Friend.tech Surpasses Uniswap and Bitcoin Networks in Daily Fees
Friend.tech, a decentralized social network, generated over $1 million in fees in 24 hours on August 19, surpassing established players in the crypto ecosystem. The platform allows users to tokenize their social network by buying and selling “shares” of their connections. The protocol reportedly charges a 5% fee on transactions, with the spread from trades representing the owner's profit.
Built on Coinbase's layer-2 Base, Friend.tech has seen considerable activity, with over 650,000 transactions and more than 60,000 unique traders. The project is believed to be the brainchild of pseudonymous developer Racer, who previously created social media networks TweetDAO and Stealcam.
The hype around Friend.tech has also ignited analysis of its revenue model, risks, and future. Some experts believe that the platform has the potential to disrupt the traditional social media landscape, while others are more skeptical. Only time will tell whether Friend.tech can sustain its early momentum.
1/6 Curious about @friendtech's share pricing model?
— Lux Moreau ✨ (@MentionLux) August 12, 2023
Here's the scoop: Fees? 5% flat for the protocol, the buy/sell spread is the owner's profit.
But here's where it gets interesting: As outstanding shares grow, the pricing skyrockets exponentially. 🚀
Bitcoin Tumbles 9% After SpaceX Writes Down Bitcoin Holdings
Bitcoin tumbled as much as 9% on Thursday evening, falling to just over $26,000. The sell-off came after The Wall Street Journal reported that SpaceX, which is helmed by Elon Musk, wrote down the value of its bitcoin holdings by a total of $373 million in 2022 and 2021.
The report also said that SpaceX had sold the virtual currency. The news sent shockwaves through the crypto community, as Musk has been a vocal supporter of bitcoin in the past.
The sell-off also comes as the Federal Reserve is expected to raise interest rates later this year, which could put further pressure on cryptocurrencies.
Here are some other key takeaways from the article:
900,000 Aussies Plan to Buy Crypto in 2023
A new survey has found that nearly a million Australians plan to buy their first cryptocurrency in the coming year. The survey, conducted by YouGov and commissioned by Brisbane-based exchange Swyftx, also found that 23% of Australians already own digital assets.
The survey results come as the cryptocurrency market is currently in a bear market. However, some experts believe that the market could be poised for a bull run in 2023.
One of the factors that could drive a bull run is the potential approval of a Bitcoin ETF in the United States. An ETF is a type of investment fund that tracks the price of an underlying asset, such as Bitcoin. If a Bitcoin ETF is approved, it would make it easier for institutional investors to invest in cryptocurrency.
Another factor that could drive a bull run is the increasing adoption of cryptocurrency by businesses and governments. For example, El Salvador recently became the first country to adopt Bitcoin as legal tender.
However, experts also warn that there are risks associated with investing in cryptocurrency. The market is volatile and prices can fluctuate wildly. Additionally, cryptocurrency is not regulated by governments, so there is no protection for investors if something goes wrong.
If you are considering investing in cryptocurrency, it is important to do your research and understand the risks involved. You should also only invest money that you can afford to lose.
BitGo Raises $100M in Series C Funding, Despite Crypto Downturn
In a chaotic year for US crypto companies, BitGo Inc. bucked the trend by raising $100 million in a Series C funding round at a $1.75 billion valuation. The funding comes at a time when the crypto market is in a downturn, but BitGo has been able to attract investors by focusing on being licensed and regulated.
BitGo is a crypto custody firm that secures digital assets by protecting private keys, sometimes in physical vaults. The company's customers include financial services firm Swan Bitcoin, blockchain developer Mysten Labs Inc. and apparel giant Nike Inc.
BitGo's focus on compliance has helped it stand out amid an uncertain legal landscape for digital assets. The company is currently the custodian for the creditors of bankrupt digital asset exchange FTX, while its legal proceedings play out.
The new funding will be used to expand BitGo's operations and make strategic acquisitions. The company is also looking to launch new products and services, such as a platform for institutional investors to trade cryptocurrencies.
BitGo's fundraising is a sign that the crypto industry is still attracting investment, even in a downturn. The company's focus on compliance and security is likely to be a major factor in its success.
Coinbase Gets Regulatory Approval to Offer Crypto Futures Trading to US Customers
Coinbase, the largest cryptocurrency exchange in the US, has obtained regulatory approval to offer crypto futures trading services to eligible customers in the US. The approval from the National Futures Association (NFA) allows Coinbase to offer crypto futures contracts to US customers through its Coinbase Derivatives Exchange.
Crypto futures contracts are a type of derivative that allows traders to bet on the future price of a cryptocurrency. They are often used by institutional investors to hedge their risk or to speculate on the future price of a cryptocurrency.
The approval from the NFA is a major milestone for Coinbase and the crypto industry as a whole. It is the first time that a major cryptocurrency exchange has obtained regulatory approval to offer futures trading to US customers. This approval is likely to lead to increased institutional investment in the crypto market.
The approval from the NFA is a positive development for the crypto industry. It shows that regulators are taking a more supportive approach to the industry and that they are willing to work with crypto companies to develop a regulatory framework that is both effective and innovative.
MetaMask Partners with Banxa to Offer 1-Click Crypto Buys with Apple Pay
MetaMask is the leading crypto wallet, with over 30 million active users. It allows users to store, send, and receive cryptocurrencies, as well as interact with decentralized applications (dApps).
Banxa is a fiat-to-crypto onramp that allows users to buy cryptocurrencies with fiat currencies such as USD, EUR, and GBP.
The integration between MetaMask and Banxa will allow MetaMask users to buy cryptocurrencies with just a few taps. When a user wants to buy cryptocurrency, they will be presented with a list of onramp providers, including Banxa. If they choose Banxa, they will be redirected to the Banxa website to complete the purchase.
The integration will use Apple Pay to make the checkout process more seamless. Users will be able to use their Apple Pay account to authenticate the purchase with a single tap.
The Benefits
The integration between MetaMask and Banxa will offer a number of benefits to users, including:
The integration is currently available to returning users who have already signed in and made an account with Banxa. It is expected to be rolled out to all MetaMask users in the coming weeks.
This integration is a significant step forward for MetaMask and the wider crypto industry. It makes it easier for users to buy cryptocurrencies, which could lead to increased adoption of the technology.
Take-Two's Zynga to Launch Web3 Game "Sugartown"
Take-Two Interactive Software's mobile gaming subsidiary Zynga is launching its first web3 game, "Sugartown." The game will be built on Ethereum and will use ERC-721 tokens to allow players to access and play the game. Players will also be able to stake their tokens to earn energy, which can then be used to play games and earn in-game currency. The game is expected to be released later this year.
This is a significant move for both companies, as it marks their first foray into the web3 gaming space. Web3 gaming is a new type of gaming that uses blockchain technology to create more immersive and interactive experiences. Players in web3 games can own their in-game assets, which can be traded or sold on decentralized exchanges. The launch of "Sugartown" could help to legitimize web3 gaming and attract more mainstream players.
Binance Files for Protective Order Against SEC
Binance, the world's largest cryptocurrency exchange, has filed for a protective order against the U.S. Securities and Exchange Commission (SEC). The exchange is seeking to limit the SEC's requests for information, which it says are "overbroad" and "unduly burdensome."
Binance has already provided the SEC with "sufficient information," according to the filing. The SEC has declined to meaningfully limit its requests and is opposed to the motion for a protective order.
The case is a sign of the ongoing legal battle between Binance and the SEC. The outcome of the case could have implications for the regulation of cryptocurrency exchanges in the United States.
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