•Friend.tech is the hottest trend in crypto right now, having made $1.68 million in fees in the last 24 hours and $4.61 million over seven days.
•The platform has attracted major crypto personalities, including HsakaTrades, Cobie and FaZe Banks and Milwaukee Bucks point guard Grayson Allen.
•However, some are skeptical about its long-term viability due to a lack of privacy policy, sign up requirements, and alleged scams.
What is Friend.tech?
Friend.tech is a decentralized social media app that has become one of the hottest trends in crypto in the last few days. It 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 according to data from DefiLlama—second only to Ethereum (ETH). The platform had an invite-only beta launch on Aug 10th which saw it amass approximately $8 million worth of ETH in trading volume with more than $62 million worth of ETH traded across 1.67 million transactions since then per data from Dune.
Who Is Using Friend Tech?
Friend tech has attracted major crypto personalities such as HsakaTrades, Cobie., FaZe Banks and Milwaukee Bucks point guard Grayson Allen have also been seen using the platform.
Cautions Around Friend Tech
Despite its early success there are still those who are cautious about its long-term viability as it reportedly doesn’t have a privacy policy or require you to put ETH when signing up for it and there are allegations of scams floating around.
Conclusion
Friend tech continues to be one of the hottest trends in crypto right now having amassed huge amounts of ETH just after its launch but also faces several issues that might limit its future prospects.
Sources
DefiLlama: https://defillama.com/
Dune Analytics: https://duneanalytics.com/
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