According to recent data from DeFiLlama, friend.tech now trails only Ethereum and Lido Finance in terms of fees, surpassing well-known blockchain projects like Uniswap and Tron. $1.49 million was recorded as revenue out of the $2.99 million in total fees for the previous week.
X (formerly known as Twitter) and friend.tech are both based on Coinbase’s Base Layer 2 network. Through this integration, users can trade tokenized stakes in individual profiles. Access to specialized content and secret messaging rooms is only available to those who hold these shares. The app has gained more traction recently among Twitter users, garnering interest from well-known figures including NBA player Grayson Allen during the past weekend and Garry Tan, CEO of startup accelerator Y Combinator.
Share trading on Friend.tech is increasing.
According to a Dune Analytics dashboard created by Crypto Koryo, 65,000 different share traders have used the platform since its first debut, transacting for $26 million in total.
It’s noteworthy that friend.tech’s rise to third place in daily fees is impressive, especially given that invite-only access is now available. The effort has just unveiled a seed funding round from the venture capital firm Paradigm, while the precise investment amount is yet unknown.