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 big hit with crypto users since it launched in early August - a Dune data dashboard from OP Labs shows that the platform accounted for more than 21% of Base's total transaction fees.

The data, spanning a six-day period, shows 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 linked to accounts on X, formerly Twitter, is the most used application on the platform. The second most-used app, LayerZero, only accounts for 3.4% of Base's transaction fees.

Despite being in beta, friend.tech has generated almost $27 million in fees in the last 30 days, according to DefiLlama, and has over $52 million in crypto locked on the platform. The app is currently pushing 7,160 ETH for daily trading volume, or $12.3 million, in daily trading volume.

The co-founder said he was busy fixing the app's infrastructure and had little time to work on its economic model.

In addition, DefiLlama analyst and developer 0xngmi said the software has vulnerabilities that may pose risks to users, arguing 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 speculate on the popularity of eligible X accounts by asking questions on their status.

The popularity of popular X accounts can result in their shares, or 'keys,' rising in price, as they can count on their numerous X followers to register on friend.tech and buy in. Meanwhile, smaller X accounts may present growth prospects.

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

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

A 10% charge is charged for key sales and purchases, which is divided equally between friend.tech and the account owner. The more frequently an account's keys are traded, the more fees that account fees will increase. Parsec data shows friend.tech co-founder 0xRacer's account with 254.19 ETH raked in so far.

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

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