CJ - Cryptocurrency Enthusiast
Friend.tech, the innovative social platform that allows users to purchase "shares" of X (formerly Twitter) account holders, has seen remarkable growth since its launch on August 10. With over 100,000 addresses on board, the platform has quickly gained traction and generated more than $25 million in revenue through fees.
The surge in popularity is evident as notable personalities from beyond the crypto market investment realm, such as FaZe Banks (co-founder of FaZe Clan) and NBA player Grayson Allen, have joined the platform. This influx of well-known figures has led to a surge in share prices and transaction fees, driving the platform's rapid expansion.
Despite its success, the platform faced a brief challenge when its database, containing crypto wallet addresses linked to X accounts, was listed on GitHub. However, the issue was promptly addressed, highlighting the platform's commitment to user privacy and security.
Friend.tech's growth is further supported by DefiLlama and Dune Analytics data, which indicate at least 80,000 unique users and an addition of 15,000 new users within a single week. The platform's unique concept of buying "shares" in individuals' X accounts has garnered attention and participation, even from personalities unfamiliar with the cryptocurrency trading space.
The platform's earnings, which include substantial fees amounting to over $1.04 million within the last 24 hours alone, are set at 5% of each transaction's value. These fees have contributed to an estimated $709,000 worth of Ether, covering gas fees and operational costs. As Friend.tech continues to make waves in the social and cryptocurrency realms, its innovative approach to social media engagement is reshaping how users interact and invest in online personas.
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