Coinbase CEO Brian Armstrong highlighted how Friend.tech, a decentralized social application, is helping to fuel the growth and adoption of his exchange-backed Ethereum (ETH) layer-2 network, Base. The platform has seen remarkable success in its short two weeks of existence, accumulating a total volume of 43,064.8 ETH, equivalent to over $70 million, through 1.8 million transactions. It has also become one of the crypto industry’s top 5 fee generators, raking in a substantial $5 million in the last week.The application enables users to purchase and trade “Keys” associated with their friends’ social media profiles. These “Keys” grant exclusive access to the user’s private in-app chatrooms and a stake in the user’s token’s value. It has seen usage by NBA stars, several crypto influencers and has also drawn investment from venture capital firm Paradigm.However, researcher Evan Van Ness has pointed out a growing issue with the application. He observed that the application was experiencing an increasing presence of bots and spammers, making it difficult for individuals without substantial social media acumen to generate income from the platform.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
positive |
| Relevance Score |
9 |
| People |
Brian Armstrong, Jesse Pollack, Evan Van Ness, NBA stars, Paradigm. |
| Companies |
Coinbase, Ethereum, Friend.tech, Dune Analytics, DeFillama, MakerDao, Bitcoin, Paradigm. |
| Currencies |
Ethereum, Bitcoin |
| Securities |
None |
