HomeEtherumFriend.tech sees resurgence in launch excitement as revenue soars to $5.6M amidst...

Friend.tech sees resurgence in launch excitement as revenue soars to $5.6M amidst a surge in utilization

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Friend.tech’s revenue reached $5.6 million on Sept. 9, the highest in 30 days for the recently launched blockchain social networking platform, according to Token Terminal data.

Despite initially losing momentum on the Base blockchain, the platform has seen a steady increase in usage over the past two weeks, leading to strong revenue.

Stats

On Sept. 9, Friend.tech had 9,000 Daily Active Users (DAUs) and gained 2,000 new sign-ups. The trading volume on the platform was $12.3 million, making it the third highest since its launch.

Additionally, the platform collected $1.23 million in fees on that day, making it one of the top fee-generating days in the cryptocurrency market.

According to on-chain data, there were 92,000 key trades on Sept. 9, and the Total Value Locked (TVL) was $19.73 million. Since its inception, Friend.tech has attracted 138,169 unique buyers.

The combined market capitalization of all Friend.tech’s keys is reported to be $57 million, with the top 250 keys accounting for a market cap of $43 million.

Decline in initial hype

Friend.tech’s beta version had a successful launch on Coinbase’s layer-2 Base on Aug. 11, generating over $1 million in fees within a single day and outperforming Uniswap and the Bitcoin network.

However, the initial success was short-lived, and by the end of August, the platform experienced a significant decline in daily fees and transaction volume.

The platform’s primary innovation is the ability to buy and sell “keys,” which allow users to send private messages to sellers, with the platform taking a 5% transaction fee.

This feature attracted attention from notable figures in the cryptocurrency and entertainment industries, including podcast host UpOnly, YouTuber Faze Banks, and protest ensemble Pussy Riot.

However, critics, including Coinbase payments risk manager Lisandro Rodriguez, attribute the platform’s decline to a combination of greed and poor execution.

Posted In: Ethereum, Adoption

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