generates over $1M fees in 24h, surpassing Uniswap, Bitcoin networks

CoinTelegraph, a recently released decentralized social (DeSo) network, has generated over $1 million in fees in 24 hours on Aug. 19, outperforming established players in the crypto ecosystem, including Uniswap and the Bitcoin network.

The platform was launched in beta version on Aug. 11 and allows users to tokenize their social network by buying and selling “shares” of their connections. Enabling a person who purchases another’s share to send private messages to each other. The protocol reportedly charges a 5% fee on transactions, with the spread from trades representing the owner’s profit.

How To Get Free Crypto  

Built on Coinbase’s layer-2 Base, the platform has seen considerable activity. According to data from DefiLlama, generated $1.12 million in fees in 24 hours, and $2.8 million since its launch. At the time of writing, the total project revenue stands at $818,620, with over 650,000 transactions in the social platform and more than 60,000 unique traders.

Ranking by fees and revenue generated by crypto projects on Aug. 20. Source: DefiLlama.

Behind the project is believed to be the pseudonymous developer Racer. According to a senior software engineer at Coinbase, Racer previously created social media networks TweetDAO and Stealcam, both based on nonfungible tokens (NFTs). With, Racer targets crypto influencers with an extensive fan base to earn royalties on trading fees, as well as Web3 projects seeking to strengthen relationships with venture capitalists and key players in the crypto industry.

The hype has also ignited analysis of the social platform’s revenue model, risks and future. Pseudonymous decentralized finance (DeFi) researcher Ignas noted that under’s current business model, “revenue comes only from trading fees but not from having more shareholders,” he wrote on X (formerly Twitter), adding that “controversial personalities might earn more or even creating FUD will be used as a strategy to earn fees.”

Founder of Talk.Markets Lux Moreau also pointed out that as shares are sold, its prices increase significantly, potentially encouraging smaller groups in the platform or alt group creations.

Coinbase Banner  

Magazine: 4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading

Go to Source
Author: Ana Paula Pereira

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.