Friend.tech’s Surge in Trading Volume: A Sign of Its Revival in Web3?

by Nik Asti

Printed: September 14, 2023 at 3:09 am Up to date: September 14, 2023 at 3:09 am

by Victor Dey

Edited and fact-checked:

In Temporary

Good friend tech noticed a rising $18.51 million in buying and selling quantity and $1.9 million in seize charges on September 13, each document highs.

Good friend.tech, a social platform working on the BASE blockchain, not too long ago reported staggering figures. On September 13, the platform recorded an all-time excessive in buying and selling quantity, reaching $18.51 million, and in seize charges, accumulating $1.9 million.

Good friend.tech was chargeable for 35.1% of the whole fuel price on the Base chain for that day. Moreover, knowledge confirmed a day by day lively person depend contributing to this quantity was 15,902, in accordance with Dune Analytics. The platform permits customers to hyperlink their profiles from X (Former Twitter) and to determine a pockets handle on Good friend.tech.

The corporate additionally goals to vary the way in which creator platforms function by enabling extra direct interplay between customers and creators. Customers should buy membership “keys” for particular creators and even resell these keys, thereby introducing an funding dimension to social interplay.

Whereas the platform confirmed potential with excessive buying and selling volumes and seize charges, it has not been resistant to challenges. In lower than three weeks from its launch, Good friend.tech skilled a pointy decline in day by day new customers—from 20,360 on August 21 to a mere 1,811 on August 27. This drastic drop led critics and customers to query the platform’s future viability.

Good friend Tech day by day quantity simply set a brand new ATH!

As we speak closed with $18.5M in whole quantity, besting the prior ATH of $16.9M by ~10%.

We additionally noticed a neighborhood excessive in customers at 15,900, and Racer keys hit a brand new ATH at 8.5 ETH.

What a day… pic.twitter.com/TeB9N5HrIZ

— TylerD 🧙‍♂️ (@Tyler_Did_It) September 14, 2023

Influential Names Linked to Good friend.tech

The platform has attracted a spectrum of customers, together with non-crypto native celebrities. Nevertheless, it’s value noting that movie star involvement could be a unstable issue: it might probably draw consideration to the platform but in addition units excessive expectations that is probably not sustainable in the long run.

Good friend.tech has managed to provide some spectacular metrics, albeit inconsistently. The September 13 knowledge signifies there’s a demand for what the platform affords, however the vital drop in late August serves as a cautionary knowledge level. The oscillation in metrics means that whereas Good friend.tech has discovered a distinct segment, it has not but discovered stability.

The platform’s fluctuating metrics present each causes for optimism and warning. Whereas the idea exhibits promise in altering how audiences work together with creators, questions concerning its long-term stability stay. Because it stands, Good friend.tech serves as an intriguing case examine within the rising area of SocialFi, illustrating each the potential and the dangers concerned in such ventures.

Nik is an achieved analyst and author at Metaverse Publish, specializing in delivering cutting-edge insights into the fast-paced world of expertise, with a specific emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain growth. His articles have interaction and inform a various viewers, serving to them keep forward of the technological curve. Possessing a Grasp’s diploma in Economics and Administration, Nik has a strong grasp of the nuances of the enterprise world and its intersection with emergent applied sciences.

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Nik Asti

Nik is an achieved analyst and author at Metaverse Publish, specializing in delivering cutting-edge insights into the fast-paced world of expertise, with a specific emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain growth. His articles have interaction and inform a various viewers, serving to them keep forward of the technological curve. Possessing a Grasp’s diploma in Economics and Administration, Nik has a strong grasp of the nuances of the enterprise world and its intersection with emergent applied sciences.

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