Black_background_logo_BitcoinWorld-removebg-preview
Blockchain News

Friend.tech’s 24-hour fees climb to $1.4 million, ranking third after Ethereum and Lido

In the previous 24 hours, social app friend.tech has earned protocol fees in excess of $1.42 million, placing it among the top three crypto projects in terms of user-paid fees.

According to DeFiLlama statistics, the increase in 24-hour costs has allowed friend.tech to outperform other blockchain projects in terms of fees, including Uniswap and Tron, placing just behind the Ethereum network and Lido Finance. Its fees for the previous week were $2.99 million, of which $1.49 million was income.

Friend.tech is a social software connected with X (previously Twitter) that allows users to exchange tokenized shares in one another’s accounts. It runs on Coinbase’s Base Layer 2 chain. Shareholders get access to unique material and exclusive chat rooms. The program has lately acquired traction among Twitter users, as well as acquiring additional high-profile members over the weekend, including Y Combinator CEO Garry Tan and NBA player Grayson Allen.

According to a Dune Analytics dashboard by Crypto Koryo, the platform has logged 65,000 unique share traders and $26 million in trading volume since its beta release.

While friend.tech’s surge to third place in 24-hour fees is impressive, it’s worth emphasizing that the network is now invite-only. The initiative also just announced a seed investment from venture company Paradigm, though the amount was not disclosed.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.