Decentralized social media app Friend.tech has quickly emerged as one of the hottest trends in the cryptocurrency world. In the past few days, it has not only gained significant popularity but has also become one of the top money-making platforms.
According to DefiLlama, Friend.tech allows users to issue shares to their followers, granting them access to closed group chats. In just 24 hours, the platform has generated approximately $1.68 million in fees, and over the course of seven days, it has accumulated a staggering $4.61 million. These numbers position Friend.tech as the second-highest earner in terms of fees, trailing only behind Ethereum (ETH), which received $3.45 million in gas fees during the same period.
Friend.tech’s performance has surpassed major networks like Bitcoin (BTC) and Tron (TRX), as well as established decentralized exchanges like Uniswap and PancakeSwap. This impressive growth is evident in the chart provided by DefiLlama.
The platform’s journey has been nothing short of meteoric. Since its invite-only beta launch on August 10th, Friend.tech has facilitated approximately $8 million worth of ETH in trading volume. Over 1.67 million transactions, amounting to more than $62 million worth of ETH, have taken place on the platform, according to data from Dune.
Notably, Friend.tech has attracted the attention of prominent figures in the crypto industry, including HsakaTrades, Cobie, and others. Additionally, it has even caught the eye of major esports influencer FaZe Banks and professional basketball player Grayson Allen of the Milwaukee Bucks.
Despite its early success, some remain skeptical about the long-term viability of Friend.tech. Concerns have been raised regarding the lack of a privacy policy, the requirement to deposit ETH upon sign-up, and the absence of a clear roadmap. These factors have prompted discussions about the platform’s sustainability moving forward.
In conclusion, Friend.tech has quickly emerged as a hot trend in the crypto world, gaining popularity and generating substantial revenue. However, questions about its long-term viability persist. As the platform continues to evolve, it will be interesting to see how it addresses these concerns and solidifies its position in the decentralized social media landscape.
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