Friend.tech, the decentralized social media app, has shown an impressive boost in transaction volumes after being virtually dead for some time. Additionally, its popularity is surpassing the trading volumes of NFTs on the Ethereum network.
Quick Takes:
- Friend.tech has returned after being missing from the market for a while.
- The network has surpassed NFTs in trading volumes.
- The platform has done this for the third time in its total transaction history.
Comeback of the Friend.tech
Friend.tech, a decentralized social media app that was declared virtually dead at the end of August, has returned. Moreover, the platform has showcased a boost in trading volumes, surpassing NFTs on the Ethereum network, according to Galaxy Research data.
Initially, the app faced a sharp decline in user engagement, which fueled speculation about its sustainability. Further, the daily transactions dropped by 95% by the end of August. As a result, Friend.tech was declared virtually dead. However, it has bounced back and displayed remarkable strength.
Overall, Friend.tech posted a $12.3 million trading volume, exceeding the $9.2 million of NFTs, marking its third upset in the NFT market. On August 20, the trading volumes for Friend.tech and NFTs were $14.1 million and $12.4 million, respectively. The following day, Friend.tech recorded a trading volume of $16.9 million, surpassing the NFTs, which stood at $11.2 million.
Friend.tech and its Innovative Ecosystem
Friend.tech launched on the Base Network on August 10, 2023, quickly gaining traction and adding over 100,000 addresses. Moreover, it has now fostered a community of over 155,000 unique traders with over 2.3 million transactions, according to Dune Analytics. Now, with the all-time volume already crossing the ETH 123,000 mark, it seems to be growing exponentially.
It has emerged as a revolutionary platform, allowing users to treat social media accounts like stocks. In addition, users can purchase shares or “keys” of active accounts, and investors can get special perks. Also, they can send direct messages and gain access to a private chat room.
Furthermore, the platform faced a phishing scam and reconsidered penalizing users for using forked versions. Nonetheless, the Friend.tech platform has proven that it has the potential for future returns.
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