Aug 23, 2023

Base averaged a record high of 15.88 transactions per second on Tuesday, as investors flock to the layer 2 blockchain to gain access to

Video transcript

Now we got to talk about friend tech. It is the newest social marketplace um making the round. It's not only the crypto media that's covering it, but every, every media is covering friend tech. This platform of course allows users to buy and sell shares of public figures. Once users have purchased to share, they have access to an intimate group where they can engage with that public figure and other like minded fans, talk to us about what you're seeing in terms of unique active wallets and transactions when it comes to friend. Sure. Sure. Yeah, for first of all, I have to see that Fran comes. Um we can see that it might come with something new and this might be a new way of let's say making money um as a creator as an influencer. And we all know how lately that conversation has been super. Um I don't know like everyone is keep talking about, you know, the credit to how much money they are making. Uh And when, when we look at the data um yeah, in the past seven days, according to our own statistics, we seen more than 89 K unique active wallets, unique, active wallets doesn't mean like necessarily users, they could be new wallets. Uh but still this is as impressive. We are talking about the app that has been launched 13 days ago, right? So we don't even have two days looking at the transaction. We see more than 8800 and 40 K transactions. Again, it's a lot, it's a lot. Um and we will look at the volume, we see like 31 billion. And what's incredible in my point of view about the volume is that uh if we look at the ran case by fees and revenue tech right now has been on the fifth place like surprising even Bitcoin. So right now it it seems it's more um affordable or like it's more, you know, you can make more money if, if you start using franch than using, I don't know, like mining Bitcoin and stuff. And I think this is super interesting and super incredible of what this that has achieved. Can I ask very quickly? Uh several concerns around tech. The first is that obviously perhaps it didn't plan to, to get the kind of momentum it has. So when it says that we will have a privacy policy that is going to be coming soon, uh it is a bit concerning where the data of anyone who's interacting with this platform is going what it's being used for as we've seen in the past several platforms have misused data personal data and we don't even know what they're doing with that. The second is, wait, what is the sec gonna think about this? To be honest, I think that, you know, like IIII I kept using words as like it's incredible uh and everything. But I think you, you know, you got to the right point um how we are using in web three, each new Deb and each application they can people are, you know, super hype around it. But at the end of the day, as you said, there's like a huge privacy issue right now. And I think because we are in a web three, we are thinking about the Central Asia decent decentralization. Um I think this is might be a super big issue and probably, I don't know how much months or how many months or uh this staff will have. And about the C ac I think this is going to be a big issue, especially OK in, in the United States. But even in Europe, like this could be a major issue because uh Europe, as you guys know, they have strict uh let's say laws about privacies and especially about data ownership and everything. Yeah, sorry, go ahead. No, that's OK. What about on the securities front? You know, Amato just brought, brought that up there. These are being called shares. People are able to buy a share in a celebrity or an influencer. It's still not clear what they get outside of just access to chat with the person. But could this be seen as a security in the US, in Europe and in other jurisdictions? I, in my point of view, I, I don't, um, it depends on the utility that has and I think the fact that you are part of an utility and you are part of that community and the fact that you get access and talk. Right. So we have like, um yeah, you, you talk to that to, to that person. I think it might not be security and depends on the value. This is why like right now, I think we are super early. Um And to become in a security first of all, has to, let's say pass the test of time. Uh And we both know how web three is is that once, you know, you're super hype and the next day you did something wrong and then you're like, everything goes to zero. So this is why I think this step has to pass the time of test. All right. Uh There's another thing that, that matters. Uh And that is just general interest, excitement adoption in adoption. Uh The way it's going tech, it seems like the people who are getting involved, whether it be influencers or those who want to become their fans. Uh They, they seem to be saying, well, we don't care if there's no privacy policy. We don't care if there is no clarity on what the SEC is going to call this or not. We think we just want to chat with these influencers, these celebrities and, and we're willing to pay for that. And sometimes if there is a need, it kind of outweighs whatever regulatory concerns might come and it just becomes an unstoppable force is what I'm saying. Do you agree? I do, I do. And I think this is because of the lack of education. Um This is why I'm saying that right now people are super enthusiastic about this, um especially the gen Z generation and everything. They are super, super hyped, they don't care about that, the privacy. But let's say about like another idea in six months from now when maybe, you know, you will get uh you're gonna have a lot of ads on based on the information you provide or like you honestly feel yourself like you are being controlled by, I don't know, like your data leaks and they're gonna have security issue and especially that right now, uh you have to put your wallet as well to pay or you know, get the money. Um And I think in the future, this is going to be a major issue even for the people that right now are super enthusiastic, you know, with a lot of um the launches of these new social platforms with novel new ways to interact with people. We see a big uptick in people who sign up and then it, it becomes a little bit harder for the platforms to keep them there. We saw that with threads, I think they had uh millions of people sign up in the first few days. But who is actually on threads? Do you think that friend tech has staying power? I, to be honest, I don't. Um because first of all the team behind the Deb, it's not, I mean, I know the team behind work on an additional two similar debs. Um I forgot their name but the the and yeah, they had super nice proposition but then, you know, they left the projects. Um And right now just because it's the hype of the web three. But honestly, there are too many questions, too many jobs to see the step in the next six months being still active. All right, Sarah, we are going to leave it there. Thanks so much for joining the show this morning and happy birthday. I heard it was your birthday. Thank you. Thank you. Thank you so much. Thank you. Thank you and thank you for inviting me. Have a nice day. Bye bye. That was Rears Blockchain analyst, Sarah Galli.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.