Imagine a social network where you can turn your connections into valuable assets. Friend.tech, a decentralized social network known as DeSo, has recently made waves by generating over $1 million in fees in just 24 hours. This incredible achievement has surpassed the likes of Uniswap and the Bitcoin network. Launched in beta on August 11, Friend.tech allows users to tokenize their social network by buying and selling “shares” of their connections. This creates an opportunity for individuals to profit from their relationships and opens doors for private messaging between shareholders. With its success, Friend.tech has sparked discussions around its revenue model and potential risks. Stay tuned to see how this platform revolutionizes the way we connect and monetize our social networks in the crypto industry.
Friend.tech generates over $1M fees in 24h, surpassing Uniswap, Bitcoin networks
Platform Overview
Friend.tech, a recently released decentralized social (DeSo) network, has made a huge impact in the crypto ecosystem by generating over $1 million in fees within just 24 hours. Launched in beta on August 11, the platform allows users to tokenize their social network by buying and selling “shares” of their connections. This unique concept has quickly gained traction and is outperforming established players like Uniswap and the Bitcoin network.
Tokenizing Social Networks
The main feature of Friend.tech is its ability to tokenize social networks. Users can buy and sell “shares” of their connections, essentially becoming shareholders in each other’s social networks. This allows for a new level of interaction and engagement within the platform. Shareholders can even send private messages to each other, creating a more personalized and intimate social experience.
Protocol Fee
To sustain the platform and incentivize users, Friend.tech charges a 5% fee on transactions. This fee contributes to the overall revenue of the platform and provides an opportunity for owners to profit from trades. It’s a win-win situation for both the platform and its users, as the fees go towards supporting the development and maintenance of Friend.tech.
Built on Coinbase’s Layer-2 Base
Friend.tech is built on top of Coinbase’s layer-2 base. This means that it leverages Coinbase’s layer-2 solution, which allows for faster and more efficient transactions on the platform. By utilizing this infrastructure, Friend.tech ensures a smooth and seamless user experience while also benefiting from the security and reliability of Coinbase.
Impressive Activity and Revenue
Since its launch, Friend.tech has seen remarkable activity and revenue. Within just 24 hours, the platform generated $1.12 million in fees. Overall, it has generated $2.8 million in fees since its launch. These numbers are a testament to the platform’s growing popularity and indicate strong user engagement. Over 650,000 transactions have taken place on the platform, with more than 60,000 unique traders participating.
Behind the Project
The pseudonymous developer Racer is the mastermind behind Friend.tech. Racer has previously created social media networks like TweetDAO and Stealcam, both of which were based on nonfungible tokens (NFTs). With Friend.tech, Racer aims to target crypto influencers with a large fan base, allowing them to earn royalties on trading fees. Additionally, Racer seeks to strengthen relationships with venture capitalists and other key players in the crypto industry, making Friend.tech a hub for innovation and collaboration.
Revenue Model and Risks
Friend.tech’s revenue model is primarily based on trading fees. Each transaction on the platform incurs a 5% fee, which contributes to the platform’s overall revenue. However, some concerns have been raised about controversial personalities potentially earning more through this model. There are also concerns that spreading fear, uncertainty, and doubt (FUD) could be used as a strategy to generate more fees. While these risks exist, Friend.tech is continuously working on mitigating them and ensuring a fair and transparent ecosystem for all users.
Analysis of Future Potential
Looking ahead, Friend.tech aims to target crypto influencers to further enhance its revenue model. By incentivizing these influencers to join the platform, Friend.tech can attract a larger user base and generate more trading fees. Additionally, the platform aims to strengthen relationships with venture capitalists and key players in the crypto industry. By establishing partnerships and collaborations, Friend.tech can position itself as a leader in the decentralized social network space.
Potential Issues with Share Prices
One potential issue that has been identified is the significant increase in share prices as they are sold. This could potentially lead to smaller groups forming within the platform or the creation of alternate groups. It’s important for Friend.tech to monitor this situation and ensure that the platform remains inclusive and accessible to all users.
Fake NFT Sales
In today’s crypto landscape, the issue of fake NFT sales is a concern. Friend.tech and its users must be vigilant in spotting signs of wash trading and other fraudulent activities. Education and awareness are key in tackling this issue and maintaining the integrity of the platform.
Spending Bitcoin
As cryptocurrencies become more widely accepted, there is a growing interest in spending Bitcoin and other digital currencies. Friend.tech could explore opportunities to integrate Bitcoin spending within its platform, allowing users to easily transact and use their cryptocurrencies in their day-to-day lives.
Worldcoin’s Eyeball Scanning
In the broader context of the crypto industry, projects like Worldcoin and their use of eyeball scanning technology are pushing the boundaries of innovation. Friend.tech should stay abreast of these developments and consider how they can leverage emerging technologies to enhance the user experience and stay competitive in the market.
Ensuring Integrity of Blockchain Transactions
Transparency and integrity are crucial when it comes to blockchain transactions. Friend.tech should prioritize the security and privacy of its users’ data, implementing rigorous auditing processes and best practices to ensure the integrity of transactions on the platform. By doing so, Friend.tech can build trust and maintain a loyal user base.
Market News and Analysis
For the latest market news and analysis in the crypto industry, platforms like Friend.tech can rely on reputable sources like Cointelegraph. Stay up to date with trends, regulatory changes, and market insights to make informed decisions and provide valuable content to users.
Cryptopedia and Learning Resources
To foster a thriving community, Friend.tech can provide learning resources and educational content within its platform. A dedicated section for Cryptopedia and other learning materials can empower users to expand their knowledge of cryptocurrencies and blockchain technology.
About Cointelegraph
Cointelegraph is a leading source for fintech, blockchain, and Bitcoin news. With a team of expert journalists and analysts, Cointelegraph provides comprehensive coverage of the latest trends and developments in the crypto industry. Users can rely on Cointelegraph’s accurate and reliable information to stay informed and make educated decisions.
In summary, Friend.tech has quickly established itself as a prominent player in the decentralized social network space. With impressive activity and revenue, the platform is on a trajectory for success. By continuing to innovate, address potential risks, and leverage emerging technologies, Friend.tech has the potential to reshape the way we interact and engage with social networks.
