This week, the talk of crypto town has been Friend.tech, which revolves around trading ‘keys’. These keys reportedly give users exclusive access to private chat rooms and a stake in their friends' token values.
In simple terms, Friend.tech allows you to invest in your friend’s social network. You can also invest in any set of users. On the platform, every user is a social token.
Besides buying, users can sell or hold the tokens, which appreciate in value in line with a rise in the user’s credibility.
Friend.tech’s popularity skyrocketed this week, and it accumulated a volume of 43,064.8 ETH, worth over $70 million, through 1.8 million transactions.
While the decentralised social media project captured all the attention in the crypto world this week, it remains to be seen if Friend.tech can convert its early hype to something meaningful in the long run.
Impact on Base:
The Friend.tech phenomenon has had a substantial impact on the Base network, an Ethereum (ETH) layer-2 blockchain solution built by Coinbase.
On August 21, Base achieved an average of 16 transactions per second (TPS), surpassing Ethereum's transaction count for the same period, according to Coinbase CEO Brian Armstrong. He attributed this surge in Base's activity to the growth and frenzy surrounding Friend.tech.
Friend.tech has also quickly seen bots pocketing $2.1 million within just two weeks since its launch on August 11, 2023.
These bots have targeted the platform's keys, amassing over 21,800 profiles through sniping, with the majority created after August 16.
The most successful MEV bot has acquired 96 keys, according to reports, translating to over $500,000 (345 ETH) in earnings.
Friend.tech’s quick rise has positioned it, albeit temporarily, as one of the top fee generators in crypto. In the last few days, it has outperformed established DeFi players like MakerDao and even Bitcoin.
Push Protocol embarks on pan-India tour
Web3 communication network Push Protocol will embark on a tour across India, covering as many as 18 cities with the aim of creating awareness among India's top developers.
This tour is likely to showcase some of the best Web3 projects in the country, besides distributing bounties to talent.
The Web3 communication network has partnered with 12 other prominent Web3 players including Ethereum Foundation, ETHGlobal, Polygon, Filecoin, The Graph, Aragon, and Alchemy, to distribute about $50,000 in bounties to promising talent.
The tour—Billion Reasons to Build—is likely to span across three months and will look to foster engagement through a series of workshops and events.
