The decentralized social network Friend.tech, built on Coinbase’s Base and linked to Twitter, is now seeing nearly ETH 11,000 in protocol fees. The data related to the transaction fees, as analyzed by Dune Analytics, have crossed ETH 10,727.622 ($17,606,837). September 14 is etched in the record book with ETH 616 recorded in fees.
In terms of 24-hour fees, Friend.tech has bagged third place, just behind Ethereum and Lido and surpassing OpenSea, Tron, and layer-1 & layer-2 powerhouses such as Uniswap, Bitcoin, MetaMask, Arbitrum, Optimism, etc. Dragging the timeline by a week, Tron holds the third position with Friend.tech falling back to fourth place.
Dune Analytics reveals the total inflow being ETH 214,458 ($352 million). There have been 9,235,503 transactions till date. The volume bought paints a pleasant curve registering ETH 122,143 and 306,884 unique buyers but the total volume sold is ETH 92,313, with unique sellers numbering less than buyers at 168,914.
The end-August and mid-September timeline shows buyers being more active than sellers. DeFiLlama highlights the total value locked (TVL) in Base jumping from $201.69 million to $411.5 million within the period from August 31 to September 6. At present, the TVL stands at $356.51 million.
The dapp finds itself in the second position trailing behind Aerodrome which boasts of TVL at $104.98 million. Friend.tech, built, purposed by developer Racer, leverages Coinbase’s Ethereum layer-2 Base by tokenizing Twitter accounts. It further allows users to buy and sell “shares” offered by various social personalities. The possession of these shares comes with the privilege of a private chat with the relevant person.
Nevertheless, Friend.tech after its inception on August 9 has been through the slings and arrows of criticism and few times on the edge of being pronounced as dead. Despite the obstacles, its developers are relentlessly working to address the challenges and the platform is still afloat navigating the tough waters.
Source: Cryptonews
