On August 19, 2023, Friend.tech, a decentralised social (DeSo) network, clocked more than one million dollar worth fees within 24 hours. Seemingly, the network has overtaken other crypto platforms such as Uniswap and Bitcoin network, as stated by Cointelegraph.
According to Cointelegraph, a beta edition of the network was introduced on August 11, 2023. From what it’s understood, the platform permits users to buy and sell “shares” related to their connections. Reportedly, the protocol imposes a five percent fare on transactions.
Based on Cointelegraph’s data, DefiLlama mentioned that Friend.tech has been able to secure $1.12 million worth fees and $2.8 million after going live. Sources suggest that the total revenue from the network stood at $818,620, along with recording above 650,000 transactions and approximately 60,000 unique traders. It’s believed that Racer, a pseudonymous developer, is backing the platform.
Moreover, Cointelegraph noted that Ignas, a pseudonymous decentralised finance (DeFi) analyser, highlighted that with regard to Friend.tech’s ongoing business plan, “revenue comes only from trading fees but not from having more shareholders.” Ignas also pointed out that “controversial personalities might earn more or even creating FUD will be used as a strategy to earn fees.”
(With insights from Cointelegraph)