Friend.tech, the newest crypto killer app social tokenization protocol, has proven to be an absolute money printer for developers. In the past 24 hours, the platform has made over $1.04 million in fees, set at 5% of the value of each transaction, resulting in $709,000 worth of Ether in revenue. This makes Friend.tech the biggest revenue generator among crypto services, second only to the Ethereum blockchain.
Since its invite-only beta launch on August 10, Friend.tech has seen some 4,400 ETH (about $8.1 million) in trading volume on the first day. Shares of some crypto personalities, such as Cobie and Hsaka, have jumped to as much as three Ether, or nearly $5,000 at current prices, in a few days. The app is built on Base, crypto exchange Coinbase’s new layer-2 network, and has taken the scam-riddled Base by storm, reaching 136,000 daily active users.
The group chats are quickly evolving into intimate community experiences for share buyers. Trading personality @RookieXBT is dangling revenue shares and X premium subscriptions to holders, while @DeFiMaestro is sharing token picks for a trading challenge.
The hype could just be getting started, as a slew of personalities outside of crypto circles on X have joined Friend.tech over the weekend. NBA player Grayson Allen saw shares surge quickly in mere hours after joining, and Richard FaZe Banks Bengtson II, co-founder of the influential esports community FaZe Clan, tweeted, I’ve always thought the idea of betting on the success of especially YouTubers/streamers success would be cool. Outside of just time and resources. I’ve discovered so many talented people, a product like this is perfect for that.