{"id":158237,"date":"2023-09-19T02:28:25","date_gmt":"2023-09-18T20:58:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=158237"},"modified":"2023-09-19T02:28:25","modified_gmt":"2023-09-18T20:58:25","slug":"friend-tech-trading-volumes-cross-220m-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/friend-tech-trading-volumes-cross-220m-crypto-news\/","title":{"rendered":"friend.tech Trading Volumes Cross $220M – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

friend.tech<\/a>, an application that offers token-gated chat rooms, appears to be catching a second wind.<\/p>\n

After an inital wave<\/a> of hype was followed by a period of relatively low activity, friend.tech has nearly reached $1M in daily revenue, an all-time high, according to Token Terminal<\/a>.<\/p>\n

Daily Fees<\/figcaption><\/figure>\n

The revenue comes from a 5% fee charged on all trades of friend.tech keys. Rooms\u2019 hosts also take a 5% cut from trades.<\/p>\n

Joe Coll<\/a>, an angel investor and former venture capitalist, thinks the team behind friend.tech has made some key design choices that have driven the app\u2019s success.<\/p>\n

\u201cThe biggest takeaway people should have about friend.tech is how bringing together the right confluence of infrastructure can be a game changer for consumer adoption of crypto apps,\u201d he told The Defiant. <\/p>\n

Coll listed friend.tech\u2019s use of Twitter\u2019s social graph, its simplification of the crypto wallet experience, and choice to deploy as a progressive web app, which functions similarly to a mobile app but bypasses app stores, as key choices in infrastructure.<\/p>\n

While still only a month old, friend.tech\u2019s second wave of momentum has made it difficult to dismiss as a flash in the pan \u2014 while many are no doubt drawn to its speculative aspects, there\u2019s arguably unique value to be found in token-gated chatrooms.<\/p>\n

Rewarding Niche Content<\/h2>\n

The app may favor the kinds of content which aren\u2019t rewarded elsewhere \u2014 accounts like DtDcTr<\/a>, relatively unknown on X, have attracted 70 keyholders, which means access to the chatroom costs nearly 0.52 ETH, or well over $800.<\/p>\n

Another user who goes by Gareth shared<\/a> how they were able to leverage friend.tech to amplify their reach on social media.<\/p>\n

\"the-defiant\"<\/figure>\n

Vast Array Of Tools<\/h2>\n

friend.tech continues to attract developers to build tooling for the application \u2013\u00a0following the advent of tools to track<\/a> top accounts, convert keys<\/a> into fungible tokens, and others, Manifold, an investment firm, deployed a new smart contract which allows users to buy up their own keys immediately upon creating an account.<\/p>\n

This is useful because traders have been running bots to snipe influencers\u2019 keys as soon as they join the platform. This prevented users with large followings from effectively betting on themselves early by buying their own keys.<\/p>\n

Yat Siu, the co-founder of the crypto-focused development and venture studio, Animoca Brands, used Manifold\u2019s tool earlier today. So did pseudonymous influencer MEVCollector, who now holds<\/a> 35 of their own keys.<\/p>\n

\"the-defiant\"<\/figure>\n

Airdrop Hype<\/h2>\n

To be sure, it\u2019s too early to call friend.tech the future of social media \u2014 the project is receiving a boost from a points program that most assume will translate into a token airdrop.<\/p>\n

\"the-defiant\"<\/figure>\n

Regardless, friend.tech has achieved an enviable position among crypto apps \u2014 for the second time in less than a month, the app only lags Ethereum by fees, according to DeFi Llama.<\/p>\n

\"Protocol
Protocol Fees<\/figcaption><\/figure>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

friend.tech, an application that offers token-gated chat rooms, appears to be catching a second wind. After an inital wave of hype was followed by a period of relatively low activity, friend.tech has nearly reached $1M in daily revenue, an all-time high, according to Token Terminal. Daily Fees The revenue comes from a 5% fee charged […]<\/p>\n","protected":false},"author":2,"featured_media":158238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-158237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/158237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=158237"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/158237\/revisions"}],"predecessor-version":[{"id":158240,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/158237\/revisions\/158240"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/158238"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=158237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=158237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=158237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}