In the end, I became a prophet four months early.

I still understand why VCs from other companies see @Friendtech as a representative of the "SocialFi" track, as well as the reason for their indignation towards FT's "Soft rug".

However, as a representative project that has contributed real-life examples to the Triple-Scheme Theory multiple times, I believe that rather than saying Friendtech is a rug, it has already fulfilled its historical mission.

First of all, FT's contribution to the on-chain liquidity model is indelible. It is the first successful bonding curve liquidity platform, the first successful on-chain trading platform leveraging social leverage, and the first successful integration of a high slippage model into a low liquidity trading platform.

In plain terms, without FT's demonstration, the possibility of high turnover and high profits for DAPPs would not exist, and we would still be debating boring issues like "Uniswap will lose to Curve if it opens fee switch."

@MapleLeafCap believes that FT's rug is due to the temptation of cashing out being greater than creating a great social product. I certainly agree. If it weren't for the potential to make money, this industry wouldn't attract talent.

But at the same time, I also believe that from the path of feature iteration such as FT V2, the reason why FT ultimately had no way out is that the team did not realize that they are not a social product, but rather an exchange, serving everything to induce trading. Unable to break out of this logic, FT ultimately can only move towards the ending described in Triple-Scheme Theory 4.

@Pumpdotfun eventually took over from FT, continuing the narrative of liquidity model innovation, with the new Pionex replacing the old one.

I still hold the same logic: In crypto, social interaction refers to interactions centered around money and liquidity, rather than the so-called "social" centered around human subjective senses in the past. First, we need to keep the liquidity interaction going, and the users behind the liquidity can naturally socialize.

The industry may not really have so many scoundrels; most of the time, it's actually a matter of helplessness.

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