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

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

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

The data, which spanned 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 is the most-used site on Base, enabling users to buy and sell shares linked to accounts on X, formerly Twitter. 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, and has over $52 million in crypto locked on the platform. The app is currently pushing 1,160 ETH, or about $12.3 million, in daily trading volume.

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

Pseudonymous DefiLlama analyst and developer 0xngmi said the software has vulnerabilities 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 yet responded to DL News' request for comment.

Users can now speculate on the popularity of eligible X accounts.

As they're known, popular X accounts are likely to see their share, 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, meanwhile, may present growth prospects.

By purchasing an account's key, users can unlock a keyholder-only chat room in which they can directly message the account's owner.

Therefore, 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.

Key sales and purchases on the site are subject to a 10% tax, which is divided equally between friend.tech and the account owner. The more frequently the account's key is traded, the more fees that account will accrue. The account with the mostaccumulated fees, according to data from parsec, is friend.tech co-founder 0xRacer's, with 254.19 ETH raked in so far.

Users gain points from participating on the platform, which the platform gives to its users on a weekly basis.

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