What is the time.fun that Solana Lianchuang toly settled in and how to run it?

Original title: "Time is Wealth: Time tokenization application time.fun speed reading"

Author: Karen, Foresight News

This article was originally published on June 20, 2024

Updated on February 25: Today, Solana co-founder toly "landing" time tokenized SocialFi application time.fun. The market value of toly (toly's minutes) on its time.fun rose to above the market value of US$18 million in an hour and a half, with the token price reaching US$187. Toly also responded to time.fun's tweet about the Meme token "toly's minutes", saying "Business communication is my favorite case of encryption applications."

The following is the original content:

Another SocialFi application time.fun on Base has made its mark. Since its release, it has attracted the attention of Builders and KOLs in industries such as @tier10k, wallstreetbets, Helius CEO @0xMert_, icebergy, and The Block CEO Larry Cermak.

So, how does this app time.fun, which tokenize time in minutes, work? Are there any plans to release tokens? What will its future development prospects be? This article will introduce and discuss these issues.

What is time.fun?

time.fun was first launched as circle.tech and was favored by the Crypto accelerator Alliance in April this year. circle.tech’s goal from the beginning was to allow users to tokenize time so that creators can earn income, while fans can also interact with creators through paid methods, such as consultation, group chat or watching live broadcasts.

At the end of last month, circle.tech rebranded its brand as time.fun, on the one hand, to eliminate the risk of liability brought by similar names to Circle (USDC issuer), and on the other hand, to be closer to its "time tokenization" concept. , and set the time value according to the joint curve. While bringing time delivery benefits to creators, it also provides a small part of transaction fees to motivate creators, and empowers time holders to a certain extent.

time.fun builder @0xKawz said time.fun not only allows tokenized time, but also supports creators to have deeper connections with loyal fans, such as booking meetings, private messages, etc.

How does time.fun run?

It supports creating accounts using Google, Discord, Apple, and Twitter on time.fun, but in the end, you need to connect to verify Twitter. This means that time.fun ensures that the platform’s traffic comes from an active social media ecosystem.

Web3Auth will then automatically generate a wallet for the user. If you need interaction, you need to recharge on Base to pay for Gas or time purchase and redemption fees.

The time value of time.fun is dynamically adjusted according to market demand, and a joint curve pricing mechanism is adopted. Fans can redeemed or delivered (redeem) time to book a meeting with the creator after the purchase time, with a minimum redemption time of 15 minutes. In addition, fans can also send private messages to the creator. It takes 1 minute to send a private message at a time, and then the creator needs to reply within 5 days.

To further enrich the interaction between creators and fans, time.fun also provides exclusive grouping capabilities powered by telegram robots. Creators can authorize robots to manage group members to achieve automated member invitations and removals.

Regarding the original circle.tech fee model, users who recommend creators are assigned a 1% recommendation fee, and circle.tech charges a 5% consultation application fee, and the remaining 94% is distributed to creators who receive consultation or chat.

After the reshaping time.fun also updated the fee model, focusing more on the time delivery of creators and empowering time holders, and also drives time value speculation by allocating a small part of the time transaction fees to creators, thus Better increase platform activity.

There are three ways for creators to earn ETH, namely, when fans trade your time, fan redemption time (i.e. chat, meeting, etc.), and invitation. Among them, transactions earn up to 2.1%, and recommended users earn 0.5%. In contrast, the profits brought by redemption time account for as much as 95%, thereby inspiring creators to create more value for their fans.

In addition, a portion of the transaction and redemption fees are used for the timeholder fund. According to time.fun, time holders can also benefit from the time holders fund, which can receive up to 2% of transactions and redemption volumes. Creators can choose the right way to use the fund, such as giving it to fans.

Will time.fun issue tokens?

circle.tech The original document shows that the circle.tech application can earn points, and the points will be considered for future airdrops and giveaways. Creating an account, asking questions, answering questions, participating in a one-on-one chat room will receive reward points.

time.fun builder @0xKawz said in Discord, "Snapshots have been taken for the circle.tech points activity. However, now is not a good time to do airdrops. Circle.tech is not doing well in terms of fees and attracting truly stable users. , hope to bring more use through time.fun, and still plan to airdrop this summer, and will airdrop a fixed proportion of tokens to users (old and new product users). "

In the time.fun planning, the time.fun contract will be scalable, with more products that use minutes as the base currency coming soon. Other projects can be built on time.fun after being included in the license list. Additionally, you can earn TIME airdrops in Season 1.

What is the prospect of time.fun?

In fact, the concept of time tokenization is not new. In 2022, Aave's experimental unit Newt delivered its first time tokenization project, Aika, which can be minted and sold as NFT in Polygon. At the time, Newt saw Aika as a standardized way to pay for services that guilds, service DAOs and other crypto-native organizations could use. But Aika can only get paid after delivery time, making it difficult to attract creators. The project was left unresolved afterwards.

Some time ago, Vitalik Buterin praised the cool orb.land as a restriction on a creator to issue only one Orb NFT, and by introducing the Hamberg tax system to restrict the holding and resale of the promised NFT, encouraging creators to High-quality interactions among holders and promote efficient allocation of resources. The idea is good, but it is not high for creators and ordinary players. After all, no transaction means that creators have no profit.

In contrast, time.fun has a better incentive mechanism. Creators can not only share the money from time redemption, but also obtain a small part of the profit from secondary time speculative trading, thereby driving them to expand their influence and attract more. Fans and increase platform activity. At the same time, ordinary users or fans can also benefit from the time holder fund.

Whether time.fun can start the flywheel of creator fees remains to be seen. After all, at this stage, users are more concerned about speculation than real value, and the time value of creators currently seems to be just users guessing how popular creators are.