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Emerging onto the digital scene, Friend.tech has made a significant impact by generating over $1 million in transaction fees in a single day, on August 19. This accomplishment positions it ahead of established platforms within the cryptocurrency realm, including Uniswap and the Bitcoin network.
Introduced for initial testing on August 11, Friend.tech introduces an innovative twist to social networking. As a decentralized social (DeSo) network, it empowers individuals to monetize their connections by enabling the purchase and trading of "shares" in their network. Shareholders gain the ability to exchange private messages with the individuals they hold shares in. Each transaction on the platform incurs a 5% fee, creating a revenue stream.
Fueled by Coinbase's layer-2 Base, the figures underscore Friend.tech's rapid growth in activity. Data from DefiLlama reveals that since its inception, the platform has accumulated fees amounting to $2.8 million, with an impressive $1.12 million collected in the last 24 hours alone. As of now, the platform's cumulative earnings stand at $818,620. Furthermore, it boasts a remarkable tally of 650,000 transactions involving over 60,000 distinct traders.
The enigmatic developer known as Racer is believed to be the mastermind behind this ingenious project. A senior software specialist at Coinbase has linked Racer to the creation of other social media platforms such as TweetDAO and Stealcam, both of which operate using nonfungible tokens. With this recent venture, Racer seeks to attract influential figures in the cryptocurrency realm, offering them a chance to earn through trading fees. Moreover, Friend.tech aims to cater to Web3 projects aiming to strengthen their connections with prominent figures and investors in the digital currency sector.
Lux Moreau, the visionary behind Talk.Markets, also pointed out potential challenges. He noted that as share sales on the platform continue to rise, prices might experience a surge, potentially leading to the emergence of smaller factions or alternative groups within the platform.
