Friend.Tech, a social application built on the Base layer-2 network, has recently seen a surge in activity and financial success ahead of the upcoming release of version 2. Over $7 million flowed into Friend.Tech last week, increasing the value locked to almost $40 million, according to data. This marks a significant improvement after months of outflows. Weekly fees have surpassed $1.3 million for the first time since November, resulting in over $600,000 in weekly revenue.
Developers have revealed that the planned version 2 update will expand Friend.Tech beyond the X network, aiming to attract new users to the platform. Over the weekend, developers hinted at the potential release of a FRIEND token, with expectations that it will be distributed based on the number of points earned by users prior to its release.
Friend.Tech previously enjoyed substantial financial success, with fees exceeding $1 million per day during its peak in August. Several prominent crypto personalities, including @Cobie and @HsakaTrades, saw their shares rise to as high as three ETH, equivalent to approximately $5,000, during that period. However, activity levels declined significantly in the ensuing months as novelty waned and alternative opportunities emerged in the industry, leading to sustained periods of outflows since November.
This revitalization of Friend.Tech comes amidst a broader resurgence of the cryptocurrency market, with toncoin (TON) experiencing significant growth in recent days. Following news that the popular Telegram-based game Notcoin would begin issuing its native NOT token on May 16th, toncoin has risen from roughly $5.20 to just under $7. Moreover, venture capital investors are reportedly feeling pressure to liquidate recent gains, potentially capping any further appreciation in tokens with favorable trends. Nonetheless, over $11 billion worth of Bitcoin (BTC) is set to be distributed to creditors of Gemini’s Earn program and the bankrupt crypto marketplace Mt. Gox, according to a recent report by K33 Research analyst Velte Lunde.
Leave a Reply