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In just 24 hours, Friend.tech generated over $1 million in fees, surpassing both Uniswap and the Bitcoin networks.

Friend.tech, a new decentralized social (DeSo) network, has made waves in the crypto ecosystem by generating over $1 million in fees within just 24 hours on August 19.

This impressive feat surpasses the performance of established players like Uniswap and the Bitcoin network.

Since its beta release on August 11, Friend.tech has allowed users to tokenize their social networks by buying and selling “shares” of their connections.

This unique feature enables individuals who purchase these shares to engage in private messaging with each other.

The platform charges a 5% fee on transactions, with the owner profiting from the spread of trades.

Friend.tech is built on Coinbase’s layer-2 Base, and it has already garnered significant activity.

According to DefiLlama data, the platform has generated $1.12 million in fees within 24 hours and $2.8 million since its launch.

As of now, the total project revenue stands at $818,620,

with over 650,000 transactions on the social platform and more than 60,000 unique traders.

Friend.tech: Empowering Crypto Influencers and Fueling Discussions on Revenue Models and Risks

The pseudonymous developer known as Racer is believed to be the driving force behind the Friend.tech project.

Racer has a history of creating social media networks based on nonfungible tokens (NFTs),

such as TweetDAO and Stealcam.

With Friend.tech, Racer aims to attract crypto influencers with large fan bases, allowing them to earn royalties from trading fees.

Additionally, the platform seeks to establish connections between Web3 projects, venture capitalists,

and key players in the crypto industry.

The growing excitement surrounding Friend.tech has sparked discussions regarding its revenue model, potential risks, and future prospects.

Pseudonymous DeFi researcher Ignas highlighted that the platform’s current business model relies solely on trading fees, rather than increasing the number of shareholders.

He also noted that controversial figures might have the potential to earn higher fees, and creating fear,

uncertainty, and doubt (FUD) could be employed as a strategy for fee generation.

Lux Moreau, the founder of Talk.Markets, raised concerns about the potential consequences of skyrocketing share prices as they are sold,

which could lead to the formation of smaller groups or alternative group creations within the platform.

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