In less than two weeks, the program soared to the position of second-largest money generator among crypto protocols.
The social tokenization platform Friend.tech appears to be the newest “killer app” for cryptocurrencies, and thus far it has shown to be an amazing money maker for developers.
Almost the last 24 hours, Friend.tech, which allows X (previously Twitter) characters to issue shares on its app in exchange for membership to a closed group chat, has generated almost $1.04 million in fees, set at 5% of the value of each transaction. According to data from DefiLlama, that has earned the site almost $709,000 in ether in income (what the platform keeps after paying gas fees and other expenses).
This comes in third place, only behind the Ethereum blockchain ($3.33 million in fees made) and staking service Lido ($1.54 million in fees made). Friend.tech, which generated the most revenue among crypto services, outperformed Lido, which generated smaller sales at $154,000.
Even by the quick-changing norms of crypto, this increase occurred incredibly quickly. The invite-only beta for Friend.tech began on August 10 and saw trade volume of 4,400 ETH (or around $8.1 million) on its first day. The software is created on Base, the new layer-2 network from cryptocurrency exchange Coinbase.
Some prominent members of the crypto X community, such Cobie and Hsaka, had their shares soar to as much as three ether, or about $5,000 at the time of writing.
Additionally dominating the scam-plagued Base is Friend.tech. A large portion of the network’s 136,000 daily active users last week, which overtook layer 2 networks Arbitrum and Optimism, may be credited to the app’s users.
For share purchasers, these group discussions are swiftly developing into close-knit social interactions. While @DeFiMaestro publishes token choices for a trading challenge, trading celebrity @RookieXBT is enticing holders with revenue shares and X premium memberships.
The buzz could only be beginning in the meanwhile.
Some believe that the weekend’s influx of personalities from outside of the crypto community into Friend.tech may have opened the door for widespread acceptance of cryptocurrencies.
FaZe Clan co-founder Richard “FaZe Banks” Bengtson II joined the platform late on Sunday, and his share values immediately rose to be among the most expensive. In contrast, only hours after joining, NBA star Grayson Allen witnessed a sharp increase in shares.
“I’ve always thought the idea of betting on the success of especially YouTubers/streamers success would be cool,” tweeted FaZe Banks. “Extraordinary time and resources. A product like this is ideal for that since I’ve discovered so many brilliant folks.
