The crypto world is abuzz following the resounding success of Friend.tech, a new decentralized social media platform. In just one day, it has surpassed all expectations, accumulating over a million dollars in fees, clearly outstripping Uniswap and the Bitcoin network.
New decentralized social network nips at Cryptosphere’s heels
Friend.tech, a “revolutionary” platform, has sent shockwaves through the ecosystem since its beta launch just a week ago. This decentralized platform has rapidly gained influence in surpassing major players in the crypto ecosystem, such as Uniswap, Tron, and the Bitcoin network, placing it just behind Ethereum and Lido.
On August 19, in just 24 hours, the platform generated $1.12 million in fees.
According to DefiLlama, since its launch, Friend.tech accumulated nearly $4.22 million in fees.
At the time of writing, the decentralized social network account an impressive total of over 1,000,000 transactions and an active community of almost 100,000 holders.
At the helm of this project is a person known under the pseudonym of Racer. According to a software engineer at Coinbase, “the guy” had already caused a stir with earlier social network creations such as TweetDAO and Stealcam.
With this project, Racer seeks to revolutionize the world of crypto influencers by allowing them to benefit from royalties on transactions.
In addition, the platform offers an opportunity for Web3 projects to strengthen their ties with venture capitalists and other major figures in the crypto sphere.
Friend.tech: a decentralized application of Coinbase Layer 2
The recent rise of Layer 2 of Coinbase created fertile ground for a series of new projects, including dApps and NFTs. It is in this context that the Friend.tech launched its beta version on August 11. Despite its novelty, it has captured considerable interest, emerging as a new rising star among decentralized social networks.
Like Bluesky, an application integrated into X (Twitter), Friend.tech borrows the traits of the classic social network, while injecting a dose of innovation.
Indeed, it allows users to transform their connections into tokens and exchange them in the form of actions. This allows buyers to establish private conversations with sellers.
Each transaction is subject to a 5% commission, while the difference between the buying and selling prices, known as the “spread”, constitutes the shareholder’s net profit.
Until now, access to Friend.tech has been restricted to invitation holders. However, considering the success it has already met with despite this restriction, it is natural to expect even greater enthusiasm when the platform becomes accessible to all. And if the recent publication of data from 100,000 users doesn’t spoil the picture ….
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.