For an overnight Web3 social media sensation, one needs to look no further than friend.tech<\/a>.<\/p>\n The invite-only app on the Base Layer 2 network allows users to issue shares of themselves that can be traded on the platform.<\/p>\n Just ten days after launch, the social media upstart only lags Ethereum in terms of fees, with $1.7M collected over the last 24 hours, putting it ahead of DeFi stalwarts like Lido and Uniswap.<\/p>\n The project has processed<\/a> over 30,000 ETH ($50M) in all-time volume. Activity surged after friend.tech revealed<\/a> it had received seed funding from Paradigm, the prominent technology investment firm that has backed projects like Blur.<\/p>\n Beyond the speculative trading aspect and access to a private chatroom connecting each shareholder and issuer, the app is drawing in users with a rewards program launched<\/a> on August 18, when friend.tech conducted its first Friday points airdrop to over 44,000 users.<\/p>\n Throughout the six-month beta period, friend.tech will airdrop a total of 100M points, recorded off-chain, with distributions occurring every Friday. These points are dispersed based on platform activity and will serve a \u2018special purpose\u2019 once the beta concludes, according to the project.<\/p>\n Crypto influencer foobar created<\/a> a way to add a layer of complexity atop the friend.tech deployment with \u201cwrapped friends,\u201d a tool to mint ERC20 tokens from friend.tech shares.<\/p>\n This process enables the wrapped shares to be traded on decentralized exchanges, avoiding the 10% fee charged by the platform.<\/p>\n However, not mentioned in foobar\u2019s initial thread is a 5% royalty fee associated with the minting\/burning process of these tokens, of which the developer retains half.<\/p>\n Some 12 hours after initially revealing the back-end process, foobar disclosed<\/a> the fee\u2019s existence, in a thread detailing a previously promised front end for the token minting process.<\/p>\n Scoopy, the co-founder of Alchemix, criticized the lack of transparency, and the influencer apparently blocked<\/a> them.<\/p>\n![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F3a459a4da4a86f5c4b2c6baea3e8ac0df2f9795e-814x366.png&w=828&q=75\")
Weekly Points Airdrop<\/h2>\n
![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F898500aa074ff81c5266ccad5d937a9e79151972-892x1244.jpg&w=828&q=75\")
<\/figure>\nWrapped Friends, Hidden Fees<\/h2>\n
![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Ff602f01cd76c300c2bdd39e9b29fcd2cba8118da-589x130.jpg&w=828&q=75\")
<\/figure>\n