Friend.Tech: Users Have Earned $12 Million in Fees

Friend.Tech, a web3-focused social network, continues to attract users and influencers who have collectively earned over $12 million in fees, according to data from TK Research. This is just one sign of the platform's growth, but it also faces certain challenges and concerns.

Success of Friend.Tech: The Friend.Tech social network, launched on August 10th, has already attracted over 220,000 unique traders, and the trading volume on the platform has reached $240 million. Each user receives their own channel, access to which is granted after acquiring "keys" (formerly referred to as "shares"). When these keys are bought or sold, a 5% commission is charged, with 5% going to the platform and the remaining 5% going to the channel owner. This incentivizes participation and platform growth, as key pricing depends on the yield curve, encouraging users to hold assets.

Concerns and Challenges: Despite its success, some influencers and users have expressed concerns about the long-term prospects of Friend.Tech. They have pointed to the rough yield curve and high fees, which could reduce the platform's attractiveness. Some are also hoping for future token airdrops, although this has not been officially confirmed. However, developers continue to improve the platform and work towards its long-term success.

Security: An important aspect causing concern is the security of Friend.Tech. One programmer using the pseudonym 0xngmi has expressed concerns about the risks of frontend hacks and data leaks, as well as mentioned that the protocol stores private keys in a privacy frame, making them vulnerable to hacking.

Despite these concerns, Friend.Tech continues to grow and attract users, demonstrating the platform's potential in the web3 and social networking space. Friend.Tech offers a unique model in which each user can create their own channel, accessible through the acquisition of "keys." This creates an incentive for participation and asset retention on the platform. It is based on web3 technology and uses blockchain to ensure decentralization and security. This may appeal to users who value decentralized aspects and control over their data.