The Social App Friend.tech Generates Over $1.4 Million in Protocol Fees
The social app Friend.tech has experienced a significant increase in protocol fees, surpassing notable blockchain projects such as Tron and Uniswap. It now ranks third in fee generation, following Ethereum and Lido Finance. In the past 24 hours alone, Friend.tech has generated over $1.4 million in fees, with $1.49 million in revenue over the past week.
Key Points:
- Friend.tech ranks third in fee generation, behind Ethereum and Lido Finance.
- The platform has surpassed projects like Tron and Uniswap in terms of fees generated.
- Over the past 24 hours, Friend.tech has generated over $1.4 million in protocol fees.
- Since its beta release, the platform has recorded over 65,000 unique traders and $26 million in trading volume.
- New high-profile members, including NBA star Grayson Allen and Y Combinator CEO Garry Tan, have recently joined Friend.tech.
Friend.tech: A Rising Social App with Impressive Trading Volume
Friend.tech is a social app operating on Coinbase’s Base Layer-2 chain. It allows users to trade tokenized shares directly on social profiles, offering unique perks to shareholders. The platform has gained traction among Twitter users and has seen notable figures like Grayson Allen and Garry Tan join over the weekend. Since its beta release, Friend.tech has recorded over 65,000 unique traders and $26 million in trading volume.
Critics Express Concerns about Friend.tech’s Future
While many in the crypto community are bullish about Friend.tech, some critics remain cautious. They highlight concerns about the platform’s sustainability, including issues with its group chat functionality and pricing structure. Some argue that the rapid increase in share prices and the market-making mechanism may be unsustainable. Critics draw comparisons with BitClout and express pessimism about Friend.tech’s long-term prospects.
A Mix of Positivity and Caution Surrounds Friend.tech
Despite the criticisms, others praise Friend.tech for its innovative user experience (UX) in the crypto space. David Phelps, co-founder of Jokerace and EcoDAO, describes Friend.tech’s UX as the “greatest UX crypto has seen.” While there are differing opinions, Friend.tech’s rise in protocol fees and growing user base are undeniably impressive.
Hot Take: Friend.tech’s surge in protocol fees and growing prominence among crypto users demonstrate its potential to disrupt the social media landscape. However, concerns about sustainability and criticisms regarding pricing and functionality should be taken into account. Only time will tell if Friend.tech can maintain its momentum and become a lasting player in the decentralized social media space.
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