Friend.tech generates over $1M fees in 24h, surpassing Uniswap, Bitcoin networks

Friend.tech, a precocious released decentralized societal (DeSo) network, has generated implicit $1 cardinal successful fees successful 24 hours connected Aug. 19, outperforming established players successful the crypto ecosystem, including Uniswap and Bitcoin networks.

The level was launched successful beta mentation connected Aug. 11 and allows users to tokenize their societal web by buying and selling “shares” of their connections. Enabling a idiosyncratic who purchases another's stock to nonstop backstage messages to each other. The protocol reportedly charges a 5% interest connected transactions, with the dispersed from trades representing the owner's profit.

Built connected Coinbase's layer-2 Base, the level has seen sizeable activity. According to information from DefiLlama, Friend.tech generated $1.12 cardinal successful fees successful 24 hours, and $2.8 cardinal since its launch. At the clip of writing, the full task gross stands astatine $818,620, with implicit 650,000 transactions successful the societal level and much than 60,000 unsocial traders.

Ranking by fees and gross generated by crypto projects connected Aug. 20. Source: DefiLlama.

Behind the task is believed to beryllium the pseudonymous developer Racer. According to a elder bundle technologist astatine Coinbase, Racer antecedently created societal media networks TweetDAO and Stealcam, some based connected nonfungible tokens (NFTs). With Friend.tech, Racer targets crypto influencers with an extended instrumentality basal to gain royalties connected trading fees, arsenic good arsenic Web3 projects seeking to fortify relationships with task capitalists and cardinal players successful the crypto industry.

The hype has besides ignited investigation of the societal platform's gross model, risks and future. Pseudonymous decentralized concern (DeFi) researcher Ignas noted that nether Friend.tech's existent concern model, "revenue comes lone from trading fees but not from having much shareholders," helium wrote connected X (formerly Twitter), adding that "controversial personalities mightiness gain much oregon adjacent creating FUD volition beryllium utilized arsenic a strategy to gain fees."

Founder of Talk.Markets Lux Moreau besides pointed retired that arsenic shares are sold, its prices summation significantly, perchance encouraging smaller groups successful the level oregon alt radical creations.

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