Friend.tech Records Two New Milestones Amidst Renewed Hype

Name	Symbol	Market	Market Cap ($)	Algorithm
Dash	DASHUSD	Crypto	405,175,603	X11

Name

Symbol

Market

Market Cap ($)

Algorithm

Dash

DASHUSD

Crypto

405,175,603

X11

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.580	1.75%	33.81	33.73	33.76

Price Change

Price Change %

Current Price

Bid Price

Offer

0.580

1.75%

33.81

33.73

33.76

High Price	Low Price	Open Price	Prev. Close	52 Week Range
33.90	32.88	32.96	33.23	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

33.90

32.88

32.96

33.23

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:50:41	7.74	33.81	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:50:41

7.74

33.81

USD

Price x Volume	Volume	Base Symbol	Related Pairs
17,890.42	535.74	DASH	DASHEUR	DASHGBP	DASHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

17,890.42

535.74

Friend.tech Records Two New Milestones Amidst Renewed Hype

14/09/2023 11:00pm

NEWSBTC

Friend.tech, a decentralized social network, has witnessed a sharp resurgence barely two weeks after critics pronounced the platform dead. The platform is enjoying renewed user interest, with its total value locked (TVL) surpassing $20 million a few days ago. Thanks to this growing momentum, Friend.tech has seen its trading volume and platform fees rise to new peaks. Friend.tech Continues Resurgence With New Trading Volume Peak Decentralized application (dApp) Friend.tech has witnessed significant activity in the past few days. This has been reflected in the social media platform’s daily active users, which grew to nearly 16,000 on Wednesday, September 13. As a result of this upward trend, Friend.tech also reached its highest trading volume of $18.51 million on Wednesday, according to Dune Analytics data. The platform recorded $1.9 million in capture fees, representing another all-time high on the same day. Related Reading: Ethereum Leverage Ratio Is Rising, What Does It Mean? Dune data dashboard revealed that fees on Friend.tech accounted for more than 35% of the gas cost on the Base blockchain on September 13. Moreover, the population of traders on the decentralized application experienced a significant increase, with unique buyers surpassing 155,000. Meanwhile, the number of unique sellers climbed above 75,000 on Wednesday. As of this writing, Friend.tech has a total value locked of nearly $34 million, according to DefiLlama. This figure represents an almost 30% rise in the past 24 hours. Here Are Possible Reasons For Friend.tech’s Recovery Friend.tech went live on Coinbase’s Ethereum layer-2 network, Base, in August. The decentralized application allows users to trade “keys” of X (formerly Twitter) accounts and interact with social media personalities in a closed, group chat format. Following its launch, Friend.tech gained prominence within a short span. However, activity on the platform slumped abruptly before the end of August, with its trading volume nosediving by 94% at some point. Fortunately, Friend.tech appears to have recovered from the decline. Although there is no evident catalyst for the platform’s latest activity surge, various theories have emerged from different angles of the crypto community. Related Reading: Base TVL Surges 900% In 2 Weeks, What’s Driving The Growth? Notably, a recent TokenTerminal report proposed that several factors may be responsible for Friend.tech’s growth. Specifically, the blockchain analytics site highlighted that Friend.tech has no direct competitor, with X (a Web2 application) being its closest rival. Additionally, the report pointed to the social media platform’s strategic takeoff, which coincided with the public mainnet launch of Base. TokenTerminal suggested that the timing of Friend.tech’s launch was to maximize activity on both the dApp and blockchain. Another possible reason for the latest resurgence was explained by popular crypto trader Hsaka. According to the trader’s post on X, the platform’s total value locked soared since users discovered they could receive rewards for depositing crypto assets. The cryptocurrency total market cap on the daily timeframe | Source: TOTAL chart on TradingView Featured image from Fortune, chart from TradingView

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