Friend.Tech Protocol Hits 10,000 Ethereum (ETH) in Revenue

• The social-fi platform, which is built on the Coinbase-backed Base layer two scaling solution, is geared towards capitalizing users’ network connections and has recorded over 9.2 million cumulative transactions. 
• Building on the success of Stealcam, Friend.Tech has recorded a total inflow of more than 214.9k ETH worth over $352 million thus showing its potential to grow in the future crypto bull market.

An upcoming web3 platform geared to capitalize on anybody’s social connections dubbed Friend.Tech, has recorded significant traction since its inception despite still running in the beta phase that requires one to obtain an invite code to access the application.

According to market aggregate data provided through dune analytics, the Friend.Tech platform had recorded total protocol fees of about 10,749 Ethers as of Monday. Interestingly, the Friend. tech platform had recorded cumulative transactions of about 9,277,197 that had facilitated a total inflow of approximately 214,985.878 ETH worth around $352 million.

By allowing users to monetize their friendships through token issuance, the Friend.Tech platform has attracted mainstream users, especially from the X platform with a high following volume. As of reporting time, the Friend.tech platform had about 307,737 unique buyers out of approximately 169,480 unique sellers. As a result, the platform recorded a total volume of about 92,612 Ethers, with the total volume bought since launch amounting to approximately $200 million.

Firend tech protocol revenue has exceeded 10,000 ETH, reaching 10,644.8 ETH; at the same time, friend tech TVL has exceeded 30,000 ETH, reaching 30,165 ETH. More than 450 friend tech sniper bots have earned over $5.9 million, accounting for 34% of creators’ revenue.…

— Wu Blockchain (@WuBlockchain) October 2, 2023

Why the Friend.Tech Platform Matter to the Mainstream Adoption of Digital Assets

The launch of the Friend.tech platform was strategic to the mainstream adoption of digital assets, more so in a simplified manner through a secure network backed by Ethereum and Coinbase Global. Moreover, anyone can monetize on their following base by issuing a token that has controlled tokenomics to avoid hyperinflations and market dumping on holders.

Essentially, the friend.tech platform has been helping anyone monetize through their social network through a meme coin based format. As a result, the Base network has significantly benefited from the high volume generated.

Furthermore, the Friend.tech platform is building on the success of Stealcam, which has seen the Base network grow its total value locked to a new high of about $356 million and a total inflow of nearly $1 million. According to market data provided by defillama, Base had a stablecoin market capitalization of about $114 million and a 24-hour volume of approximately $19 million.

On an annualized basis, Friend.tech platform has the Friend.tech platform has recorded total fees and revenue of about $327 million and $163 million respectively. In the past 24 hours, the Friend.tech platform recorded a total of about 15k active addresses.

Market Outlook

The Friend.Tech platform has a high chance of succeeding in the coming years as it has minimal competition in the market. Some of the notable competitors include FriendRoom which had a TVL of about $86k, PostTechSoFi that had a TVL of approximately $295k, and Star Shares which had a TVL of around $226k in the past 24 hours. However, new users on the Friend.Tech platform has remained relatively low in the pasty month despite a steady growth in TVL.

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