"Friend.tech Breaks Records: Surpasses Uniswap and Bitcoin with $1M in 24-Hour Fees"

Revolutionizing Social Networking: Friend.tech's Meteoric Rise in the Crypto Realm

Friend.tech, an innovative decentralized social (DeSo) network, has taken the crypto ecosystem by storm since its beta launch on August 11th. Within just 24 hours of its release, the platform surpassed established giants like Uniswap and the Bitcoin network, amassing over $1 million in fees on August 19th.

At the heart of Friend.tech's unique proposition lies the concept of tokenizing one's social network. Users can purchase and trade "shares" of their connections, allowing for private messaging privileges between shareholders. Each transaction incurs a 5% fee, contributing to the platform's revenue. The profit, in turn, is derived from the spread generated by trades.

Friend.tech operates on Coinbase's layer-2 Base, leveraging its infrastructure to facilitate smooth and efficient transactions. The platform's remarkable traction is evident in its financial statistics. DefiLlama data reveals that within a single day, Friend.tech generated $1.12 million in fees. Since its launch, the platform has raked in an impressive $2.8 million. The total project revenue stands at $818,620, bolstered by over 650,000 transactions and more than 60,000 unique traders.

 

The enigmatic figure behind this ambitious project is believed to be Racer, a pseudonymous developer. Racer's previous ventures, TweetDAO and Stealcam, centered around social media networks based on nonfungible tokens (NFTs). With Friend.tech, Racer is targeting crypto influencers with substantial fan bases, offering them the opportunity to earn royalties from trading fees. Moreover, the platform seeks to foster stronger relationships between Web3 projects and prominent figures in the crypto industry.

The platform's meteoric rise has sparked intense discussions about its revenue model, potential risks, and future prospects. Pseudonymous decentralized finance researcher Ignas has noted that Friend.tech's current business model solely relies on trading fees as a revenue source, rather than having more shareholders. He has also pointed out the possibility of controversial figures exploiting the platform to earn fees, potentially employing strategies that stir up fear, uncertainty, and doubt (FUD).

Lux Moreau, the founder of Talk.Markets, has raised concerns about the escalating prices of shares as they are sold. This upward price trajectory could encourage the formation of smaller user groups or alternative group creations within the platform.

Friend.tech's emergence as a potent force in the DeSo landscape underscores its potential to revolutionize social networking paradigms. As it continues to evolve, the platform's revenue model and potential pitfalls will undoubtedly shape its trajectory in the crypto industry.

 

 

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