{"id":83332,"date":"2023-08-21T10:20:10","date_gmt":"2023-08-21T07:20:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83332"},"modified":"2025-09-12T10:31:34","modified_gmt":"2025-09-12T07:31:34","slug":"friend-techs-daily-transaction-fees-rise-to-1-4-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/friend-techs-daily-transaction-fees-rise-to-1-4-million\/","title":{"rendered":"Friend.Tech’s daily transaction fees rise to $1.4 million"},"content":{"rendered":"

On August 21, daily transaction fees in Web3<\/a>-social network Friend.Tech rose to $1.4 million<\/a>, ranking third after Ethereum and Lido.<\/p>\n

According to the Dune dashboard, since the beta launch the platform has attracted 65,000 unique users with a trading volume of $26 million.<\/p>\n

Friend.Tech is a decentralised social application integrated with X (formerly Twitter), enabling the trading of tokenised user shares. The protocol is built on the L2<\/a>-network Base from Coinbase.<\/p>\n

The project has already attracted notable participants, including Y Combinator’s CEO Garry Tan and NBA player Grayson Allen.<\/p>\n

Despite rapid popularity, some in the crypto community criticised Friend.Tech. A user going by the pseudonym Yazan stated<\/a> that the app has six to eight weeks before the prices of the shares and overall activity begin to fall sharply.<\/p>\n

Among the project’s drawbacks, they highlighted “ridiculous” pricing, a non-functional group chat, and the risks of a pump-and-dump scheme pump-and-dump<\/a>.<\/p>\n

\n

\u201cI think the platform will crash, as BitClout did. We are in a bear market, and there’s nothing to be done. Everyone is grabbing at the opportunity to make money, but the project will crash in the coming weeks or months,\u201d wrote<\/a> the marketer going by the handle Legendary.<\/p>\n<\/blockquote>\n

According to programmer Cygaar, the price of any shares on Friend.Tech is proportional to the square of the outstanding supply. As demand grows, their price rises in geometric progression.<\/p>\n

In July, Bluesky \u2014 a decentralised alternative to X, supported by the co-founder and former CEO of the social network Jack Dorsey \u2014 closed<\/a> a seed financing round of $8 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

On August 21, daily transaction fees in the Web3 social network Friend.Tech rose to $1.4 million, ranking third behind Ethereum and Lido.<\/p>\n","protected":false},"author":1,"featured_media":83333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1178,465,1223],"class_list":["post-83332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-fees","tag-social-media","tag-startups"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=83332"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83332\/revisions"}],"predecessor-version":[{"id":83334,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83332\/revisions\/83334"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/83333"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=83332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=83332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=83332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}