About friend.tech
The platform launched in beta on August 11, friend.tech works with buying and selling "shares" of social media accounts.
friend.tech has collected over $1 million in fees in the last 24 hours, outperforming Uniswap and the Bitcoin network.
As I mentioned, friend.tech launched the web3 social network on Base in early August. The project quickly attracted attention from the crypto community. They are considered a new "hype", friend.tech links up with users' Twitter accounts, then transfers ETH from Ethereum to Base to participate in purchasing and selling friend shares.tech accounts, called shares. The more popular the account, the better the content, and the more people want to own shares, which means the share price will increase sharply. In which, friend.tech will collect a 10% fee on each transaction and divide half of it to share account holders.
After more than a week of launching, friend.tech has collected $2.8 million in fees and $818,620 in total revenue through 650,000 transactions, using data from DefiLlama. The fee charged to the project even exceeds the largest DEX in the market, Uniswap and the Bitcoin network.
TVL recorded around 6.54 million USD and the trading volume reached 13,150 ETH.
The total trading volume on friend.tech as of the morning of August 21 has exceeded 26,800 ETH, with the number of transactions surpassing the 1 million mark just three weeks after its launch.
Recently, a tokenized version of shares has appeared on friend.tech. Simply put, this is converting contract shares into ERC-20 tokens on Base, and then using them to open a transaction pool.
But shortly after the shares of friend.tech renamed to Keys, the token got a massive dump.
FYI, the value of shares on friend.tech is calculated by the formula Y=X^2/16000, where Y is the share price, and X is the total number of shares available.
Not only curious about the crypto world, friend.tech is also interested by the community outside the industry, from gamers, KOL Only Fan to NBA players…
From the perspective of many people, this is a double-edged sword and a red alarm that turned friend.tech into a land of self-interest. A series of offers have emerged; users must be attentive and cautious.
Before developing friend.tech, 0xRacer was the father of the social networks TweetDAO and Stealcam, both based on NFT. With friend.tech, Racer targets crypto KOLs with large fan bases, web3 projects looking to strengthen their position, and significant players in the crypto industry.
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Many sources influenced this article. In particular, I should note:
- Coin68 Article