The newly launched decentralized social (DeSo) network, Friend.tech, has begun making major waves in the crypto ecosystem by generating over $1 million in fees within 24 hours – thus outpacing established players like Uniswap and the Bitcoin network. Launched just over a week ago in its beta version, Friend.tech has an innovative mode of operation – allowing users to monetize their social network by enabling trading of their connections in the form of “shares.”
Built on the layer-2 Base of the crypto exchange behemoth, Coinbase, the social platform has been buzzing with activity. Data provided by DefiLlama shows Friend.tech raking in $1.12 million in fees within 24 hours and an impressive total of $2.8 million since its inception. With over 650,000 transactions and more than 60,000 unique traders, the total revenue of the project to date stands at $818,620.
The stimulating project is reportedly the brainchild of a pseudonymous developer known as Racer, who’s no stranger to the world of social media networks. Prior ventures include TweetDAO and Stealcam, both of which are based on nonfungible tokens (NFTs). The driving force behind Friend.tech gears toward crypto influencers with a substantial fan base, allowing them to earn royalties on trading fees and aiding Web3 projects to build stronger ties with venture capitalists and other crypto industry bigwigs.
The phenomenal success of Friend.tech has sparked intense discussions about the platform’s revenue model, its possible risks, and future trajectory. Lux Moreau, the founder of Talk.Markets, noted the potential impact the trading model could have on smaller groups within the platform, drawing attention to the possible creation of alternate groups due to the significant price increases each time shares are sold.