Friend.tech incentivizing a surge in Base transactions
Date: 2023-08-24 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Brian Armstrong, CEO of Coinbase, highlighted how Friend.tech, a decentralized social app, is helping drive the growth and adoption of its exchange-backed Ethereum (ETH) layer 2 network, Base.
In an Aug. 23 post on X (formerly Twitter), Armstrong, responding to a post by Coinbase Head of Protocol Jesse Pollack, noted that Base averaged 21 transactions per second (TPS) on Aug. 16, surpassing Ethereum's transaction count over the same time period.
According to the CEO of Coinbase, the high volume of transactions may be due to the growth and hype around the Friend.tech platform.
Stunning growth of Friend.tech
Friend.tech is a decentralized social application that has gained widespread adoption and use in the crypto community in less than two weeks after its launch.
The app allows users to buy and exchange "keys" associated with their friends' social media profiles. These "keys" provide exclusive access to the user's private in-app chats and a share of the user's token value.
According to Dune Analytics, since its inception, Friend.tech has quickly amassed a total volume of 43,064.8 ETH, equivalent to over $70 million, through 1.8 million transactions since its inception.
Additional insights from DeFillama underline its remarkable reputation as one of the top 5 fee generators in the crypto industry, having earned a significant $5 million in the last week. Notably, this puts it ahead of well-established DeFi protocols like MakerDao and even Tier 1 blockchain networks like Bitcoin.
While Friend.tech had some initial success, Evan Van Ness, a renowned researcher in the Ethereum community, pointed out a growing problem. He noticed that the app has a growing presence of bots and spammers, making it difficult for people without significant social media acumen to generate income from the platform.
The decentralized application is already being used by NBA stars, several cryptocurrency influencers, and has also attracted investment from venture capital firm Paradigm.
