The newest crypto “killer app” appears to be the social tokenization protocol Friend. tech, and it has proven to be an absolute cash printer for developers.
Friend. tech, which allows X-personalities (formerly Twitter) to factor actions in its app to access a closed chat of the organization, collected more than $1. 04 million in commissions, set at 5% of the transaction price in the last 24 hours. the platform with about $709,000 in ether profits (which the platform gets after paying for fuel and other costs), according to data from DefiLlama.
Read more: Friend. tech, is it an enemy or an enemy?An immersion in the new social application that generates millions of transaction volumes
That’s right, blockchain Ethereum, which generated $3. 33 million in fees, and engagement service Lido, with $1. 54 million in fees. Lido, however, made profits of less than $154,000, making Friend. tech the biggest profit generator among crypto services.
Such expansion has occurred in a very short time, even for the evolving criteria of cryptography. The invitation-only beta of Friend. tech was unveiled on August 10 and accumulated about 4,400 ETH (about $8. 1 million) in trading volume on the first day. The app is built on top of Base, Coinbase’s new layer 2 network.
The shares of some crypto X personalities, such as Cobie and Hsaka, have risen as much as 3 ethers, or just about $5,000 at current prices, in a matter of days.
Friend. tech also breaks into the base riddled with scams. Last week, the network reached 136,000 active users, surpassing layer 2 networks Arbitrum and Optimism, much of which is attributed to app users.
These corporate discussions are becoming intimate networking reports for stock buyers. The @RookieXBT trading personality offers earnings shares and premium X subscriptions to holders, while @DeFiMaestro stocks point to potential options for a trading challenge.
Meanwhile, the uproar may have barely begun.
Many personalities from outside crypto circles in X joined Friend. tech this weekend, opening the doors to eventual adoption of crypto by the general population, some believe.
Richard “FaZe Banks” Bengtson II, co-founder of influential esports network FaZe Clan, joined the platform on Sunday night and saw his inventory costs temporarily among the most expensive. On the other hand, NBA player Grayson Allen saw his inventory increase a few hours after his arrival.
“I think the concept of betting on success, especially by YouTubers/streamers, would be great,” FaZe Banks tweeted. “Out of time and resources. I’ve discovered so many talented people, a product like this is the best for that.
Edited by Sam Reynolds.
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Shaurya is deputy editor-in-chief of the data team
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Please note that our Privacy Policy, Terms of Use, Cookies and Do Not Sell My Personal Settings Policy have been updated. CoinDesk, a leader in news and information about cryptocurrencies, virtual assets and the long-term of money, is a media outlet that fights for the highest journalistic criteria and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, adding editorial employees, may take advantage of exposure to DCG’s inventory in the form of inventory appreciation rights, acquired over the course of several years. CoinDesk hounds cannot purchase inventories on DCG directly.
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