Since its beta version launch on August 11, Friend.tech, a decentralized social media app built on Coinbase's layer-2 network Base, has gained over 64,000 new users and more than 24,000 ETH in trading volume.

While some experts have praised the app for bringing thousands of people on-chain, others have warned of its potential to burn out. Despite varying predictions on its future success, Friend.tech has generated $1.42 million in fees in the last 24 hours and $4.2 million since its public launch. According to DefiLlama, the project has witnessed over 724,000 transactions from more than 64,500 unique traders, with a total revenue of $1.88 million.