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Friend.tech produces more than $1 million in fees in 24 hours, outperforming Uniswap and Bitcoin networks
The platform known as Friend.tech has successfully generated fees over $1 million during a 24-hour period, therefore surpassing the fee generation of both the Uniswap and Bitcoin networks
The program, which went into beta on August 11, allows users to tokenize their social network by purchasing and selling "shares" of their contacts.
On August 19, Friend.tech, a freshly launched decentralized social (DeSo) network, generated more over $1 million in fees in 24 hours, exceeding established players in the crypto ecosystem such as Uniswap and the Bitcoin network.
The platform, which was released in beta on August 11, allows users to tokenize their social network by purchasing and selling "shares" of their connections, allowing a person who owns another's share to send private messages to each other. According to reports, the protocol levies a 5% fee on transactions, with the spread from trades indicating the owner's profit.
The platform, which is built atop Coinbase's layer-2 Base, has seen a lot of activity. Friend.tech collected $1.12 million in fees in 24 hours and $2.8 million since its start, according to DefiLlama data. The overall project revenue is $818,620 at the time of writing, with over 650,000 transactions on the social network and over 60,000 unique traders.
Ranking by fees and revenue generated by crypto projects on Aug. 21. Source: DefiLlama
Racer, a pseudonymous developer, is thought to be behind the project. According to a senior software engineer at Coinbase, Racer previously established the nonfungible token-based social media networks TweetDAO and Stealcam. With Friend.tech, Racer aims to collect royalties on trading fees from crypto influencers with a large fan base, as well as Web3 enterprises looking to develop partnerships with venture capitalists and significant players in the crypto market.
The buzz has also sparked speculation about the social platform's funding strategy, hazards, and prospects. According to Ignas, a pseudonymous decentralized finance researcher, "revenue comes only from trading fees but not from having more shareholders," he wrote on X (formerly Twitter), adding that "controversial personalities might earn more or even creating FUD will be used as a strategy to earn fees."
Talk.Markets creator Lux Moreau also pointed out that once shares are sold, their prices rise considerably, potentially stimulating the formation of smaller groups or alt-groups.
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