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Friend.tech Experiences Revenue Increase and Reestablishes Traction Despite Market Doubts.
On September 9, Friend.tech achieved remarkable revenue of $5.6 million, representing a 30-day peak for the blockchain-based social networking service. Data from Token Terminal reveals that this increase signifies a resurgence in activity following a notable downturn.
Importantly, the substantial revenue is a result of a steady rise in user engagement over the last two weeks. This uptick occurs despite the platform facing a significant drop in initial excitement after its launch on the Base blockchain. On September 9, Friend.tech recorded 9,000 Daily Active Users (DAUs) and 2,000 new registrations. Additionally, the platform noted a trading volume of $12.3 million, marking it as the third-highest trading day since its launch.
Furthermore, fees accrued on that day were approximately $1.23 million, making it the third-highest fee-generating day for any blockchain or decentralized application (dApp) within the cryptocurrency sector.
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On-chain data indicates that the platform conducted 92,000 significant trades on September 9. At the same time, the Total Value Locked (TVL) reached an impressive $19.73 million. Since its inception, Friend.tech has attracted 138,169 unique buyers to its ecosystem. In terms of market dynamics, the total market capitalization of all its keys stands at $57 million, with the top 250 keys alone contributing a market cap of $43 million.
Friend.tech first gained attention by launching its beta version on Coinbase’s layer-2 Base on August 11. As a result, within 10 days, the platform’s fees surged, surpassing those of established entities like Uniswap and even the Bitcoin network. However, this success was not sustained. By the end of August, the platform experienced an 87% decline in daily fees and a dramatic 90% drop in transaction volume.
At its essence, Friend.tech’s innovation is encapsulated in its distinctive “keys” feature, which enables users to buy and sell keys for sending private messages, with the platform taking a 5% commission. Notable personalities such as UpOnly podcast host and prominent YouTuber Faze Banks have expressed interest.
Nevertheless, critics have analyzed the platform’s swift downturn. For example, Coinbase payments risk manager Lisandro Rodriguez attributes this to a combination of “greed and poor execution.” Thus, despite the recent increase, Friend.tech faces considerable challenges to sustain its regained momentum.
The post Friend.tech Sees Revenue Boost, Regains Momentum Amid Market Skepticism. appeared first on BitcoinWorld.
