Friend.tech, a recently released decentralized social (DeSo) network, has generated over $1 million in fees in 24 hours on Aug. 19.
Ranking by fees and revenue generated by crypto projects on Aug. 20. Source: DefiLlama.to a senior software engineer at Coinbase, Racer previously created social media networks TweetDAO and Stealcam, both based on nonfungible tokens . With Friend.tech, Racer targets crypto influencers with an extensive fan base to earn royalties on trading fees, as well as Web3 projects seeking to strengthen relationships with venture capitalists and key players in the crypto industry.
The hype has also ignited analysis of the social platform's revenue model, risks and future. Pseudonymous decentralized finance researcher Ignasthat under Friend.tech's current business model,"revenue comes only from trading fees but not from having more shareholders," he wrote on X , adding that"controversial personalities might earn more or even creating FUD will be used as a strategy to earn fees.
Founder of Talk.Markets Lux Moreau also pointed out that as shares are sold, its prices increase significantly, potentially encouraging smaller groups in the platform or alt group creations.As shares get sold, the prices also significantly increase. For example, the 500th member pays around 15.6Ξ, the 250th member pays 3.9Ξ, and the 100th member pays 0.625Ξ.
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