Launched on Base in early August, friend.tech has quickly attracted the attention of the crypto community. Known as a new hype, friend.tech allows users to tokenize their friends. Each user who signs up on friend.tech would have to link their account to Twitter. Their Twitter account is then represented by social tokens on friend.tech, which other users can buy shares of in ETH.
To invest in someone’s shares, you can simply choose the person you’re interested in and buy a specific number of shares at a given price per share. These shares represent your stake in that person’s popularity and interactions on the platform. The more popular the account, the more people want to own shares, which means these shares will increase sharply in price. Friend.tech charges a 5% fee on transactions, with the spread from trades representing the owner’s profit.
After more than a week of launch, friend.tech has generated $2.8 million in fees and $818,620 in total revenue through 650,000 transactions, according to data from DefiLlama. Protocol fees that friend.tech generated even surpasses the largest DEX in the market Uniswap and the Bitcoin network.
The total trading volume on friend.tech as of the morning of August 21 has exceeded 26,800 ETH, with the number of transactions surpassing 1 million just three weeks after its launch.