Friend.tech Generates over $1 Million in Fees in 24 Hours on Aug. 19
Friend.tech, a decentralized social (DeSo) network, has made a significant impact in the crypto ecosystem by generating more than $1 million in fees within just 24 hours. This achievement surpasses established players like Uniswap and the Bitcoin network. The platform, launched in beta version on Aug. 11, allows users to tokenize their social networks by buying and selling “shares” of their connections.
Key Points:
– Friend.tech enables users to tokenize their social networks and buy/sell shares of their connections.
– The protocol charges a 5% fee on transactions, with the owner profiting from the spread of trades.
– Built on Coinbase’s layer-2 Base, Friend.tech has already generated $2.8 million in fees since its launch.
– The project has seen over 650,000 transactions and 60,000 unique traders.
– The pseudonymous developer behind Friend.tech, Racer, aims to target crypto influencers and Web3 projects.
Behind Friend.tech is the pseudonymous developer Racer, known for creating social media networks based on nonfungible tokens (NFTs) such as TweetDAO and Stealcam. With Friend.tech, Racer aims to attract crypto influencers with large fan bases to earn royalties from trading fees. Additionally, Web3 projects can strengthen relationships with venture capitalists and key players in the crypto industry through the platform.
Potential concerns have been raised about Friend.tech’s revenue model and risks associated with it. Pseudonymous decentralized finance (DeFi) researcher Ignas pointed out that the platform’s revenue currently relies solely on trading fees, potentially favoring controversial personalities or strategies that create fear, uncertainty, and doubt (FUD) to earn more fees. Lux Moreau, founder of Talk.Markets, also highlighted the issue of increasing share prices as shares are sold, potentially leading to the formation of smaller groups or alt groups within the platform.
In conclusion, Friend.tech’s impressive performance in generating over $1 million in fees within 24 hours demonstrates its potential to disrupt the crypto ecosystem. While the platform offers new opportunities for tokenizing social networks, there are concerns about its revenue model and the potential for market manipulation. As the platform continues to evolve and attract users, it will be interesting to see how it addresses these challenges and solidifies its position in the crypto industry.
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