Friend.tech is the most used app on Base

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Friend.tech is the most used app on Base

Since its creation in early August, Friend.tech has been a big hit with crypto-advertising users, with a Dune data dashboard from OP Labs showing that the platform accounts 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 enables users to buy and sell shares related 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.

Despite still being in beta, friend.tech has earned more than $27 million in fees in the last 30 days of its existence, DefiLlama said. The app is currently pushing 7160 ETH, or $12.3 million, in daily trading volume.

The duo was putting in a lot of time to fix the app's infrastructure and had no time to work on its economic model, the co-founder said.

DefiLlama analyst and developer 0xngmi said the software had 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 responded to DL News' request for comment.

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

The X accounts on Facebook and friend.tech are most 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. Likewise, smaller X accounts may present growth prospects.

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

Thus, Friend.tech is not just 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.

Friends.tech and the account owner each pay a 10% fee for key sales and purchases. The more frequently an account's keys are traded, the more fees that account fees will accrue. Parsec's data shows the account with the most accrued fees is friend.tech co-founder 0xRacer's, with 254.19 ETH raked in so far.

Users gain points by participating in the platform, which the platform distributes weekly to its users.

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