Friend.tech, a blockchain-based application on Ethereum L2 Base that allows cryptocurrency users to benefit from the social influence of their online friends, has generated more fees than the Ethereum (ETH) and Bitcoin networks (BTC) in the last 24 hours.
Data shows that the Friend.tech team earns $1 million per day
Yesterday, September 15, 2023, the Friend.tech app team on Base earned over $1 million in revenue. During this time, the net income of all Ethereum (ETH) validators only totaled $406,000.
Additionally, according to data from analytics platform Token Terminal, the much-hyped SocialFi app has surpassed the Tron (TRX) blockchain, which is the core technological base for USDT remittances.
According to another tracker, CryptoFees.info, Bitcoin (BTC) generated $866,000 in fees, while BNB Smart Chain (BSC) generated around $300,000.
As a result, a group of applications collected more fees in 24 hours than each main blockchain, both programmable and non-programmable. Meanwhile, three weeks ago, at the end of August 2023, some experts said Friend.tech was finished after a 95% drop in activity.
The social network has been joined by a number of crypto influencers, including Sean Ono Lennon, son of John Lennon, and Coinbase CEO Brian Armstrong.
In this application, people can trade “keys” or “shares” at very fluctuating prices related to the popularity of this or that individual in the Web3 sector. At the same time, Ethereum (ETH) fees continue to decrease.
Currently, gas on the Ethereum (ETH) network is at 10 Gwei, allowing users to transfer USDT onchain for sub-dollar fees. Over the past seven days, Ethereum (ETH) has not even kept deflation in check: Its token burning mechanism has become too weak to “overcome” new token issuance.