The social app Friend.tech has experienced amazing success, surpassing Ethereum’s earnings, and witnessing an 800% surge in the value of its top key. Owned by a pseudonymous co-founder known as Racer, this key has now reached nearly 40% of the floor price of the renowned NFT blue-chip collection, Bored Ape Yacht Club (BAYC).
Friend.tech’s top key, valued at 8.9 ETH ($14,500), has become a symbol of the platform’s rapid growth since its launch in August. This surge in value highlights the platform’s popularity within the NFT and crypto community.
According to Token Terminal, Friend.tech’s earnings exceeded those of Ethereum in the last 24 hours. The platform generated an impressive $1 million in earnings, outpacing Ethereum’s $710,000 and Tron’s $406,000.
Friend.tech is experiencing significant boosts in daily active users on Coinbase’s Layer 2 chain Base, an Ethereum scaling solution launched on August 9. This increased scalability has contributed to the platform’s rapid rise in the blockchain industry.
The platform utilizes tokenized keys, which represent what were formerly known as “shares” in users’ profiles. These keys are linked to users’ X (formerly Twitter) accounts, granting access to user content and the ability to message them, and making the platform both user-friendly and engaging.
Friend.tech initially attracted attention among X users, with notable figures like Garry Tan, CEO of Y Combinator, and NBA player Grayson Allen joining the platform. Although there was a drop in activity after an initial post-launch peak on August 21, the platform’s recent resurgence is evident.
Friend.tech has accomplished impressive milestones, reaching a daily trading volume of $20 million on September 14, which is almost a 20% increase from the previous peak in August. The platform also generated a record-breaking daily fee of $2 million, an 18% increase from the figures on August 21. These fees have contributed to the platform’s total revenue of $18.4 million since its inception.
Friend.tech has attracted attention from venture firm Paradigm, securing a seed investment. While the exact amount was not disclosed, this investment further emphasizes the platform’s potential and impact in the cryptocurrency and NFT space. The total value locked (TVL) on Friend.tech reached $33 million on September 14, representing a staggering 350% increase compared to the funds deposited by August 21.
As of now, Friend.tech boasts a user base of 165,000, with 21,600 users actively engaging with the platform on a daily basis. This indicates a robust and expanding user community.
Friend.tech’s extraordinary success and rapid growth on the Layer 2 chain Base have positioned it as a major player in the NFT and cryptocurrency ecosystem. Its top key’s remarkable value surge, earnings that outshine Ethereum, and record-breaking milestones reflect the platform’s continued rise in popularity and impact within the digital landscape.
