The Rise of Friend.tech
The new decentralized social media app Friend.tech has quickly gained popularity in the crypto world. Within just two weeks of its launch, the app’s trading fees have reached impressive levels, rivaling top cryptocurrencies like Bitcoin and Tron. Users are flocking to the platform to explore its unique features and opportunities for trading tokenized shares of other users’ profiles.
Key Points:
- Friend.tech operates on Coinbase’s Layer 2 Base chain and allows users to trade tokenized shares using ETH.
- The app charges a 10% fee for every share purchase, with 5% going to the protocol and 5% to the person whose shares are being traded.
- The trading fees on Friend.tech have skyrocketed, making $1.42 million in a 24-hour period, surpassing mainstream chains like Bitcoin and Tron.
- The app has gained a significant number of users, with over 30,000 transactions and 4,400 ETH in trading volume within its first 24 hours.
- However, some critics have expressed concerns about the app’s long-term viability, citing red flags of pumps and dumps and an unfinished structure.
Hot Take:
While the early success of Friend.tech showcases the potential of decentralized social media, there are still challenges to overcome. The app’s rapid growth highlights the demand for innovative crypto products, but it remains to be seen whether it can sustain its popularity in the long run. As the crypto market evolves, it’s likely that we will see even better iterations of social tech in the future.
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