Transaction Fees On friend.tech Ranked 2nd, Only Behind Ethereum Network

Key Points:

• The web3 friend.tech social networking app craze has generated 1.68 million transaction fees in the past 24 hours.
• The network’s transaction fees have surpassed staking platform Lido to rise to 2nd place, just behind Ethereum.
• Despite the detected data leak warnings, this decentralized social network is still very attractive to the community.

Friend.tech has collected more than $1.68 million in transaction fees in just 24 hours, surpassing the Liquid Staking Lido platform to rise to 2nd place, just behind Ethereum.

According to DefiLlama data, friend.tech generated a total transaction fee of $1.68 million in the last 24 hours, surpassing Lido ($1.61 million), Tron ($1.11m), Uniswap ($887.998) and the network. Bitcoin ($392,555) for the same period, second only to the Ethereum network ($3.45 million).

This has shown the strong appeal of Coinbase’s new Layer 2 social networking application, Base. This attraction can be attributed to its attractive monetization model. To use it, you will need a Web3 wallet like MetaMask. This app is currently in invite-only beta, so you’ll need code from the influencer.

The application is linked to the user’s Twitter account, then transfers ETH from Ethereum to Base to participate in the purchase and sale of shares of friend.tech accounts, called shares.

The more popular the account, the better the content, and the more people want to own shares, which means the share price will increase sharply. In which, friend.tech will collect a 10% fee on each transaction and then divide half of it to share account holders. Therefore, the network has attracted a large number of celebrities to participate.

However, there are also many mixed opinions that friend.tech belongs to a typical Ponzi model, the token has no upper limit, but the price increases exponentially with the number of holders, quickly leading to FOMO psychology. But behind the index’s rise, it plummets once someone sells.

In particular, yesterday, on-chain analytics company Spot On Chain also warned users about this application’s system having problems with the design of the access control level. Also, advise the project to improve the system to avoid API leaks caused by robots.

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