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Friend.tech Teams Up with NBA Players and FaZe Clan for Ether Profits

Aug 21, 2023 at 08:52 am

In a span of just over two weeks, the application has experienced a remarkable surge, positioning itself as the second-largest revenue generator within the realm of crypto protocols.

Unveiling as the freshest sensation within the cryptocurrency landscape, the social tokenization protocol, Friend.tech, has rapidly transformed into a lucrative venture for developers.

Friend.tech introduces a distinct avenue, enabling individuals associated with X (previously known as Twitter) to issue shares on its platform, thereby granting exclusive access to a dedicated group chat. Within a mere 24-hour period, the protocol has accumulated more than $1.04 million in fees, which equates to 5% of each transaction's value. After accounting for expenses like gas fees and other related costs, the platform has garnered approximately $709,000 worth of ether as revenue, as confirmed by DefiLlama's data.

This extraordinary accomplishment positions Friend.tech closely behind the Ethereum blockchain, which accrued fees amounting to $3.33 million, and the staking service Lido, boasting $1.54 million in fees. However, Friend.tech stands out as the most prominent revenue generator in the expansive realm of cryptocurrency.

Leading Revenue-Generating Protocols and Networks in the Cryptocurrency Landscape, as Tracked by DefiLlamaLeading Revenue-Generating Protocols and Networks in the Cryptocurrency Landscape, as Tracked by DefiLlama 

This rapid surge in revenue has taken place within an astonishingly brief time frame, even considering the fast-paced nature of the cryptocurrency industry. Friend.tech's exclusive beta launch occurred on August 10 and managed to achieve an impressive trading volume of around 4,400 ETH (approximately $8.1 million) on its inaugural day. The application is built upon Base, a layer-2 network developed by Coinbase.

The shares associated with specific crypto personalities on X, such as Cobie and Hsaka, have experienced a rapid escalation, reaching values as high as three ether, equivalent to approximately $5,000 according to current market rates, within a mere few days.

The impact of Friend.tech extends beyond its remarkable revenue achievements; it has also made waves within the Base network, an ecosystem that has faced its share of fraudulent activities. In the preceding week, the network garnered an impressive count of 136,000 daily active users, surpassing other layer 2 networks such as Arbitrum and Optimism. Much of this surge can be attributed to the platform's user base.

The group chats within Friend.tech are evolving into tightly-knit community hubs for share purchasers. For example, trading personality @RookieXBT is enticing holders with revenue shares and premium X subscriptions, while @DeFiMaestro is sharing token selections for a trading challenge.

Although the current buzz surrounding Friend.tech is already substantial, it could merely mark the beginning of its journey. Over the weekend, numerous personalities from beyond the cryptocurrency sphere on X joined the platform. This surge could potentially pave the way for wider adoption of cryptocurrencies among the general public, as suggested by some experts.

Richard "FaZe Banks" Bengtson II, co-founder of the influential esports community FaZe Clan, became a part of the platform on a late Sunday, witnessing a rapid increase in the value of his shares. Similarly, NBA player Grayson Allen experienced a swift surge in the value of his shares within a matter of hours after joining.

Expressing his perspective, FaZe Banks tweeted, "I've always thought the idea of investing in the success of YouTubers/streamers would be fascinating, beyond just time and resources. Through this, I've come across numerous talented individuals, making a product like this perfectly suited for such endeavors."

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