In a spectacular ascent for blockchain technology, Twitter-associated application, Friend.tech has recorded remarkable revenue, fees, and activity increase since the past Friday, outreaching several large-scale projects and Layer interfaces. As per recent data by DeFiLlama, Friend.tech carved a niche for itself in the third position, marked by an astounding $840,889 over the 24-hour cycle, being lagged by Tron and Ethereum respectively and outmanoeuvring several others including MakerDAO, Convex Finance, and Lido.
Over the course of the past week, the app garnered $2.31 million in revenues, surpassing key players in the market such as Synthetix, MetaMask, PancakeSwap, and more. Comparatively speaking, Arbitrum and Optimism fell behind significantly, yielding $310,739 and $297,080 respectively in the same period.
Despite being a recent entrant in the market, having been launched merely thirteen days ago, Friend.tech is holding its ground evidently amidst much older projects. Within 30 days post its launch, the cumulative revenue ascended to $2.95 million, positioning it in the 13th place, in close competition with MetaMask and Base.
When it comes to transaction fees, Friend.tech recorded $1.68 million in the last day, sitting just behind Ethereum’s $3.45 million. In the past week, the app registered $4.61 million in fees, holding the fifth position. En route, it surpassed Bitcoin, PancakeSwap, MakerDAO, BSC, AAVE, Arbtirum, Optimism, Compound Finance, Curve Finance, Polygon, and several others. The aggregated 30-day charge for the app was approximately $5.9 million, securing it the 10th position.
In the arena of user traffic, the platform reportedly on-boarded up to 88,888 unique users as of August 22, marking an impressive 188% leap from the 30,874 recorded just a few days earlier on August 18. The app boasts of nearly 1.7 million total transactions, pulling in a cumulative inflow of $61.86 million.
Built on the much-hyped Ethereum layer-2 Base by Coinbase, presumed to be by developer Racer, Friend.tech represents an innovative step in decentralized social media. The app banks on tokenizing crypto personalities on Twitter, allowing users to buy and sell “shares” of social media figures. The ownership of one such share – the rate of which fluctuates as per supply and demand – bestows the privilege of a private conversation with the concerned personality.
Source: Cryptonews
