In a little over a fortnight, the Friend.tech application has skyrocketed to become the second-largest revenue generator within the realm of crypto protocols. At present, the pioneering social tokenization protocol, Friend.tech, has unveiled itself as an unparalleled financial asset for developers.
Friend.tech, the platform enabling erstwhile Twitter personas (now known as X personalities) to issue shares on its app, granting access to exclusive group chats, has amassed over $1.04 million in fees within the last 24 hours. These fees, amounting to 5% of each transaction’s value, have translated to a substantial revenue of approximately $709,000 worth of ether for the platform, after accounting for gas fees and other expenses – as indicated by data from DefiLlama.
This financial prowess places Friend.tech in close proximity to the Ethereum blockchain, which has garnered $3.33 million in fees, and the staking service Lido, amassing $1.54 million in fees. However, it’s noteworthy that Lido’s revenues stand at a lower $154,000, thereby positioning Friend.tech as the leading income generator among crypto services.
Remarkably, this impressive growth has materialized within an exceptionally brief period, even by the rapidly moving standards of the crypto sphere. The invite-only beta launch of Friend.tech occurred on August 10, resulting in a substantial trading volume of approximately 4,400 ETH (equivalent to about $8.1 million) on the inaugural day. The application is constructed on Base, Coinbase’s innovative layer-2 network.
Certain crypto X personalities, such as Cobie and Hsaka, have experienced significant surges in their share values, reaching up to three ether, or nearly $5,000 at current market prices, within a few days.
Friend.tech is not only making waves in the dynamic landscape of Base, but it’s also making a significant impact. The network has reached 136,000 daily active users, outpacing layer 2 networks Arbitrum and Optimism. This surge in activity is predominantly attributed to the application’s users.
The group chats facilitated by Friend.tech are rapidly evolving into close-knit community experiences for shareholders. Notable trading personality @RookieXBT is enticing shareholders with revenue shares and premium X subscriptions.
In the meantime, the fervor surrounding Friend.tech might only be in its nascent stages. An influx of individuals beyond the traditional crypto sphere has joined the platform, potentially heralding a wave of cryptocurrency adoption among the general population, according to some perspectives.
Prominent figures from domains outside of crypto, including the esports community FaZe Clan co-founder Richard “FaZe Banks” Bengtson II, have joined Friend.tech over the weekend. This move has opened the doors to substantial interest, causing share prices to swiftly soar. Similarly, NBA player Grayson Allen witnessed rapid share price escalation within mere hours of his entry.
Sharing his thoughts, FaZe Banks tweeted, “I’ve always thought the idea of betting on the success of especially YouTubers/streamers success would be cool. Outside of just time and resources. I’ve discovered so many talented people, a product like this is perfect for that.”
.@friendtech, crypto's newest flavor of the week, is generating the most fees among all crypto services. And celebs are only just beginning to join the hype. By @shauryamalwa.https://t.co/AgI3J1J92G
— CoinDesk (@CoinDesk) August 21, 2023
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