The social application Friend.Tech is seeing a resurgence of interest as it teases a new update and potential airdrop.
What Happened: Friend.Tech enjoyed significant revenue generation during the crypto bear market and has seen over $7 million reinvested in the past week alone, with total assets now approaching $40 million, Coindesk reported.
The spike in financial activity marks the first time since last November that weekly fees have surpassed $1.3 million, netting the platform a tidy sum of over $600,000 in revenue.
Friend.Tech operates on Base, the Layer-2 blockchain by Coinbase, enabling crypto influencers on platform X to issue “shares” that grant access to exclusive group chats.
These chats are highly sought after for the potential trading tips, token recommendations and seed-funding opportunities they offer, enhancing the shares’ worth.
Looking ahead, the anticipation for Version 2 of Friend.Tech, slated for release post-April 20, is mounting. This update promises to extend the platform's reach beyond its current confines on X (formerly Twitter), aiming to draw a broader audience.
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Moreover, over the recent weekend, developers hinted at the introduction of a FRIEND token, with speculations rife that the tokens might be awarded based on the accumulation of usage points by users prior to the token launch.
During its peak in August, Friend.Tech experienced a viral surge on X, attracting over 100,000 unique users and generating more than $1 million per day in fees.
High-profile crypto personalities on X, like @Cobie and @HsakaTrades, saw their shares escalate to values as high as 3 ETH—equivalent to about $10,000.
However, the following months saw a decline in user engagement due to diminishing novelty, compounded by security issues and shifting focus to other opportunities within the sector, which resulted in significant capital outflows.
What’s Next: This rejuvenation of Friend.Tech comes at a crucial time, aligning perfectly with Benzinga’s upcoming Future of Digital Assets conference on Nov. 19.
The conference will likely spotlight innovative platforms like Friend.Tech that are setting trends in the digital assets space.
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