friend.tech’s Cumulatife Fees Surpass $34M

Can we say that friend.tech has taken over the DCN?

friend.tech’s Cumulatife Fees!

The performance of copycats has also reached a level that cannot be ignored. Let’s compare Cumulative Fees.

friend.tech’s Cumulative Fees exceed $34 million

Base-based decentralized social network platform friend.tech’s cumulative fees reached $34.26 million as of Saturday, according to data from DeFiRama. Cumulative revenue stands at $17.13 million.

friend.tech strives for mass appeal

Earlier, it was announced that friend.tech has launched its web version via Official X (formerly Twitter). It appears to be an attempt to position itself as a leader in social media dapps.

friend.tech
“Don’t own a phone? You can now use http://friend.tech in your desktop or laptop web browser”

According to a Dune dashboard created by TK Research, the revenue earned by top crypto influencers comes from commissions. Looking at the earnings of influencers, some of them earned more than $50,000 in commissions.

friend.tech’s rise to prominence

At the heart of friend.tech’s popularity is its Decentralized Social Network. In a DSN, your data and content are not controlled by a single company. Instead of a centralized server, it’s a network that is stored on a blockchain and each independent server. It is characterized by increased privacy and security, and users have the right to control their data and content.

However, some have questioned whether friend.tech’s popularity is sustainable. One of the main concerns centers on the key transaction fees. The key transaction fee structure is an unbalanced incentive model.

Dingaling (the pseudonymous crypto influencer and NFT collector)
“The bonding curve is definitely a bit rough and it would’ve been better if you could select a specific bonding curve for your audience. The fees are actually pretty insane as well. I don’t think they expected such large volumes right off the bat. It should remain successful until the first airdrop and token launch. Not sure about afterwards since realistically I don’t think it makes much sense to pay 10k as an entry fee to someone’s secret chat room.”

0xngmi, founder of DefiLama, warned that friend.tech could be vulnerable to hacking on X. He said that the token launch could be hacked.

0xngmi
“This should be obvious but all the friend-tech clones (including the original friend tech!) store your key in frontend so it’s possible to steal your key or all funds with a frontend update. To be technically correct some might not store the full key on frontend but they have the key in memory in frontend, so they’re vulnerable to supply attacks (bad updates) anyway. The wallet you use to fund it is safe, wallet that holds eth/keys within friendtech is the one at risk.”

 

The rise of copycats

Meanwhile, copycats of friend.tech have also emerged.

Post.tech Cumulative Fees / DefiLama
Post.tech Cumulative Fees / DefiLama

One of the most prominent is Post.tech (PostTechSoFi). According to DefiLama, Post.tech’s cumulative fees totaled about $840,000 as of Saturday. Cumulative Revenue is about $420,000.

Weekly Txn for comparison

Of course, friend.tech’s numbers are still dominant.

According to Dune Analytics, friend.tech has a weekly Txn of 1.52m. This is followed by Arbitrum-based Post.tech with 543.112k. This is followed by Avalanche-based StarShares.xyz with 135.662k, SOL-based Friendzy.gg with 26.499k, and BSC-based Friend3.group with 15.727k.

Share of Transactions. Social - Transactions Comparison. / Dune Analytics.
Share of Transactions. Social – Transactions Comparison. / Dune Analytics.

 

Share of Transactions shows that copycats have been gradually gaining ground since mid-September. It’s still too early to say which dapps are dominating the market. What will the metrics look like in a month and a year?

 

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