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- 1 Friend.tech, a decentralized social network, and marketplace for friends regained its lost esteem this week.
- 2 The social trading app hit around $5.6 Million in revenue, surpassing giant networks including the Bitcoin and UniSwap.
The activities of crypto enthusiasts on September 9, hyped the Friend.tech app. The platform’s revenue hit $5.6 Million, marking a 30-day hike for the recently introduced social networking platform. The application faced various ups and downs after its launch on the Base blockchain and regained its lost hype recently.
Friend.tech at a Glimpse
Friend.tech, a marketplace for all, is back in the game as per the report of Token Terminal, a platform that aggregates financial data on decentralized applications and leading blockchains.
The decentralized social app developed over the Base platform was introduced to the crypto marketplace on August 10, 2023. Initially, the app gained popularity and emerged as one of the top dApps on Base.
In a few days, the app attracted approximately 12,000 users with an offering of 126,000 transactions. Between August 10 and August 21, the application generated more than $25 Million in fees and included more than 100K addresses. The data and facts represented a strong hype for the application within a few days of launch.
Focus on decentralization, private chat rooms, and earning of social tokens by creating content hyped the value of Friend.tech application in the marketplace. In addition, the application is not owned and controlled by a single entity, making the environment more transparent and secure.
Friend.tech experienced ups and downs in the journey and regained its lost hype on September 9 when the platform hit $5.6 Million in revenues. Regaining the momentum, the application generated strong revenues in the last two weeks.
Current Stats and Performance
Evaluating the performance of Friend.tech, the application broke all-time records in a single day. Approximately 9,000 Daily Active Users (DAUs) registered over the platform on September 9, 2023, with around 2,000 new signups. In addition, the trading volume hit $12.3 Million with a total fee collection of $1.23 Million.
On September 9, Friend.tech performed well in terms of trading volume, fee collection, and new user signups. Also, the platform achieved 92,000 key traders with the Total Value Locked (TVL) standing at $19.73 Million. All in all, the market capitalization of the application was reported to be $57 Million.
The innovative features simply grasped the attention of individuals towards the application. Not only from the crypto industry but the platform also achieved mass attention from the entertainment industry.
The new web3 social app Friend.tech sought attention from UpOnly podcast host, Russian protest ensemble Oussy Riot, and renowned YouTuber Faze Banks. The primary focus of the application on permitting users to buy and sell keys made all the difference. The major role of the keys is to enable users to send private messages.
Conclusion
After several ups and downs, Friend.tech, a decentralized social application is back in the game. On September 9, the platform broke all-time records in terms of user signup, trading volume, and fee collection. Friend.tech generated a total fee of $1.23 Million with a trading volume of $12.3 Million.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
