The decentralized social media platform, Friend.tech, achieved record-level revenue in the crypto world. According to Wu Blockchain, the company has reached approximately $1.1 million in daily fee income since September 8th. With this figure, Friend.tech surpassed crypto giants like Bitcoin, Opensea, and MakerDAO.
$18 Million Revenue Achieved
According to a report prepared by user @tomwanhh, Friend.tech, which operates on Coinbase’s layer 2 protocol Base network, has a total value locked (TVL) exceeding $50 million. Another intriguing detail is that these massive fees come from taxing 10% of the transaction volume. 50% of the fees are recorded as protocol revenue, and during this process, a total of 11,000 ETH, which is $18 million, was earned.
However, it’s currently unclear how this revenue will be used. No expenses have been made on the company’s address, which is termed as “Treasury” or “Revenue” so far. According to Tom, this situation sends a very positive signal about the project’s potential for airdrop participants.
The earnings that Friend.tech provides to popular content creators also stand out. The top 30 content creators earned 15% of all paid copyright fees. However, the percentage is much lower in the general user profile. It is stated that a total of 183,657 users have less than 2 keys, and these users earn, on average, less than $1.
Friend.tech platform continues to attract attention not only from popular content creators but also from general users. It is stated that the minimum deposit amount on the platform is 0.01 ETH (~$20), and to break even, about 8 investors need to purchase your keys.