Tech
What is Friend.tech? The Ether project that is generating more fees than Bitcoin
The latest crypto “killer app” appears to be a social tokenization protocol Amico.techand so far it has proven to be an absolute money printer for developers.
Amico.tech, which allows X (formerly Twitter) personalities to issue shares on its app to access a closed group chat, has earned more than $1.04 million in commissions, set at 5% of the value of each transaction over the past 24 hours. This earned the platform approximately $709,000 worth of ether in revenue (what the platform receives after paying gas fees and other costs), data from DefiLlama Shows.
This is right behind the Ethereum blockchain, which earned $3.33 million in fees, and the Lido staking service, with $1.54 million in fees. The Lido, however, had revenues of less than $154,000, making a profit Amico.tech the largest revenue generator among crypto services.
This growth occurred in a very short time, even by the rapidly evolving standards of cryptocurrencies. Amico.techThe invite-only beta version of launched on August 10 and amassed trading volume of approximately 4,400 ETH (approximately $8.1 million) on the first day. The app is based on Base, the new layer-2 network of the cryptocurrency exchange Coinbase.
Shares of some cryptocurrency X personalities, such as Cobie and Hsaka, have jumped as high as three ether, or nearly $5,000 at current prices, in just a few days.
Amico.tech the Base full of scams is also storming. Last week, the network reached 136,000 daily active users – surpassing level 2 networks Arbitrum and optimism, much of which is attributed to the app’s users.
These group chats are quickly evolving into intimate community experiences for stock buyers. Business personality @RookieXBT is pending revenue shares and X premium subscriptions to holders, while @DeFiMaestro is share token choices for a commercial challenge.
Meanwhile, the hype may have just begun.
A number of personalities outside of crypto circles have joined on X Amico.tech over the weekend – opening the door to possible adoption of cryptocurrencies among the general population, some opine.
Richard “FaZe Banks” Bengtson II, co-founder of the influential esports community FaZe Clan, joined the platform late Sunday and saw his stock prices quickly become among the most expensive. Elsewhere, NBA player Grayson Allen saw shares rise rapidly in just a few hours after joining.
“I always thought the idea of betting on the success, especially of YouTubers/streamers, would be interesting,” FaZe Banks tweeted. “Outside of time and resources. I’ve discovered so many talented people, a product like this is perfect for that.”