Friend.tech a social media app that enables its users to tokenize their social media platforms, surpasses Uniswap in terms of transaction fee collection. The platform helps to digitalise currency through social media interactions and inputs. Tokenization of social media, in simpler terms, defines the objective and capability of the app in question to buy or sell shares of a person’s friends’ social media profiles viz. Facebook, Instagram, X, etc. You can buy or sell shares of your friends’ social media profiles, and you can sell shares of yourself. The app has attracted over 12,500 traders since it launched on 10th August and has grown 5,500 ETH, i.e. $10 million in volume.
A major success!
Friend. tech on its launch on August 10 attracted more than 12,500 traders and grew in volume to $10M. On 19th August, after the release of the beta version of the app, the app generated over $1.2 million in fees in 24h. While the platform allows a transaction based on the selling or buying of shares of an individual’s friends’ social media platforms, it charges a 5% fee on transactions, with the extension of trades representing the shareowner’s profit.
A rise in transactions can alone result in a generation of $1.2 million in fees. Thus, the app focuses more on the volume of transactions rather than on traders. Friend.tech surpasses Uniswap in such a way. Till now, the total project revenue stands at a hefty $818,620, along with over 650,000 transactions and 60,000+ traders on the app.
How did it surpass Uniswap?
Uniswap trades in a value exchange of the Ethereum tokens in the liquidity pool resulting in a market price set by algorithms. There is also scope for earning rewards if users switch to peer-to-peer trading. Anyone can supply ample amounts of tokens from wherever he wishes to supply to the liquidity pools. In simple terms, Uniswap is an app that benefits traders with ample knowledge of the market schedule in cryptocurrency apps like Curve, sushi swap, balancer, etc.
It is a great app for the big leagues of the crypto market. But Friend. tech is for the simpler people who have little time to invest in crypto markets. The app operation, agendas, and objectives make it easier to handle and easier to understand in terms of exchange. It focuses on a basic way of earning money by selling and buying shares and charges a fee of 5% on each sale or purchase of a share. Therefore, by limiting the operations of the app to a basic and familiar model, the app gains more and growing transactions of easily acquirable traders.
The transaction fee!
The transaction fee upon each transaction is set to a minimum so that the traders may not think extensively before any transaction. This eliminates any hesitation a trader would face while selling or buying a share. The fee might be small, but when considered in bulk, it outweighs the operational costs in terms of volume. The fee and number of transactions act as important factors in generating volume and revenue for a new-launch app like Friend. tech. This is how transaction charges as fees become an essential element for Friend. tech surpassing Uniswap.
In simple terms, Friend. tech surpasses Uniswap by managing its focus on a simpler market model and commendably introducing a share exchange module in social networking platforms. An organization, company, and firm need to understand their market and cut through ahead. French. tech in all efficient ways possible analyses its market and selects its target users, which by changing times, has become a basic element.
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