Friend.tech, a social tokenization protocol that allows X (formerly Twitter) personalities to issue shares for access to exclusive group chats, has rapidly become a major revenue generator in the crypto space. In just over two weeks, it has climbed to become the second-largest revenue generator among crypto protocols.
Over the past 24 hours, Friend.tech has generated over $1.04 million in fees, equivalent to 5% of the transaction value, resulting in $709,000 worth of ether in revenue after accounting for gas fees and other costs. This places it right behind Ethereum, which generated $3.33 million in fees, and staking service Lido, which earned $1.54 million in fees. However, Lido’s revenue was considerably lower at $154,000, making Friend.tech the top revenue generator among crypto services.
The platform’s remarkable growth is evident when considering that its invite-only beta launched on August 10 and generated around 4,400 ETH (approximately $8.1 million) in trading volume on the first day. Friend.tech is built on Base, a layer-2 network by crypto exchange Coinbase.
Notably, shares of crypto X personalities like Cobie and Hsaka have surged to as much as three ether (nearly $5,000 at current prices) within days. Friend.tech has also gained significant traction on Base, with the network reaching 136,000 daily active users last week, surpassing layer-2 networks Arbitrum and Optimism. These group chats on Friend.tech have evolved into intimate community experiences for share buyers.
Prominent trading personality @RookieXBT is offering revenue shares and X premium subscriptions to holders, while @DeFiMaestro is sharing token picks for a trading challenge. Moreover, the platform is attracting personalities outside the crypto sphere on X, potentially paving the way for broader crypto adoption.
Richard “FaZe Banks” Bengtson II, co-founder of the esports community FaZe Clan, recently joined Friend.tech, and his share prices quickly became among the most expensive. NBA player Grayson Allen also experienced a rapid surge in share prices shortly after joining. Friend.tech’s swift rise to prominence in the crypto world highlights the growing interest in social tokenization and its potential to revolutionize online interactions and communities.