FriendTech operates as a decentralized social media app on Coinbase's L2 Base chain. This social media dapp facilitates the trading of tokenized shares representing users' profiles using ETH. Integrated with X (Twitter), users can connect their accounts which are then represented by social tokens.
Each purchase of another user's profile shares within the app incurs a 10% fee, split evenly between the protocol + the profile owner. On-chain data currently indicates that the protocol has generated a crazy $1.42 million within just 24 hours. This achievement outpaces the fees of established chains like BTC, Tron, BSC, and prominent DEXs like PancakeSwap + Uniswap, underscoring the rapid success of the app in a very short period of time.
However the app currently has some big floors to overcome, including significant bugs + susceptibility to bot activity. While the core concept behind FriendTech is promising, I believe the implementation currently falls short. Improvement of the user interface + the implementation of measures to counter bot activities are necessary to prevent it having the same fate as Bitclout and becoming another irrelevant blockchain based social media platform. Show Less
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