Friend.tech, controversial SocialFi application, made more revenue yesterday than Ethereum (ETH), dYdX (DYDX) and Lido Finance (LDO) combined
Friend.tech, a blockchain-based application on Ethereum L2 base that allows crypto users to benefit from their online friends’ social influence, raised more fees in the last 24 hours than the Ethereum (ETH) and Bitcoin (BTC) networks.
Friend.tech team makes $1 million per day, data says
Yesterday, Sept. 15, 2023, the team of the Friend.tech application on Base made over $1 million in revenue. Over this time, the net income of all Ethereum (ETH) validators only totaled $406,000. Also, as per data by the Token Terminal analytics platform, the overhyped SocialFi app exceeded the Tron (TRX) blockchain, which is the core tech basis for USDT remittances.
As per another tracker, CryptoFees.info, Bitcoin (BTC) generated $866,000 in fees, while BNB Smart Chain (BSC) network participants registered about a $300,000 income.
As such, one application team collected more fees in 24 hours than each of major blockchains, both programmable and non-programmable. Meanwhile, three weeks ago, in late August 2023, some experts said that it was over for Friend.tech after a 95% activity decline.
The social network has already been joined by a number of cryptocurrency influencers, including John Lennon’s son Sean Ono Lennon and Coinbase CEO Brian Armstrong.
Declined Ethereum (ETH) gas made network inflationary last week
In this application, people can trade “keys” or “shares” with a highly volatile price associated with the popularity of this or that individual in the Web3 sphere.
At the same time, Ethereum (ETH) fees keep declining. Right now, gas on the Ethereum (ETH) network sits at 10 Gwei, which allows users to transfer USDT on-chain for a sub-dollar fee.
In the last seven days, Ethereum (ETH) has even failed to keep its deflationary status: Its token burn mechanism has become too weak to “overcome” the issuance of new tokens.