Friend.tech has witnessed an astonishing surge in popularity, attracting over 100,000 users within a few days since its launch on August 10. This is driven by the support of key industry players, including its foundation on Base, a blockchain by Coinbase.
What is friend.tech?
Friend.tech is an emerging social platform that introduces an innovative approach to online connections and interactions. It allows users to buy “shares” of individuals associated with X (formerly known as Twitter), offering purchasers special privileges in return.
According to Database shared by DefilLama; Since it started, Friend.tech made more than $25 million from the fees people paid. They also said that around 80,000 people used the platform, and recently 15,000 more joined.
Celebrities’ Participation in the platform
The influx of personalities from outside the crypto world has significantly contributed to Friend.tech’s exceptional success. Personalities like Richard “FaZe Banks” Bengtson II, a co-founder of FaZe Clan esports community, and NBA player Grayson Allen have joined the platform, causing a notable surge in share prices. These acquired shares provide unique advantages, including the ability to send private messages to share sellers.
Privacy Concerns Addressed by Experts
People were worried about their privacy because of the information that was shown on GitHub. But experts say that this might not be a big problem for people who are familiar with the technology.
People who understand how things work online already knew that Twitter and deposit addresses are connected. However, the people who made Friend.tech could have told users more clearly that deposit addresses might become public.
@Bantg, a developer associated with Yearn Finance, raised a concern, suggesting that Friend.tech might be granted permission by users to post on X on their behalf, possibly leading to security vulnerabilities. This point highlights the need for vigilance and responsible user practices within the platform.
The platform’s revenue numbers are impressive
- Earned over $1.04 million in fees in a single day.
- Translates to substantial ether revenue of about $709,000 after deducting expenses like gas fees.
Notably, Friend.tech has achieved significant growth
- Ranks as the second-largest revenue generator in the crypto sector.
- Achieved this status within a remarkably short time frame.
- Highlights the platform’s substantial potential and impact in the crypto landscape.
Journey to Rapid Growth
Friend.tech only started on August 10, and on the first day, lots of people used it to trade about $8.1 million worth of stuff. It’s built on Base, which is made by company Coinbase. People who know a lot about cryptocurrencies got really valuable shares on Friend.tech.
Friend.tech’s emergence has breathed new life into the concept of community engagement. The platform is witnessing the formation of intimate communities among share buyers, leading to innovative practices such as revenue shares and token picks being shared within these groups.
Friend.tech is growing super fast, and people are getting interested because famous people are joining and it’s making a lot of money. This is showing us new ways to do things online and could change how lots of people use money on the internet.