Friend.tech is getting a super success!

Friend.tech is the new SocialFi crypto platform that allows you to sell your shares to your followers on-chain

by Lorenzo Ciotti
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Friend.tech is getting a super success!

Friend.tech is the new SocialFi crypto platform that allows you to sell your shares to your followers on-chain. The new application runs on the Layer-2 Base network, just launched to be supported by Coinbase. In just 10 days it reached over 11,000 ETH and 65,000 active users.

Every time a user buys or sells, he also pays a 10% commission, half of which is distributed to the shareholders of the same group. The other is instead accumulated to reward users who contribute to the growth and development of the app, by inviting new users or providing feedback.

These fees have already generated $1.4 million, for a 24/7 interval that places total volumes, according to DeFiLlama, behind only those of Ethereum and Lido. Users are required to provide an invite code, connect their Twitter/X account, and deposit at least 0.01 ETH on the network.

At that point they can join groups that, based on supply and demand, determine the price of the shares. All you need to do is create an account to sell or buy shares of social profiles of all kinds, obtaining advantages in exchange such as the possibility of entering into private chats with them, as well as a potential profit return in relation to the respective popularity.

About Coinbase

Coinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer. Armstrong enrolled in the Y Combinator startup incubator program and received a $150,000 cash grant. Fred Ehrsam, a former Goldman Sachs trader, later joined as a co-founder.

British programmer and co-founder of Blockchain.info, Ben Reeves, was originally supposed to be part of the founding team of Coinbase, but split from Armstrong shortly before the funding by Y Combinator, due to their different ideas on the Coinbase wallet .

The company gets its name from coinbase transactions, which are special transactions that introduce circulating cryptocurrency into proof-of-work cryptocurrencies. In October 2012, the company launched services to buy and sell bitcoin through wire transfers.

In May 2013, the company received a $5 million investment led by Fred Wilson from venture capital firm Union Square Ventures. In December of that year, the company received a $25 million investment from venture capital firms Andreessen Horowitz, Union Square Ventures (USV), and Ribbit Capital.

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