Friend.tech accounts for 21% of Base's total fees

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Friend.tech accounts for 21% of Base's total fees

Since it launched in early August, Friend.tech has been a huge hit among crypto users - a Dune data dashboard from OP Labs shows that the platform accounted for more than 21% of Base's total transaction fees.

The data, which spanned over a recent seven-day period, highlights the speedy rise since the summer of the Ethereum layer 2 rolled out recently by US crypto exchange Coinbase.

Friend.tech, which allows users to purchase and sell shares linked to accounts on X, formerly Twitter, is the most-used application on Base. The second most used app, LayerZero, only accounts for 3.4% of Base's transaction fees.

Friends.tech has accrued almost $27 million in fees in the past 30 days, according to DefiLlama, which has over $52 million in crypto locked on the platform. The app is currently pushing 7.160 ETH, or about $12.3 million, in daily trading volume.

The duo was working on the app's infrastructure and had little time to work on its economic model, the co-founder said.

DefiLlama analyst and developer 0xngmi said the software has weaknesses that may pose risks to users, claiming that it was possible to steal (users') keys or all funds with a front-end update. Friend.tech has not responded to DL News' request for comment.

The popularity of eligible X accounts can be predicted through the program, which allows users tospeculatively about the popularity of those accounts.

As X accounts become more popular, they're likely to see their shares, or 'keys,' increase in price, as they can count on their numerous X followers to register on friend.tech and buy in. Similarly, smaller X accounts may present growth prospects.

Users gain access to a chat room that is locked by a keyholder, in which they can directly message the account's owner.

Friend.tech is not only a speculative project, but also a crypto native social media platform. The priciest keys currently belong to Vombatus, which are trading for 8.123 ETH.

A 10% fee is charged for key sales and purchases, divided equally among friend.tech and the account owner. The more frequently an account's keys are traded, the more fees that account fees will increase. The account with the most accrued fees, according to data from parsec, is friend.tech co-founder 0xRacer's, with 254.19 ETH raked in so far.

Users can earn points by interacting with the platform, which the platform delivers to its users on a weekly basis.

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