Friend.Tech, a social media dapp that allows users to tokenize their friends, has been causing a frenzy in the crypto community. Launched on the Coinbase layer-2 network Base on Aug. 10, this platform has been described as a “SocialFi” or “DeSo” platform, offering people the opportunity to buy and sell shares of certain Twitter accounts and social media profiles. It has quickly gained traction and is attracting significant capital inflow.
Crypto trader and investor ‘@DaanCrypto’ has provided a comprehensive guide to Friend.Tech, which has been making waves in the crypto social media space. The platform has been generating a lot of interest and presenting new opportunities for everyone involved.
In a recent development, DeFi analyst Miles Deutscher revealed that Friend.Tech has amassed over $1 million in fees within the last 24 hours. According to DeFiLlama, the platform has actually generated $1.4 million in fees, surpassing popular platforms like Tron and Uniswap. Its daily revenue as of Aug. 20 was $710,000, indicating its growing popularity and success.
The platform has also attracted attention from prominent figures in the crypto social media sphere, further driving its momentum. Additionally, the hype surrounding airdrops has contributed to the platform’s success.
In terms of funding, Friend.Tech recently raised $50 million in a Series A funding round led by VC giant Paradigm. This round included “token warrants,” suggesting the possibility of a future token. An airdrop has been announced as part of the platform’s marketing strategy, which will reward early users of the project. However, the exact utility of these reward points remains unknown, leading to speculation about their potential tokenization.
Despite the excitement surrounding Friend.Tech, some individuals remain skeptical. Concerns have been raised about the potential for gaming the system and the possibility of pump and dump schemes. Critics argue that the pricing mechanism is problematic and can be easily exploited. This skepticism has led to doubts about the platform’s long-term viability, with some predicting its eventual demise in the coming weeks or months.
In conclusion, Friend.Tech’s airdrop hype has driven a staggering $1.4 million in daily fees, solidifying its position as a prominent player in the crypto social media landscape. While the platform has attracted significant attention and funding, it also faces skepticism and concerns about its sustainability. As the crypto community continues to closely monitor Friend.Tech’s progress, only time will tell if it can maintain its momentum and overcome the challenges it faces.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice.