Social app friend.tech has generated protocol fees exceeding $1.42 million in the last 24 hours, ranking it as one of the top three crypto projects with respect to user-paid fees.
The increase in 24-hour fees has allowed friend.tech to surpass other blockchain projects in terms of fees, including Uniswap and Tron, ranking behind only the Ethereum blockchain and Lido Finance, DeFiLlama data shows. Its fees for the last week were recorded at $2.99 million, of which $1.49 million was revenue.
Operating on Coinbase’s Base Layer 2 chain, friend.tech is a social app integrated with X (formerly Twitter) — allowing users to trade tokenized shares in one another’s profiles. Shareholders gain exclusive access to content and private chat rooms. The app has recently gained a lot of momentum among Twitter users, also attracting new high-profile members over the weekend, such as startup incubator Y Combinator CEO Garry Tan and NBA player Grayson Allen.
Friend.tech user shares see trading frenzy
Since its beta release, the platform has recorded 65,000 unique traders of shares and $26 million in trading volume, according to a Dune Analytics dashboard by Crypto Koryo.
While friend.tech’s rise to the third position in 24-hour fees is significant, it’s worth noting that the platform is currently available on an invite-only basis. The project also recently revealed a seed investment from venture firm Paradigm, though the exact amount of the investment was not disclosed.
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