According to CryptoPotato: Decentralized social media app Friend.tech has recently gained significant attention in the cryptocurrency world, becoming one of the biggest revenue generators in the past 24 hours. Data from DefiLlama reveals that the platform, which allows users to issue shares to their followers for access to closed group chats, has generated approximately $1.68 million in fees in the last day and $4.61 million over seven days. This places it second only to Ethereum (ETH), which received $3.45 million in gas fees during the same period.
Friend.tech has outperformed major networks such as Bitcoin (BTC) and Tron (TRX), as well as established decentralized exchanges like Uniswap and PancakeSwap. The platform's growth has been rapid since its invite-only beta launch on August 10, which attracted around $8 million worth of ETH in trading volume. Since then, it has seen over $62 million worth of ETH traded across 1.67 million transactions, according to data from Dune.
The app has also garnered the interest of prominent figures in the crypto space, including HsakaTrades, Cobie, and others, as well as esports influencer FaZe Banks and Milwaukee Bucks point guard Grayson Allen. However, despite its early success, some remain skeptical about the long-term viability of Friend.tech. The platform reportedly lacks a privacy policy, requires users to deposit ETH upon signing up, and does not have a clear roadmap for future development.
