- Friend.tech, a decentralized social network, earns over $1 million in transaction fees in one day.
- The platform, driven by Coinbase’s layer-2 Base, has seen an impressive 650,000 transactions since its launch.
- Potential challenges include soaring prices due to increasing share sales, which may result in splinter groups forming on the platform.
The digital community is buzzing about the recent rise of Friend.tech. On August 19, this fresh face on the online scene generated over $1 million in transaction fees, leaving longer-standing cryptocurrency platforms like Uniswap and the Bitcoin network in its shadow.
Initiated for trials on August 11, Friend.tech introduces a refreshing angle to online social interactions. The decentralized social (DeSo) network empowers users to earn from their social circles. They can buy and trade “shares” in their contacts. Owning such shares provides the perk of exchanging private texts. Every deal on this site comes with a 5% fee, presenting a reliable revenue stream.
Driven by the power of Coinbase’s layer-2 Base, Friend.tech’s metrics hint at a burgeoning activity hotspot. Figures from DefiLlama suggest that the platform has chalked up an impressive fee collection of $2.8 million since it first appeared. Shockingly, of this amount, $1.12 million was accumulated in the past day alone. The platform’s net gains stand at $818,600, based on the most recent stats. It’s also worth noting the platform has seen a substantial 650,000 transactions, contributed by over 60,000 unique traders.
The brains believed to be steering this groundbreaking initiative is the elusive developer named Racer. An experienced software professional from Coinbase drew connections between Racer and other social media projects like TweetDAO and Stealcam, which are grounded in nonfungible tokens. With Friend.tech, Racer’s intent seems clear: draw in the big names in the cryptocurrency circle, offering them a chance to profit via trading fees. In addition, the platform appears eager to support Web3 projects aiming to strengthen their bond with leading personalities and backers in the online currency arena.
However, it’s not all smooth sailing. Lux Moreau, the visionary behind Talk.Markets, points to looming hurdles. As the platform witnesses an uptick in share sales, the prices might see an upward spiral. A consequence of this could be the emergence of separate smaller groups or alternatives within the platform.
Friend.tech Revolutionizes Social Crypto Engagement
Friend.tech has emerged as a groundbreaking decentralized social platform, introducing an innovative model where users can tokenize their online persona and exchange these tokens as “shares.” This mechanism paves the way for private communications, as acquiring someone’s shares allows direct messaging privileges.
Gaining traction rapidly within the cryptocurrency circle, the platform marries the intricacies of digital currency with social interaction. Notably, industry observers liken Friend.tech to a fusion of OnlyFans and Crypto Twitter, underscoring its appeal to online influencers and highlighting its commitment to democratizing digital conversations. This distinctive approach sets Friend.tech apart, signifying a transformative step in how social media and cryptocurrency might intertwine in the future.
