The newest crypto “killer app” seems to be social tokenization protocol Friend.tech, and it has proven to be an absolute money printer for developers so far.
Friend.tech, which lets X, formerly Twitter, personalities issue shares on its app for access to a closed group chat, has made over $1.04 million in fees, set at 5% of the value of each transaction. over the past 24 hours. That’s banked the platform some $709,000 worth of ether in revenue (what the platform takes after paying out gas fees and other costs), data from DefiLlama shows.
This is right behind the Ethereum blockchain, which made $3.33 million in fees, and staking service Lido – with $1.54 million in fees. Lido, however, made lower revenues at $154,000, making Friend.tech the biggest revenue generator among crypto services.
Top earning protocols and networks in the crypto ecosystem. (DefiLlama)
Such growth has come in a very short time, even for crypto’s fast-moving standards. Friend.tech’s invite-only beta launched on August 10 and racked up some 4,400 ETH (about $8.1 million) in trading volume on the first day. The app is built on Base, crypto exchange Coinbase’s new layer-2 network.
Shares of some crypto X personalities, such as Cobie and Hsaka, jumped to as much as three ether, or nearly $5,000 at current prices, in a few days.
Friend.tech is also taking the scam-riddled Base by storm. Last week, the network reached 136,000 daily active users – overtaking layer 2 networks Arbitrum and Optimism – much of which is attributed to the app’s users.
These 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.
Meanwhile, the hype could just be getting started.
A slew of personalities outside of crypto circles on X joined Friend.tech over the weekend – opening the floodgates to possible crypto adoption among the general populace, some opine.
Richard “FaZe Banks” Bengtson II, co-founder of the influential esports community FaZe Clan, joined the platform late Sunday and saw his share prices quickly become among the costliest. Elsewhere, NBA player Grayson Allen saw shares surge quickly in mere hours after joining.
“I’ve always thought the idea of betting on the success of especially YouTubers/ streamers success would be cool,” FaZe Banks tweeted. “Outside of just time and resources. I’ve discovered so many talented people, a product like this is perfect for that.”
LatestOpinionFeaturesVideosMarketsGet the Latest from CoinDeskSign up for our newsletterMoney ReimaginedFirst MoverCrypto Long & ShortBlockchain BitesBy signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policyPlease enter a valid email addressTechBusinessPolicy & RegulationPeopleBitcoinBitcoin CashCitiCitibankCoinFlashHard ForkMarketsNewslettersPodcastsTechnical AnalysisBitcoin 101Blockchain 101Ethereum 101Trading 101All 101 Guides0x (ZRX)CosmosGemini DollarZcashGrinSee allFundstratThe TIEHuobi…
Imagine the liquidity of every crypto exchange, but in one giant pool – one all-seeing order book that listed every conceivable bid and ask for any asset. That's the promise of a new startup announcing its equity seed round Tuesday exclusively with CoinDesk. Led by Polychain Capital, with participation by Dragonfly Capital Partners and Chapter…
Bybit confirmed several executives have "changed roles" following a delay in notcoin deposits earlier this month.The exchange issued $32 million in compensation to 320,000 users.17:22Earn Alliance CEO on Helping Gamers Discover Web301:21Web3 Gaming Market Still Growing in 2023: Game7 Data08:11State of Web3 Gaming in 202305:55Metaverse-Focused Gala Games to Airdrop Version 2 Tokens in MayCryptocurrency exchange
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.Latest PricesTop StoriesDeutsche Bank and Standard Chartered’s SC Ventures are testing a system that will allow blockchain-based transactions, stablecoins, and central bank digital currencies (CBDCs) to talk to
Ether continues to struggle for a breakout above key resistance even as bitcoin, the crypto market leader, looks north after record daily close.The native token of Ethereum’s blockchain is yet to take out the falling trendline drawn from May and September highs. Bitcoin cleared similar resistance two weeks ago and ended Tuesday above $64,000 –…
Securities and Exchange Commission (SEC) Chairman Gary Gensler made a pitch for tens of millions of dollars in additional funding for his agency’s multi-billion budget at the U.S. Senate Committee on Appropriations on Wednesday, telling lawmakers the agency must expand to, among other things, protect investors against a crypto industry “rife with noncompliance.”“We’ve seen the…
Dec 11, 2019 at 00:00 UTCUpdated Dec 11, 2019 at 00:00 UTCRipple’s Revamped Xpring Platform Looks to Boost XRP DevelopmentRipple has condensed its broad Xpring developer platform into a single site. The new platform aims to allow crypto and non-crypto developers to integrate payments into any mobile application. Now, Xpring.io offers those developers a wallet, new…
news While Facebook’s Libra project was said to already have 28 founding partners when unveiled last month, that isn’t quite the case, according to Visa’s CEO and board chairman, Alfred F. Kelly, Jr. In a Q3 2019 earnings call on Tuesday, Kelly responded to a question on his firm’s involvement with the Libra project from Bryan…
Staff at the UK-based charity, the Children’s Heart Unit Fund. (Image: CHUF)Children’s Heart Charity Receives $48K in Crypto DonationsThe Children’s Heart Unit Fund (CHUF), a UK-based charity that supports children with cardiac ailments, recently announced that it had received nearly $48,000 in donations made using cryptocurrency. According to Charlotte Campbell, director of Fundraising and Operations…