Friend.tech has spread out to the entire Crypto community on X platform like a storm. It has been getting attractions, capital inflows, and bringing opportunities for everyone involved.
So, what exactly is Friend.tech?
What is Friend.tech?
Friend.tech is a new social app built on Base, the new Layer 2 network from Coinbase which was launched recently. The app allows users to tokenize their social network. In essence, people can sell “shares” of themselves, and these share owners can privately chat with the person they own shares in.
To initiate engagement, users must acquire an invitation code and link their X accounts (formerly known as Twitter). Upon satisfying these initial steps, users are required to inject a minimum of 0.01 $ETH into the Base network. The deposit grants users access to the Friend.tech application and its array of features.
How do people monetize with Friend.tech?
There are currently two ways to make money with Friend.tech
- “Buy low and Sell high” shares of others
Users can choose to join certain channels, earning a share of the selected channel by paying the base price. This base amount serves as the participation fee. If users later decide to leave the channel, they can liquidate their group shares.
By this method, whenever a user buys a share at such a price and sells it higher, he would profit from that trade, and vice versa.
- Own a quality account
The fee on Friend.tech is distributed as follows:
- 5% of the share price goes to the Friend Tech treasury.
- 5% of the share price goes to the person that you’re buying or selling the share from.
Obviously, the more dynamically a share is traded, the more revenue the share owner receives. Some of the top accounts have now generated up to $27K in revenue.
Friend.tech also distributed “points” for users every Friday. It’s still unclear what actually contributes to getting these points, but supposedly it’s mostly based on the fees you generate by buying and selling shares.
Several Friend.tech statistics
The below statistics are cited from our homemade source on Dune.
Until now, there have been over 1M cumulative transactions on Friend.tech, making a total of over $6M in fees.
The market has been so dynamic these days with over 50K transactions per day, whereas the figure last week had only been around 15K transactions.
More and more traders are participating in Friend.tech, making this app hotter than ever. Currently, there are a total of 94K traders on Friend.tech.