Friend.tech, a recently released decentralized social (DeSo) network, has generated over $1.1 million in fees in 24 hours, outperforming established players in the crypto ecosystem, including Uniswap and the Bitcoin network.
The platform was launched in beta version on Aug. 11 and allows users to tokenize their social network by buying and selling “shares” of their connections. Enabling a person who purchases another's share to send private messages to each other. The protocol reportedly charges a 5% fee on transactions, with the spread from trades representing the owner's profit.
Friend.tech targets crypto influencers with an extensive fan base to earn royalties on trading fees, as well as Web3 projects seeking to strengthen relationships with venture capitalists and key players in the crypto industry.
Related:
Decentralized Social Platform friend.tech Received Investment from Paradigm
Sell Shares of Your X (Twitter) | Crypto Daily Digest Aug. 14
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