Friend.tech is raking in more fees than Uniswap

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Friend.tech is raking in more fees than Uniswap

Is Raking In More fees than Uniswap is a Facebook-based social media app.

It appears that friend.tech, an app that provides token- Gated Chat Rooms, is catching a second wind.

Friends.tech has attained $1 million in daily revenue, an all-time high, based on an inital wave of hype followed by a period of relatively low activity.

The profits come from a 5% fee charged on all trades of friend.tech keys. Rooms' hosts also take a 5% cut from trades.

Joe Coll, an angel investor and former venture capitalist, thinks that the team behind friend.tech has made some crucial design choices that have driven the app's success.

The use of Twitter's social graph, its simplification of the crypto wallet experience, and the choice to deploy as a progressive web app, a mobile app that functions similar to a mobile app but bypasses app stores, as key choices in infrastructure.

While still just a month old, Friends.tech's second wave of momentum has made it difficult to dismiss as a flash in the pan, while many are no doute drawn to its speculative aspects, there's arguably unique value to be found in token-gated chatrooms.

It may favor the kinds of content that aren't rewarded elsewhere - accounts like DtDcTr, relatively unknown on X, have attracted 70 keyholders, meaning access to the chatroom costs nearly 0.52 ETH, or well over $800.

Another user who goes by Gareth said they were able to leverage friend.tech to amplify their reach on social media.

Manifold, an investment firm, is still attracting developers to build tooling for the platform, following the advent of tools to track top accounts, convert keys into fungible tokens, and others.

It's useful because traders have been using bots to snipe influencers' passwords as soon as they join the platform. Users with large followings were unable to effectively betting on themselves early by buying their own keys.

The co-founder of the crypto-focused development and venture studio, Animoca Brands, used Manifold's tool earlier today. Now MEVCollector, a pseudonymous influencer who now holds 35 of their own keys, can be seen announcing a new move.

To be sure, it's too early to call friend.tech the future of social media - the project is receiving a boost from a points program that most assume will translate into a token airdrop.

Regardless, friend.tech has achieved an enviable position among crypto apps - for the second time in less than a month, the app only lags Ethereum by fees, DeFi Llama said.