Decentralized social media app Friend.tech has become one of the hottest trends in crypto in the last few days and one of its biggest money makers in the previous 24 hours.

  • According to data from DefiLlama, the platform lets users issue shares to their followers to access closed group chats and has made about $1.68 million in fees in the last day and $4.61 million over seven days.
  • The amount is only second to Ethereum (ETH), which received $3.45 million in gas fees in that period.
  • Essentially, as seen in the chart below, Friend.tech performed better than major networks like Bitcoin (BTC) and Tron (TRX) and established decentralized exchanges like Uniswap and PancakeSwap.
Source: DefiLlama
  • The platform’s growth has been meteoric.
  • It had an invite-only beta launch on Aug. 10, which amassed about $8 million worth of ETH in trading volume. Since then, it has seen more than $62 million worth of ETH traded across 1.67 million transactions, per data from Dune.
  • Friend.tech has also attracted major crypto personalities, including HsakaTrades, Cobie, and others. It has also drawn the attention of major esports influencer FaZe Banks and Milwaukee Bucks point guard Grayson Allen.
  • But despite the app’s early success, some are still skeptical about its long-term viability.
  • Friend.tech reportedly doesn’t have a privacy policy, requires you to put ETH when you sign up, and allegedly doesn’t have a clear roadmap.
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