Decentralized social network Friend.tech generates over $1 million in fees within 24 hours
Friend.tech, a decentralized social network, has achieved impressive success just 24 hours after its release. It has generated over $1 million in fees, surpassing established players like Uniswap and the Bitcoin network. Since its inception, Friend.tech has accumulated $2.8 million in fees and $818,620 in total project revenue. The platform has facilitated over 650,000 transactions and boasts more than 60,000 traders. The project is led by developer Racer, known for creating other social media networks based on non-fungible tokens (NFTs). Friend.tech aims to attract crypto influencers with large fan bases and provide them the opportunity to earn royalties from trading fees. It also seeks to strengthen relationships among Web3 projects, venture capitalists, and industry figures.
Main Breakdowns:
- Friend.tech has generated $1.12 million in fees within 24 hours and $2.8 million since its inception.
- The platform has accumulated $818,620 in total project revenue and facilitated over 650,000 transactions.
- Racer, the pseudonymous developer, aims to attract crypto influencers and strengthen relationships in the crypto industry.
- Friend.tech allows users to tokenize their social networks and apply a 5% fee on transactions.
- Concerns have been raised about Friend.tech’s revenue model, risks, and potential for abuse by controversial personalities.
Hot Take:
Friend.tech’s impressive success within just 24 hours of its release is a testament to the growing interest in decentralized social networks and the potential for earning revenue through trading fees. However, concerns about the platform’s revenue model and the potential for abuse by controversial personalities highlight the need for careful consideration and safeguards. As the platform continues to evolve, it will be essential to address these concerns and ensure the security and privacy of its users.
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