What is friend.tech?

A decentralised social networking platform called Friend.tech enables users to tokenise and exchange "shares" of themselves. It is based on Base, a layer 2 network created by Coinbase that makes use of Optimism, an Ethereum layer 2 scaling solution, for security and scalability. With the help of Friend.tech, users will be able to purchase and sell shares in their favourite influencers, celebrities, or friends and have access to special material, communications, and prizes.

Friend.tech has swiftly attracted notice and support in the cryptocurrency community, particularly from Base and Coinbase customers. Over the past 24 hours, the platform has produced more than $1.12 million in fees, exceeding some of the top cryptocurrencies, including Tron, Uniswap, Bitcoin, and others. The charges are deducted from the share trading activity. The shares are valued using a supply and demand-based automated market maker (AMM) algorithm. The platform creators, Base validators, and share issuers are then each given a portion of the fees.

Users must have an invitation code to access Friend.tech, which is presently in invite-only beta mode. Through numerous methods, like Twitter, Discord, or email, the platform creators or current users share the invitation codes. One of the first and most popular Base apps, Friend.tech, demonstrates the ingenuity and potential of Coinbase's layer 2 solution. The decentralised web can be accessed easily and seamlessly with Friend.tech thanks to its integration with Coinbase's tools, users, and products. By transforming social media through blockchain technology, Friend.tech also exemplifies how value can be created and distributed in innovative ways for both producers and users.