Mid-Week Update - Oct. 4th

Social Media + Crypto

October 04, 2023

Mid-Week Update - Oct. 4th

Top News Headlines

  • $8 Billion Fraud Trial Of Disgraced Crypto King Sam Bankman-Fried Begins - Read More

  • Ripple (XRP) Wins Court Fight as Judge Rejects SEC Appeal - Read More

  • Bitcoin traders hope $27K holds as BTC price ignores volatile US dollar - Read More

Cryptocurrency Prices by Market Cap

  1. Bitcoin $27,746.44 7D +5.8%

  2. Ethereum $1,645.57 7D +3.2%

  3. BNB $213.41 7D +1.1%

  4. XRP $0.532 7D +5.7%

  5. Solana $23.15 7D +22.3%

  1. Cardano $0.259 7D +6.0%

  2. Dogecoin $0.061 7D +1.6%

  3. TRON $0.089 7D +4.4%

  4. Toncoin $1.96 7D -8.7%

  5. Polygon $0.561 7D +11.9%

Source: Coingecko Price Feed, Oct. 4th 2023, 5:45pm EST. Data excludes Lido Staked Ether, and stablecoins USDC and USDT.

Spotlight: Social Media + Crypto

One of the most popular narratives in crypto the past few months has been the intersection of social media and blockchain technology. Friend.Tech, is a new type of social platform built on top of Coinbase’s layer-2 blockchain solution, BASE.

Dubbed “The marketplace for your friends”, FriendTech allows users to create fractional shares or “keys” of their digital identity, which can then be bought and sold on an open, decentralized marketplace. Holding a person’s keys grants access to premium content like private chats, picture, and video content.

The platform has quickly gained popularity in the Web3 community, attracting over 250,000 including crypto influencers, celebrities, and athletes (like Grayson Allen).

FriendTech has also pioneered an insane new business model where revenue from the platform is split evenly between content creators and the protocol itself. With almost $30M in revenue generated since the end of September, anyone with a large social following is heavily incentivized to join the new paradigm of social media + blockchain technology.

For more info on how to get started using FriendTech, check out this comprehensive guide.

That’s it for the Mid-Week Update by DAI! If you found this useful, please share and recommend! Thanks for reading!

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