Decentralized Social Platform Friend.tech Pays Out $2.5 Million to Users
A decentralized social platform called Friend.tech has reportedly paid out $2.5 million to its users just two weeks after its launch. According to data from crypto research platform Delphi Digital, 391 ETH, equivalent to around $650,000, was distributed among the top ten crypto influencers on the platform.
Main Key Points:
- Cobie, a popular crypto account on X with over 737,000 followers, earned the highest amount of 80 ETH (approximately $132,000) by selling tokenized shares of his Friend.tech profile.
- HsakaTrades, another well-known influencer, earned 56 ETH, equivalent to just over $93,000.
- Racer, the alleged brains behind Friend.tech, has so far earned 55 ETH.
- Esports influencer FaZe Banks and Zhusu received 41 ETH and 33 ETH, respectively.
- RookieXBT, a trading influencer, and Nadeshot, the founder of 100 Thieves, also made it to the top ten list with earnings of 23 ETH and 16 ETH, respectively.
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Friend.tech’s Bonding Curve Method and Transaction Fees
Friend.tech uses a bonding curve method to set prices, allowing anyone to profit from their brand and reputation. This method allows selling to occur even when no customers are available. Each transaction on the site incurs a 10% fee, with 5% going to Friend.tech and the remaining 5% going to the account holder.
Hot Take:
The success of Friend.tech’s decentralized social platform demonstrates the growing influence of crypto influencers and the potential for individuals to monetize their online presence. With the use of tokenized shares and a bonding curve method, Friend.tech provides an opportunity for users to directly benefit from their own popularity. This innovative approach to social media platforms could disrupt the traditional model and pave the way for more decentralized and user-centric alternatives.
