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- 1 The new social trading app, Friend. tech was launched on 10 August 2023, a new marketplace for friends.
- 2 Tokenize the social network, allowing individuals to sell and buy shares on the new social applications.
The continuous evolution of the crypto market also elevated the expectations of the users. Crypto traders are looking for more advanced, innovative, and friendly apps which are a mixture of financial belief and social status. To fulfill this desire, Friend. tech, a new social trading application was introduced to the crypto landscape on 10 August 2023.
Let’s take a look at the features and functionality of the application in depth.
What does Friend.tech Actually Hold?
Friend. tech, a newly launched social trading app is ready to fulfill the demands of the crypto traders in terms of financial belief and social status. The app is a mixture of social and financial elements and emerging as a new marketplace for friends. The application is available for a beta test, an invite-only app that requires users to link their Twitter accounts to make “shares” for trading. Friend. tech simply allows users to tokenize the social connection and is developed on Crypto exchange Coinbase’s new layer 2 network.
The tweet from Yuga Cohler highlighted the app and helped users to understand the app working. Creating a profile on the app will assist users to sell “shares” to their followers. At the same time, the buyers and sellers will be able to exchange private messages to boost the experience, offering a private chat room. The app completely brings a new spin on social media, embedding innovation and decentralization.
Let’s take a look at the installation of the app.
The app is available on IOS devices and can be accessed by simply signing up using Google and linking the app with the Twitter account. Bridger Ethereum (ETH) from a suitable platform and transferring the base ETH to a friend’s tech address will help in selling or buying shares.
The app is running at a beta version and thus faced some issues initially. Network outages, lag times, and app crashes are some common issues experienced with the app.
However, the app made an outstanding performance in just 2 days. Let’s take a glance at the current performance and success rate of the app.
The Success Rate of the New Social Trading App
From the day of launching, the platform attracted around 12,000 users and facilitated over 126,000 transactions. The app made a transaction of around $8.1 Million, done 4,400 ETH in trading volume to date. In addition, the platform reached around 136,000 daily active users early Friday morning.
Based on the data of Dune analytics, the platform outpaced the NFT landscape OpenSea’s trading volume. Apart from this, Friend.tech app attracted many influencers having a large Twitter following. Hsaka Trades and Jordan Fish are some names highlighted in the list. Cobie, a crypto influencer and host of the UpOnly podcast has the highest valuation over the app, holding around 1.5ETH, approximately $2,700.
Conclusion
Friend. tech is a newly launched social trading application, emerging as a new marketplace for friends. The app attracted around 12,000 Users in just 2 days, generating transactions of $8.1 Million. With a trading volume of 4,400 ETH, the app outpaced the NFT landscape OpenSea’s trading volume.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
