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In the realm of cryptocurrency trading, there exists a compelling attraction for traders towards innovative opportunities, particularly those that merge social prestige with financial speculation. Friends represent a modern trend within this domain. Tech is an exclusive platform that functions on an invitation-only basis. It encourages users to link their Twitter accounts, allowing them to offer tradable “shares” of themselves on this groundbreaking platform.
Since its inception on August 10th, friend Tech has rapidly garnered 12,500 individual traders, facilitating a trading volume surpassing 5,500 ETH (approximately $10 million). These statistics are noteworthy even in the relatively calm crypto market. For comparison, the two leading NFT marketplaces, OpenSea and Blur, together attracted around 10,000 traders within the past day.
Seraphim Czecher, who is involved with stETH issuer Lido Finance, does not dismiss friend Tech as a fleeting trend. He recognizes its current issues and novelty but sees the potential it possesses. Czecher remarks, “It’s in its early stages but holds promise.” Notably, Czecher’s shares on the platform are presently valued at 0.01 ETH (about $20).
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A notable personality in the crypto community, Cobie, famous for hosting the UpOnly podcast, holds the highest valuation on the platform. His shares are currently valued at around 1.5 ETH ($2,700).
Although there have been previous attempts at similar social-token applications, such as the 2021 phenomenon Bitclout, which quickly diminished in relevance, friend Tech distinguishes itself with an engaging feature. Acquiring shares in an individual initiates the formation of a private chat room between the purchaser and the share issuer. This feature is particularly significant, as individuals with large followings often disable their direct messages on platforms like Twitter or Discord. The potential for enduring value beyond the initial excitement is apparent.
Additionally, the platform operates on Base, the newly launched Layer 2 network by Coinbase, quickly rising to become the most favored application in this emerging blockchain environment. Those interested in this platform can explore it by linking their Twitter accounts and funding a new wallet with ETH on Base. Furthermore, an opportunity to participate in an airdrop from August 18th is available through one of the app’s three buttons at the bottom.
The post New Social Trading App Attracts 12,000 Users In Less Than Two Days appeared first on BitcoinWorld.
