A brand new app is taking the crypto world by storm.
Friend.tech, a decentralized social (DeSo) network, overcame well-known players like PancakeSwap or Bitcoin and climbed over $1m in fees over 24 hours as of August 21st.
DefiLlama, a TVL aggregator for Decentralized Finance (DeFi), reported that the newly introduced app reached $709,739 in revenue as well.
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Currently, it sits at the 3rd spot according to DefiLlama’s ranking by fees and revenue. It ranks higher than Uniswap or Tron. Reportedly, there are more than 75,000 unique traders, with 800,000+ cumulative transactions and close to 30,000 in total ETH volume.
Friend.tech launched on August 10th with the tagline “Your network is your net worth.” And subsequently, after just 10 days of being in operation, it attracted a lot of attention. The premise of the social platform is to join group chats and then gain shares in it by paying a set joining price.
Friend.tech’s model works based on a fusion between social engagement and crypto investment. It allows Twitter’s users to issue shares that can gain access to private group chats. The base price of those shares increases the more people join the chat. The app is aimed at recognizable names, as evident by the joining of personalities like NBA player Grayson Allen.
However, new users can only join by invitation only (so far at least), which limits the number of active users. And there are those who warn that Friend.tech’s hype won’t last, and the activity might burn out in the coming months.
Users argue that its pricing model is not sustainable, and the app could potentially fizzle out like BitClout, a blockchain-based social media platform.
At the moment, though, Friend.tech is gaining traction both with influencers and crypto enthusiasts alike, with more than $2.5m in cumulative revenue since its launch.
