There is currently a lot of engagement around friend.tech. This particular decentralized social media [DeSo] app is built on Coinbase’s L2 solution, Base. It allows users to buy ‘shares’ of their friends and influencers, which enables access to a private chat with that user. The share price fluctuates based on demand and supply.
Yuga Cohler, Senior Staff Software Engineer at Coinbase, recently attributed friend.tech as the “hottest new app” on Base. According to the latest data on DeFiLlama, the app has earned $4.22 million in fees and $2.11 million in revenue so far, with $1.42 million and $709,739 coming in just the last 24 hours. In terms of ranking, friend.tech is currently ahead of top protocols like Tron, Uniswap, Bitcoin, Aave, MetaMask, and Solana on the fees front.
Source: DefiLlama
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A few days ago, the project revealed that it was backed by Venture Capital Paradigm, and had received seed round funding from the firm.
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Red flags associated with friend.tech
Cohler pointed out that the app has been “crumbling” under excessive traffic. As a result, it “barely works,” with most screens not loading. Furthermore, he alleged that the data latency is often more than 10 seconds. Even so, user growth is unstoppable. Explaining what could be the possible reason, he posted,
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Despite the hype, several others in the community remain skeptical. Crypto commentator Yazan recently pointed out a few surface-level red flags that made him believe that “something isn’t right” about the project. Perhaps only time can tell if the project will be sustainable or not.
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