Friend.tech, a social app, has generated protocol fees exceeding $1.42 million in the last 24 hours, surpassing crypto giants like the Bitcoin network within a single day.
The increase in 24-hour fees has placed Friend.tech ahead of other blockchain projects in terms of fees, including Uniswap and Tron, ranking third behind only the Ethereum blockchain and Lido Finance, DeFiLlama data shows. Its fees for last week were recorded at $2.99 million, of which $1.49 million was revenue.
Built on Coinbase’s Base Layer 2 chain, the platform is a social app integrated with X (formerly Twitter). It allows users to tokenize their social network by buying and selling “shares” of their connections. This innovation fosters space for interaction because an individual who purchases another’s share can private chat with the other party. Shareholders gain exclusive access to content and private chat rooms.
Friend.tech was launched in beta version on August 11 and has generated about $2.8 million since then, according to DeFiLlama data. Dune Analytics dashboard by Crypto Koryo also reports that the platform has recorded 65,000 unique traders of shares and $26 million in trading volume since its release.
Currently, the cumulative revenue for the project stands at $818,620. Friend.tech has facilitated over 769,528 transactions, engaging more than 66,773 unique traders.
The app has gained significant attention from Twitter users recently. Last week, the network reached 136,000 daily active users – overtaking layer 2 networks Arbitrum and Optimism. Several high-profile members, including startup incubator Y Combinator CEO Garry Tan and NBA player Grayson Allen, joined the platform over the weekend.
The protocol reportedly charges a 5% fee on transactions, with the spread from trades representing the owner’s profit. It is worthy of note that the platform is currently available on an invite-only basis.
While Friend.tech is experiencing its unprecedented success, some crypto critics are voicing concerns. Miles Deutscher, an analyst, caution against labeling it as the definitive “killer dApp.” On X (formerly Twitter), Pseudonymous decentralized finance researcher Ignas said that “controversial personalities might earn more or even creating FUD will be used as a strategy to earn fees.”
