Friend.tech’s fees over the past 24 hours reach $1.4 million, placing it third behind Ethereum and Lido.

In the last 24 hours, the social application friend.tech has generated protocol fees exceeding $1.42 million, positioning it among the top three cryptocurrency projects regarding user-paid fees.

As per DeFiLlama data, the rise in 24-hour fees has enabled friend.tech to surpass other blockchain initiatives in fee generation, including Uniswap and Tron, ranking just behind the Ethereum network and Lido Finance. Its fees for the past week totaled $2.99 million, with $1.49 million classified as revenue.

Friend.tech is a social platform associated with X (formerly Twitter) that enables users to trade tokenized shares in each other’s accounts. It operates on Coinbase’s Base Layer 2 chain. Shareholders gain access to exclusive content and private chat rooms. The application has recently gained popularity among Twitter users and has attracted additional notable members over the weekend, such as Y Combinator CEO Garry Tan and NBA player Grayson Allen.

According to a Dune Analytics dashboard created by Crypto Koryo, the platform has recorded 65,000 unique share traders and $26 million in trading volume since its beta launch.

While friend.tech’s rise to third place in 24-hour fees is noteworthy, it is important to note that the network is currently invite-only. The project has also recently announced a seed investment from the venture firm Paradigm, although the amount remains undisclosed.

The post Friend.tech’s 24-hour fees climb to $1.4 million, ranking third after Ethereum and Lido appeared first on BitcoinWorld.