Friend.tech Smashes Ethereum (ETH) in Daily Fees
Friend.tech, controversial SocialFi application, made more revenue yesterday than Ethereum (ETH), dYdX (DYDX) and Lido Finance (LDO) combined...
- Friend.tech, a blockchain-based application on Ethereum L2, generated over $1 million in revenue in a single day.
- The net income of all Ethereum validators during the same period was only $406,000.
- The SocialFi app on Friend.tech surpassed the Tron blockchain in terms of revenue.
- Bitcoin generated $866,000 in fees, while BNB Smart Chain participants earned around $300,000.
- Friend.tech collected more fees in 24 hours than major blockchains.
- Despite a previous decline in activity, the social network has attracted cryptocurrency influencers like Sean Ono Lennon and Coinbase CEO Brian Armstrong.
- Ethereum fees have been decreasing, with gas sitting at 10 Gwei, allowing for low-cost USDT transfers.
- Ethereum's deflationary status has weakened in the past week.
The article highlights the success of Friend.tech in generating significant revenue and surpassing other major blockchains in terms of fees. It also mentions the decline in Ethereum fees and the weakening of its deflationary status.