Decentralized social media app Friend.tech gains popularity
Friend.tech, a decentralized social media app, has quickly risen to become the third biggest cryptocurrency protocol just ten days after its launch. The app allows users to buy and sell shares of their friends’ social media profiles. Since its launch, it has generated $1.42 million in fees within 24 hours and is fast approaching $3 billion in total fees. Friend.tech is built on the Ethereum layer-2 Base and has attracted a large number of users, causing some issues with excessive traffic.
Main breakdowns:
- Friend.tech is the third biggest cryptocurrency protocol just ten days after its launch.
- The app lets users buy and sell shares of their friends’ social media profiles.
- The app has generated $1.42 million in fees within 24 hours and is nearing $3 billion in total fees.
- Friend.tech is built on the Ethereum layer-2 Base.
- The app has attracted a large number of users, leading to issues with excessive traffic.
Concerns about Friend.tech
Some people have raised concerns about Friend.tech, claiming it functions like a Ponzi scheme and will eventually collapse. The fear is that when the hype fades, people will rush to sell shares, causing a mass panic. The rapid increase in share prices could also lead to a quick descent when selling begins.
Hot Take
While Friend.tech has gained significant popularity and generated substantial fees, there are valid concerns about its sustainability and potential for a collapse. The app’s model and the rapid increase in share prices have raised skepticism among market analysts and traders. Ultimately, time will tell if Friend.tech can overcome these concerns and maintain its position as a top cryptocurrency protocol.
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