hype is skyrocketing, but will it actually reach the stars?


Share post:

Fast early growth doesn’t always guarantee a sustainable business

Since opened its invite-only beta test 11 days ago, the decentralized social-focused app has quickly attracted a lot of users, even catching the attention of big name crypto influencers, NBA players and OnlyFans creators. But can it convert all the early hype to meaningful, lasting traction?

The app, built on Coinbase’s layer-2 blockchain Base, allows users to tokenize their likeness by selling “shares” of themselves to their followers, who then become shareholders and can message the users directly. The app was quickly picked up and popularized by “Crypto Twitter” personalities like Frank DeGods and gainzy222, trading influencer RookieXBT, and NBA player Grayson Allen, to name a few.

Since its launch, has seen total volume of 33,596 ether, or about $55.5 million, across 1.29 million transactions, according to Dune analytics data from Michael Silberling, a data analyst at OP Labs. (Disclosure: Silberling is a sibling of Amanda Silberling, a TechCrunch reporter.)

In the past 24 hours, the platform has brought in $1.42 million in fees and $709,839 in revenue, making it the third-largest fee and revenue generator in the entirety of crypto during that time frame, only trailing the Ethereum blockchain itself and staking service Lido, according to DefiLlama data. The platform charges a total of 10% in fees per transaction, with 5% going to and the other 5% going to the account holder.

But despite the app’s significant early traction, many people are skeptical about its viability due to its lack of a privacy policy, the requirement to deposit ether upon signing up, a reportedly laggy interface, and an unclear roadmap. While the app does allow those profiting from the shares to cash out, there’s little clarity on the security measures in place, the liquidity structure and other aspects of its operations. is also arguably a newer take of a slightly more controversial attempt by BitClout (later rebranded to DeSo). A crypto social network that let people buy and sell tokens based on people’s reputations, DeSo launched in 2021 to much hype. But traction eventually fizzled, and the app got into legal trouble for preloading users onto its platform without their permission.

Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Mark Zuckerberg went 33 minutes without saying ‘metaverse’ at his keynote

When Meta rebranded from Facebook two years ago, the word “metaverse” went mainstream. Even people outside the...

Generative AI stickers are coming to Meta’s apps

At its Meta Connect event today, CEO Mark Zuckerberg announced that generative AI stickers would be coming...

Ask Sophie: How would a government shutdown affect the H-1B visa process?

Sophie Alcorn Contributor Sophie Alcorn is the founder of Alcorn Immigration Law in Silicon Valley and 2019 Global Law...

Sam Altman backs Slope’s $30M round to digitize, scale B2B payments

Slope, a business-to-business payments platform for enterprise companies, closed on a venture round of $30 million to...

Mythos Ventures grabs $14M for inaugural fund to invest in AI

Mythos Ventures, an early-stage venture capital firm started by Vishal Maini, closed $14 million in capital commitments...

Gem Security raises $23M for its cloud security platform

Cloud detection and response company Gem Security today announced that it has raised a $23 million Series...

Fintech actually has a value system: Here’s how we can reclaim it

Yuval Brisker Contributor Yuval Brisker is CEO and co-founder of Alviere, an embedded finance company. He previously co-founded TOA...

Gringo’s super app for Brazilian drivers adds insurance, financing with $30M Series C

Brazil has over 75 million drivers, and Gringo wants to be the super app support for all...