Markets News Report
August 21, 2023

Friend.Tech Earns 1.4M in 24-Hour Fees, Outpacing Tron and Uniswap

In Brief

The platform’s prowess in finding its footing in the market highlights the potential emergence of the next groundbreaking decentralized application (dApp) in the near future.

Friend.Tech Earns 1.4M in 24-Hour Fees, Outpacing Tron and Uniswap Combined

In the past 24 hours, Friend Tech has outpaced Bitcoin, Uniswap, and BSC in fee generation.

The fact that the blockchain has surpassed industry giants in fee generation within a single day underscores its swift market penetration. The platform’s prowess in finding its footing in the market highlights the potential emergence of the next groundbreaking decentralized application (dApp) in the near future.

A Meteoric Rise: Breaking Records in 24 Hours

Friend Tech’s Distinct Ideology

The intrigue enveloping Friend Tech heightened on August 10th, as it stirred up communities with an influx of tens of thousands of users. Yet, this triumph proved short-lived, as its activity rapidly declined.

However, in a surprising turn of events that caught naysayers off guard, the platform mounted a remarkable resurgence. It announced a seed round of financing from the esteemed crypto venture capitalist, Paradigm.

Although Friend Tech has witnessed unprecedented success, some, like Miles Deutscher, caution against labeling it as the definitive “killer dApp.” Instead, its core appeal lies in its innovative approach to social tech. Coinbase’s Yuga Cohler sheds light on its unique proposition: a decentralized platform where “shares” are synonymous with digital assets.

The Allure of Trading and Earning

The application’s financial model centers on enabling creators to earn royalties from trading fees, dissuading them from selling their own shares, a move that might be perceived as disloyal to their followers. The focus on ongoing trading and the potential for early investors to achieve substantial gains plays a pivotal role in driving the app’s revenue.

As exemplified by Cobie’s profile, which surged to 2.78 ETH with just 168 holders, Friend Tech is shaping its trajectory to serve specific, exclusive communities rather than mass audiences. This could pave the way for celebrities and athletes to establish elite communities, accessible solely to those willing to pay a premium.

As the platform evolves, it’s anticipated that user experience and interface will also witness significant enhancements.

Concerns Surrounding Friend Tech

Despite the intrigue, several concerns loom large. A tweet from SuzanneNFTs (@nf_suzanne) highlights several potential red flags:

  • Absence of a privacy policy
  • Compulsory registration via Google or Apple accounts
  • Authorization to tweet and retweet on behalf of users
  • Persistent linkage with the user’s X account
  • Lack of a dedicated app, potentially bypassing regulatory norms
  • Mandatory monetary deposit before testing
  • Non-disclosure of advertising partnerships
  • An anonymous development team

These concerns prompt a thorough assessment of the platform’s intentions and its dedication to user security and transparency.

While Friend Tech’s rapid market entry highlights its potential, the raised concerns necessitate careful examination. The platform’s future, in this ever-changing digital era, depends on its adaptability, user-focused strategy, and ethical considerations.

Only time will reveal whether Friend Tech will carve its place as a transformative influence or merely a passage in the history of digital advancement.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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