Solana

Million

Base

Rise

<div class="watcher-guru"> 
 <p>There is currently a lot of engagement around <a rel="noopener noreferrer nofollow" title="friend.tech" href="https://thebittimes.com/tag/friend-tech.html">friend.tech</a>. This particular <a rel="noopener noreferrer nofollow" title="decentralized" href="https://thebittimes.com/tag/decentralized.html">decentralized</a> <a rel="noopener noreferrer nofollow" title="Social media" href="https://thebittimes.com/tag/social-media.html">Social media</a> [DeSo] app is built on Coinbase’s L2 solution, Base. It allows users to buy ‘shares’ of their friends and influencers, which enables access to a private chat with that user. The share price fluctuates based on demand and supply.</p> 
 <p>Yuga Cohler, Senior Staff Software Engineer at Coinbase, recently attributed <a rel="noopener noreferrer nofollow" title="friend.tech" href="https://thebittimes.com/tag/friend-tech.html">friend.tech</a> as the “hottest new app” on Base. According to the latest data on DeFiLlama, the app has earned $4.22 million in fees and $2.11 million in revenue so far, with $1.42 million and $709,739 coming in just the last 24 hours. In terms of ranking, <a rel="noopener noreferrer nofollow" title="friend.tech" href="https://thebittimes.com/tag/friend-tech.html">friend.tech</a> is currently ahead of top protocols like Tron, Uniswap, Bitcoin, Aave, MetaMask, and <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a> on the fees front.</p> 
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  <img decoding="async" width="982" height="315" src="https://cdn.thebittimes.com/images/2023/08/21/7598abf8ee1fb0c80c8a816029342a77.webp" alt="" class="wp-image-107699" srcset="https://cdn.thebittimes.com/images/2023/08/21/7598abf8ee1fb0c80c8a816029342a77.webp 982w, https://cdn.thebittimes.com/images/2023/08/21/7598abf8ee1fb0c80c8a816029342a77.webp 300w, https://cdn.thebittimes.com/images/2023/08/21/7598abf8ee1fb0c80c8a816029342a77.webp 768w, https://cdn.thebittimes.com/images/2023/08/21/7598abf8ee1fb0c80c8a816029342a77.webp 380w, https://cdn.thebittimes.com/images/2023/08/21/7598abf8ee1fb0c80c8a816029342a77.webp 550w, https://cdn.thebittimes.com/images/2023/08/21/7598abf8ee1fb0c80c8a816029342a77.webp 800w" sizes="(max-width: 982px) 100vw, 982px"> 
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    Source: DefiLlama 
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 <p><strong>Also Read: Coinbase: Base Scammers Earn $2 Million Profit From 500 Scam Tokens</strong></p> 
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 <p>A few days ago, the project revealed that it was backed by Venture Capital Paradigm, and had received seed round funding from the firm.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Earlier this year, we partnered with @paradigm to build tools for new online social interactions.<br><br>We're grateful for the community's warm reception and excited to continue growing with you all pic.twitter.com/yINDMXkpuZ</p>— friend.tech (@friendtech) August 18, 2023 
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 <p><strong>Also Read: Binance: BNB Bridge Hacker Loses $63 Million</strong></p> 
 <h3 class="wp-block-heading" id="h-red-flags-associated-with-friend-tech">Red flags associated with friend.tech</h3> 
 <p>Cohler pointed out that the app has been “crumbling” under excessive traffic. As a result, it “barely works,” with most screens not loading. Furthermore, he alleged that the data latency is often more than 10 seconds. Even so, user growth is unstoppable. Explaining what could be the possible reason, he posted,</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">This has led to a predictable surge of CT influencers shilling the app and giving out invite codes. They are incentivized to do so.<br><br>(Not a judgment, just an observation. One could argue this thread is such an attempt.) pic.twitter.com/PM4pgK0qGL</p>— yuga.eth 🛡 (@yugacohler) August 11, 2023 
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 <p><strong>Also Read:&nbsp;Coinbase: ‘Fresh’ Whale Wallets Created in 2023 Drive Activity on Base</strong></p> 
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 <p>Despite the hype, several others in the community remain skeptical.&nbsp;Crypto commentator Yazan recently pointed out a few surface-level red flags that made him believe that “something isn’t right” about the project. Perhaps only time can tell if the project will be sustainable or not.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Let me tell you one thing.<br><br>Something isn’t right about @friendtech.<br><br>🚩 Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people?<br><br>🚩 The way pricing works is ridiculous and can be easily taken advantage of.<br><br>🚩 Pumps and dumps. pic.twitter.com/TJqcktEM6P</p>— Yazan (@YazanXBT) August 20, 2023 
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 <p><strong>Also Read:&nbsp;Coinbase’s Base Welcomes Meme Coin Season: Assets Rise Upto 7-Million%</strong></p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>decentralized</li> 
  <li>ethereum</li> 
  <li>friend.tech</li> 
  <li>Lido</li> 
  <li>Social media</li> 
  <li>Solana</li> 
 </ul> 
</div>

Friend.tech Earns $1.42 Million Fee: Beats Bitcoin, MetaMask, Solana

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TheBitTimes

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