Decentralized social application Friend.tech has generated over $1.42 million in fees in the last 24 hours, placing it in the top three crypto projects for fee generation, data from DeFiLlama show.
The platform first experienced a jump in its fee generation on 19 August — a day after Friend.tech conducted its first “Friday Airdrop” to some 44,000 users — when it accumulated more than $1 million in fees in 24 hours, surpassing popular blockchain projects such as Uniswap and Tron. On Sunday, Friend.tech managed to generate $1.42 million in fees in 24 hours, getting one step closer to Lido Finance’s second place of $1.54 million in 24 hours.
Launched in beta version on 10 August, Friend.tech is a social app integrated with X (formerly Twitter) that allows its users to trade tokenized shares of their profiles. Users who purchase another’s share are allowed to send private messages to each other and gain access to exclusive content.
The decentralized social app is built on Coinbase’s laeyr-2 network Base, and according to data from Dune Analytics has so far recorded over 100,000 unique buyers and sellers. Friend.tech has set a 5% fee on the value of each transaction, which has allowed it to earn more than $700,000 worth of Ether (ETH) in revenue over tha past 24 hours, once again placing it in the list of top 3 highest revenue earners.
The app has recently gained a lot of attention from X users, and even drew the attention of high-profile members such as NBA players Grayson Allen, startup incubator Y Combinator CEO Garry Tan, and the co-founder of the eSports community FaZe Clan, Richard “FaZe Banks” Bengtson II. Friend.tech also recently revealed that it will receive a seed investment from venture firm Paradigm, though its size was not disclosed.