out on FT don’t want to miss out on the imitations either, with the potential for interaction and airdrops on the new public chain.

TOMO is the FT imitation on Linea. Unlike FT, it is not a web page that needs to be added to the home screen, but rather an app that needs to be downloaded from the App Store.

The entire registration process is very similar to FT, requiring Twitter verification and recharge, which can be done either from the mainnet or from Linea.

Currently, the wallet in the app supports withdrawal but cannot export private keys because it uses an ERC-4337 standard account abstract wallet, which is the first attempt of 4337 in SocialFi.

In terms of product features, it is similar as well, entering private chat rooms through the purchase of Keys. Different from FT, there is another type of asset besides Keys, which is Votes, that is, those Twitter users who have not yet opened a TOMO account.

Users can purchase “futures” of their keys, and once they open a TOMO account, Votes can be converted into Keys.

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In the economic model, both vote and key follow the same rules, which means that 5% goes to the platform and 5% goes to the room owner, similar to FT.

For cases where a room is not yet occupied but votes have already incurred fees, the transaction fees will accumulate and remain in the unopened room as pending fees. If the room owner does not occupy the room within six months, the fees will be distributed to the vote holders.

The pricing curve followed by TOMO is key price = x^2/43370. The price curve is smoother compared to FT, which means that with the same number of key holders, TOMO’s price will be around 37% of FT’s price, making it more favorable for small retail investors and expanding the capacity of chat rooms.

This is a very interesting micro-innovation. On FT, there are a large number of robots targeting newly opened accounts of KOLs, known as Sniper. Their aim is to buy the keys of these KOLs at a low price and make a profit.

TOMO eliminates the advantage of robots in this aspect by securitizing the keys of unopened accounts.

In terms of eliminating the influence of robots, TOMO allows users to buy multiple keys at once on the application frontend.

On FT, users can only buy one key at a time in the application, although there is no quantity limit in the contract. Some users may use robots to buy multiple keys at once, which is fast and cheap (buying them one by one will increase the purchasing cost due to the intervention of others), which actually affects the experience of ordinary users.

With these two small adjustments, there is no much room for robots to operate on TOMO, making the user experience relatively pure.

Similar to FriendTech, TOMO also has a point system, which is currently only related to inviting friends. It is highly likely that it will be linked to Linea’s points in the future.

TOMO has deep involvement from the founders of Polychain, Ankr, and Galex, and Linea has also officially joined. With sufficient brand endorsement, Linea is also a high probability airdropped public chain, which is suitable for early participation.

Currently, TOMO’s TVL has reached $1.3M, which is 40 times smaller than the TVL of the leading FriendTech at $44M. There is ample room for imagination, but most of the active users on TOMO are KOLs from the Chinese-speaking region, with fewer participation from English-speaking KOLs, and the growth rate of users has somewhat stagnated.

TOMO has earned $414k through transaction fees, with a total of 4.9k users.

(Source: https://app.sentio.xyz/sentio/tomo/dashboards/mfqtRDSI)

04, Summary

This article analyzes and compares the current situation of FT and the two most competitive simulated trading products, as shown in the figure below.

In comparison to FT, SA has expanded its social functions, offering higher rewards for creators and a smoother user experience, which is highly anticipated. However, it suffered a setback due to a contract theft, resulting in a significant blow to user confidence. Even though it has now recovered and relaunched, TVL has decreased significantly.

TOMO is more like an upgraded version of FT, with smoother operations and presented in the form of an app. It also pays close attention to addressing the negative impact brought by bots in FT.

Through its functional design, TOMO minimizes unfair competition caused by bots and demonstrates greater maturity and ingenuity.

If there were no security issues, it would be a strong competitor to FT. However, it currently lacks participation from KOLs outside of the Chinese-speaking region.

Compared to the outstanding performance of the simulated trading platforms, FT falls behind in terms of product experience and update speed. This could quickly become a point of criticism. However, the influence of its pioneers, the depth of TVL capital pool, the early participation and empowerment of numerous high-quality users and KOLs, and the sunk cost of accumulating points all serve as its strongest moats.

Currently, only FT has announced its financing situation. The other projects are riding on the expectations generated by FT. To accelerate the next wave, more financing and airdrop information are needed as catalysts.

The SocialFi frenzy sparked by FT in this bear market is one of the few hotspots. Key, as a new type of social trading asset, may become the next ERC20 token, worth participating in and looking forward to.

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