Crypto News– The most recent crypto sensation to captivate the industry is the social tokenization protocol known as Friend.tech, a veritable cash cow for developers.
Friend tech Transforms into a Vast Ethereum Profit Generator with Participation from NBA Players and FaZe Clan
This innovative platform, where former Twitter personalities, now referred to as X personalities, can issue shares on the app to grant access to exclusive group chats, has proven to be a resounding financial success. The revenue figures are staggering, with over $1.04 million in fees collected over the past 24 hours alone. These fees, set at 5% of each transaction’s value, have translated into a revenue of approximately $709,000 worth of ether (ETH) for the platform, after covering gas fees and other expenses, according to data from DefiLlama.
In the realm of revenue generation within the crypto landscape, Friend.tech stands as a powerhouse, second only to the Ethereum blockchain, which recorded $3.33 million in fees, and the staking service Lido with $1.54 million. However, Lido’s revenue was notably lower at $154,000, thus positioning Friend.tech as the leader in generating revenue among various crypto services. The platform’s rapid growth is remarkable even by the fast-paced standards of the cryptocurrency world. Friend.tech’s invite-only beta was launched on August 10, and within the very first day, it managed to accumulate a trading volume of around 4,400 ETH (approximately $8.1 million). The app is built on Base, Coinbase’s novel layer-2 network.
Shares of certain crypto X personalities, like Cobie and Hsaka, experienced rapid value appreciation, surging to as high as three ether or nearly $5,000 at current prices, within a matter of days.
Friend.tech has also made waves on the Base platform, despite the presence of scams. Just last week, the platform achieved a milestone of 136,000 daily active users, surpassing layer 2 networks Arbitrum and Optimism. A significant portion of this surge is credited to Friend.tech’s user base.
These group chats on Friend.tech are rapidly evolving into close-knit community experiences for share buyers. Trading personality @RookieXBT, for instance, is offering revenue shares and premium subscriptions to X holders, while @DeFiMaestro shares token selections for a trading challenge. Amidst this burgeoning ecosystem, the excitement may just be getting started.
Over the weekend, numerous personalities from outside the crypto realm joined Friend.tech, potentially opening the floodgates for broader crypto adoption among the general public, as some speculate. For instance, Richard “FaZe Banks” Bengtson II, co-founder of the influential esports community FaZe Clan, joined the platform on Sunday, causing his share prices to quickly soar to the top of the charts. Similarly, NBA player Grayson Allen witnessed a rapid surge in his share prices within a matter of hours after joining the platform.
Emerging as a focal point within the cryptocurrency community, Friend Tech is making waves as an innovative social media trend. Friend.tech is a blockchain-based social platform that empowers users to craft their own profiles and offers ‘shares’ of these profiles to their followers.
By purchasing a share, individuals gain the privilege of engaging in private messaging with the profile owner, while simultaneously potentially reaping profits from the individual’s popularity.
Operating on Base, Coinbase‘s recently launched Ethereum layer-2 solution, this platform has captured the attention of the crypto sphere. Launched on August 10, 2023, Friend Tech has stirred considerable excitement within the crypto community, leading users to compete for invitation codes. Within just approximately 10 days since its inception, the platform has rapidly expanded, amassing a transaction volume exceeding 11,000 ETH, garnering over 39,000 unique users, and accumulating more than 51,800 transactions as of August 19th.