The post Friend.tech’s $1 Million in Fees Sparks Social Network Evolution appeared first on Coinpedia Fintech News
In an astonishing turn of events, the newly emerged decentralized social (DeSo) network, Friend.tech, has achieved a groundbreaking feat by generating over $1 million in fees within a mere 24-hour period.
This accomplishment not only places Friend.tech in the limelight but also propels it ahead of established giants like Uniswap and even the Bitcoin network itself.
Friend.tech’s Unique Approach: Tokenizing Social Bonds for Monetization and Intimacy
Friend.tech, which was launched in its beta version on August 11, isn’t just another run-of-the-mill social platform. It introduces a transformative concept that empowers users to tokenize their social connections.
Meanwhile, by buying and selling “shares” of these connections, users unlock an unprecedented avenue to monetize their social networks. According to reports, the protocol charges a 5% fee on transactions, while the spread represents the profit of the owner.
This innovative mechanism also fosters a deeper level of interpersonal relationships among users. Moreover, when one user acquires another’s share, it grants them the privilege to exchange private messages, creating an intimate space for interactions.
Phenomenal Growth and Catalyst Behind Friend.tech’s Triumph
Friend.tech’s exponential growth trajectory, fueled by its strategic foundation on Coinbase’s layer-2 base, underscores the platform’s potential to redefine the landscape of decentralized social (DeSo) networks.
The recent data from DefiLlama reveals that the platform generated fees exceeding $1.12 million in just 24 hours. Since its inception, this remarkable figure has surged to an impressive $2.8 million.
Currently, the cumulative revenue for the project stands at an admirable $818,620. Friend.tech has facilitated over 769,528 transactions, engaging more than 66,773 unique traders.
At the forefront of this monumental initiative stands a figure shrouded in pseudonymity, known as Racer. A well-known senior software engineer at Coinbase has shed light on Racer’s past ventures, disclosing his role in the development of social media networks such as TweetDAO and Stealcam.
Both platforms were centered around nonfungible tokens (NFTs). With Friend.tech, Racer’s vision is clear: target crypto influencers with substantial followings, providing them the opportunity to earn royalties through trading fees. Furthermore, Friend.tech offers a platform for Web3 projects to strengthen their connections with influential figures within the cryptocurrency domain.
Expert Insights and Future Trajectory
As the fervor around Friend.tech continues to captivate attention, the platform’s revenue structure, potential pitfalls, and future trajectory come under meticulous scrutiny. Decentralized finance researcher, Ignas highlights that revenue generation solely stems from trading fees, rather than expanding shareholder numbers.
The researcher’s insights, shared on X, formerly known as Twitter, also raise the intriguing possibility of controversial personalities capitalizing on this framework, potentially harnessing fear, uncertainty, and doubt (FUD) as a strategy to amass fees.
Lux Moreau, the visionary behind Talk.Markets, further add to this discourse by illuminating an emerging concern. As shares find new ownership and are subsequently sold, their valuation witnesses a noteworthy surge. This surge could lay the groundwork for the emergence of smaller, more specialized groups within the platform, or even the creation of alternative groups.
Friend.tech’s remarkable feat not only challenges the status quo but also holds promise for redefining the future of decentralized social networks.
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