Friend.Tech, an innovative decentralized application, is rapidly gaining attention as it achieves the astonishing feat of generating more than $1 million in fees within a mere 24 hours, effortlessly overshadowing the Uniswap and Bitcoin networks.
Built on the OP Stack in collaboration with Optimism, Base, Friend.Tech introduces a distinctive concept, allowing users to invest in shares of their friends and influencers. This investment not only grants them ownership but also provides exclusive access to private conversations with the chosen individual.
In the preceding 24 hours, Friend.Tech has managed to accumulate a staggering $1.12 million in protocol fees, effectively surpassing both the Uniswap and Bitcoin networks, ranking second only to Ethereum and Lido protocols in terms of generated revenue. The platform’s earnings have surged to an impressive 1165.2 ETH, along with a total transaction volume of 25,633.5 ETH.
Additionally, an online source highlighted that Friend.Tech has climbed up to reach the top 3 protocols in terms of fees and revenues, signifying a remarkable accomplishment within the context of the BuildOnBase initiative.
David Phelps, co-founder of the governance platform JokeRace, lauded FriendTech for its exceptional user experience, describing it as the most exciting innovation witnessed in the cryptocurrency domain. He underscored its advantages, such as functioning as an app without requiring an app store, facilitating seamless bridges, and allowing one-time deposits without the need for repeated transaction signing.
Critics Are Not Impressed With Friend.Tech
While the app garners praise for its role in bringing numerous individuals into the cryptocurrency realm and attracting sign-ups from non-crypto figures, cautionary voices have emerged, highlighting the potential risk of burnout.
Doing some research on friendtech, please be careful putting too much money into it. The same team launched. KosettoIsKawaii end of 2022. Sold a bunch of wearable NFT stickers. Had users spamming referral codes. Hyped and pumped. Then the entire thing just disappeared, last update was in January that a Chrome extension was available. No communication or warning to users.
On a contrasting note, some experts contend that FriendTech’s success is closely linked to the triumph of Coinbase Base. Evidently, the app’s impact on Base’s recent success is evident, with over 257k transactions on FriendTech and a total of 600k transactions on the Base network. This symbiotic relationship has resulted in approximately $50k in fees generated for the chain within a mere 24-hour period.