The Time.fun cryptocurrency platform has officially launched on the Solana blockchain after successful testing on the Base network last year.
This platform allows anyone to purchase the time of their favorite influencers, which can then be exchanged for messages or calls with them. Time is tokenized and can be traded to determine the market price for interacting with that person. It is similar to FriendTech, but focuses more on direct conversations rather than chat groups.
While the idea of paying for someone to respond to messages may seem quite limited, the founder of Time.fun, Kawz, believes the concept of time tokenization can be applied more broadly.
"I think time tokenization is really the best way to 'long-term invest in someone', regardless of what they're working on. If they're in the early stages of their career, you just buy their time. And then, if the company succeeds or they succeed in their career, the value of their time will naturally increase because more people will want to connect with them and get advice on many things. That's what I'm trying to build," Kawz shared.
Kawz said an important goal of the platform is to make the tokenized time interoperable so that it can be used by other platforms built on Time.fun. Kawz gave a hypothetical example of a hiring platform where you could hire someone and open a Short position to hedge the risk.
"Time.fun is just the first platform and we need to make it successful before thinking about other use cases," Kawz said. "The real long-term goal here is to create a new asset class where people can own other people's time, trade it, and use it for various products and services."
Kawz said they are very eager for the platform to have its own token, as that would fit naturally. Kawz explained that if other platforms are built on these tokenized minutes, the platform's token could connect them all together. This would create "a logical destination for any project we launch." However, Kawz also emphasized that it is still too early to launch a token as the platform needs to first achieve a certain product-market fit.
Upon launch, the Time.fun platform will allow anyone to buy, sell, and exchange time. However, the ability to create a time market - i.e., sell one's own time - will be conditionally controlled to help the platform manage initial demand. Kawz said the development team will widely distribute the access code and then transition to no longer requiring permission shortly after launch.
For transaction fees, the tokens will be traded according to a bonding curve, similar to how decentralized exchanges operate. The 2% transaction fee will be evenly split between four parties: the team, content creators, referrers, and a rewards pool.
The rewards pool is a fund allocated to token holders and time exchangers each month to incentivize active platform usage. Once the token achieves a certain level of liquidity, it will be migrated to the Raydium exchange, similar to Pump.fun currently, which has its own fee structure.
For time exchanges, content creators will receive 95% or 96% of the exchanged value, depending on whether there is a referral fee. This fee will also be split between the four parties like the transaction fee.
Time.fun also allows influencers to auction off specific activities, such as a 30-minute call or an in-person meeting. Kawz said these auctions are priced in time minutes, so those who hold many minutes can use them to bid in the auctions.
Kawz said the platform received positive feedback when it first launched on the Ethereum Layer 2 network Base last year, with trading volume exceeding $2 million. However, that was never Kawz's ultimate goal.
"I wish I had launched on Solana from the beginning. I was just too familiar with the Ethereum Virtual Machine (EVM). I thought, just launch on Base first. But Solana has always been where I wanted to build. So I think if we want to definitively move to Solana, we have to do it now, rather than waiting until the Total Value Locked (TVL) and user base are larger. Either now, or never," Kawz shared.
A major issue with the previous beta version was that when someone exchanged minutes to make a call, the calls took place outside the platform, leading to a poor user experience and difficulty in verifying if the call actually occurred. In the new version, all conversations will take place within the platform, and if someone does not exchange minutes, the buyer will be refunded.
At launch, the platform will support direct messaging and group chat, with voice and video call features expected to be added in the coming weeks.
Kawz said the platform uses an escrow contract for time exchange requests. When someone requests a message or call, the minutes are locked in the escrow contract. If the requested person does not respond, the buyer can reclaim their minutes and resell them if desired.
Additionally, users can write reviews for influencers based on their interaction experience, such as whether messages and calls were responded to. Each influencer will have a public response rate, helping buyers easily assess before making a decision. "If you decline a call, that won't affect your response rate. But if you consistently ignore all direct messages or requests, your response rate will go down," Kawz shared.
Currently, Time.fun has not decided how to handle completely non-responsive individuals, but Kawz said these cases will certainly face the risk of being removed from the platform.
Disclaimer: The article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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Minh Anh
