“Friend.tech experiences a surge in usage and regains its launch hype momentum as its revenue hits an impressive $5.6M. The AI-powered platform has captured the attention of users with its innovative features and user-friendly interface. With its SEO friendly approach, Friend.tech is set to revolutionize the way friends connect and communicate online. Discover the latest updates and explore the growing community on Friend.tech today!”
Friend.tech Sees Strong Revenue Growth as Momentum Returns
Friend.tech, the recently launched blockchain social networking platform, has experienced a resurgence in revenue, reaching $5.6 million on Sept. 9, according to Token Terminal data. Despite a decline in initial hype following its launch on the Base blockchain, the platform has seen a steady increase in usage over the past two weeks.
Friend.tech has attracted significant attention in recent months due to its unique concept of allowing users to buy and sell “keys.” These keys enable private messaging between buyers and sellers, with the platform profiting from a 5% transaction fee. The platform’s innovative feature has garnered interest from high-profile figures such as the UpOnly podcast host, Faze Banks, and Pussy Riot.
Stats and Market Dynamics
In terms of usage, Friend.tech reported 9,000 Daily Active Users (DAUs) and 2,000 new sign-ups on Sept. 9. The platform also observed a trading volume of $12.3 million on that day, marking the third-highest trading day since its launch. Additionally, the platform collected $1.23 million in fees on Sept. 9, making it one of the highest fee-generating days in the cryptocurrency market.
According to on-chain data, Friend.tech recorded 92,000 key trades on Sept. 9, while the Total Value Locked (TVL) reached $19.73 million. Since its inception, the platform has attracted 138,169 unique buyers. The combined market capitalization of all the keys stands at $57 million, with the top 250 keys accounting for a market cap of $43 million.
Decline in Initial Hype and Reasons Behind It
After an impressive debut on Coinbase’s layer-2 Base on Aug. 11, Friend.tech experienced a rapid decline in daily fees and transaction volume by the end of August. Daily fees dropped by over 87%, and transaction volume fell by 90%. Critics, including Coinbase payments risk manager Lisandro Rodriguez, have attributed this downturn to a combination of “greed and poor execution.”
Despite the initial setbacks, Friend.tech’s recent revenue growth indicates a recovery in momentum. The platform’s unique concept continues to attract users, and its daily activity and trading volume are on the rise. With ongoing improvements and a growing user base, Friend.tech appears poised for further success in the blockchain social networking space.