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Friend.Tech Trading Volumes Soar as Buyers Surpass 50,000

2 mins
Updated by Ryan James
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In Brief

  • Ten days since its launch, Friend.Tech, the new Web3 app, has seen trading volumes surge.
  • The platform's user base is expanding rapidly, with the number of unique buyers alreadysurpassing 54,000 and sellers exceeding 20,000.
  • Transaction fees generated by the app are now more than those generated by major blockchains including Bitcoin.
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Just ten days since its launch, Friend.Tech has taken the internet by storm. 

Built on the Base Layer 2 blockchain, the latest Web3 social app allows users to trade tokenized “shares” with their favorite influencers. And although it’s still currently invite-only, crypto Twitter has already been engulfed by a Friend.Tech frenzy.

Friend.Tech Trading Volume Soars

The beta version of Friend.Tech launched on Thursday, 10 August, registering over 30,000 transactions in its first 24 hours.

After the initial excitement, activity on the app died down by the end of the week. However, by Friday afternoon, trading volumes once again began to surge and have remained high all weekend.

Friend.Tech sales volume first ten days
Friend.Tech Transaction Volumes in ETH (Source: Dune)

When writing, the total value of tokens bought stood at 11,100 ETH, worth nearly $20 million USD. 

In turn, this has fueled an increase in the volume of transaction fees generated by Friend.Tech. And over the last 24 hours, the app has generated more fees than any blockchain except Ethereum and netted over half a million dollars in revenue.

Friend.Tech top blockchain transaction fees ranked
Transaction Fees Ranking (Source: Twitter)

Buyer Count Surpasses 50,000 as Friend.Tech Starts Weekly Airdrops

The pattern of trading activity matches the rate at which new users have joined Friend.Tech. After an initial rush, onboarding slowed down between Monday and Friday before picking up again just as the platform launched its first “Friday Points” airdrop to 44k users.

In a social media post, Friend.Tech announced that it would continue to airdrop 100,000 points each Friday for the duration of the six-month beta period. Once the app is launched at a larger scale, the points will serve a “special purpose” that has yet to be disclosed.

Friend.Tech cumulative buyers and sellers, user count first ten days
Friend.Tech Cumulative Buyer/Seller count (Source: Dune)

On Sunday, the number of unique buyers on the platform climbed to over 54,000. The number of sellers has now surpassed 20,000.

A Promising Sign for the Base Ecosystem

The fact that Friend.Tech has amassed tens of thousands of users, a promising sign for the emerging Base ecosystem.

After all, the speed with which users embraced Freind.Tech proves that there is a healthy appetite for decentralized apps on the new blockchain. Moreover, its revenue generation demonstrates the monetization potential such popular apps hold.

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James Morales
James is a London-based editor, writer and explorer of the cryptosphere who started his journalistic career writing about digital art before honing his craft as a financial technology reporter. From the latest innovation in digital assets to the evolution of Web3, he is perpetually fascinated by the technologies of decentralization.