FriendTech, a Social Dapp Generates $1.42M in Fees and $709k in Revenue within 24 Hours

The post FriendTech, a Social Dapp Generates $1.42M in Fees and $709k in Revenue within 24 Hours appeared first on Coinpedia Fintech News

Coinbase Global Inc. (NASDAQ: COIN), the top cryptocurrency exchange in the United States, unveiled Base, its Ethereum layer two (L2) scaling solution. The base has quickly garnered attention from developers and investors aiming to scale on the Ethereum network. Notably, well-known brands including Coca-Cola, Nouns DAO, Friends With Benefits, and Atari have chosen the Base network for hosting their Non-Fungible Token (NFT) mints.

Recently, a decentralized app named Friendtech has emerged as a standout in the cryptocurrency world, attracting the interest of numerous crypto traders and investors.

Friendtech in Focus: Growth on the Blockchain

Friendtech, a social decentralized application, has gained recognition for offering users a way to earn income through their network. Impressively, it has accumulated more than $1.42 million in transaction fees. Defillama, a reliable source for market data, reports that Friendtech’s total revenue has reached around $709,739 as of Monday.

Taking a closer look using data from dune analytics, Friendtech boasts approximately 1,052,352 transactions and a historical volume of about 28,977.4 ETH. With 65,332 buyer addresses involved, Friendtech’s overall friend value is estimated at around 11,064.9 ETH.

Backed by seasoned crypto and blockchain investor Paradigm during its seed funding round, Friendtech is well-positioned to gain more traction in the coming months. The social dapp platform has an intriguing plan to distribute approximately 100 million points throughout a six-month beta period, with airdrops scheduled on Fridays.

As Coinbase’s Base network continues to foster growth and innovation, Friendtech’s remarkable achievements stand out in the dynamic and evolving landscape of cryptocurrencies.