Aevo Lists Index Perpetual Contract for Friend.tech on Layer 2 Derivatives Platform
Layer 2 derivatives platform Aevo has added an index perpetual contract for trading the market capitalization of accounts on the new web3 social app, Friend.tech. The FRIEND-PERP market is currently live with a trading volume of $236,000. Friend.tech operates on the Ethereum Layer 2 network Base and is integrated with users’ X accounts. Aevo, backed by Coinbase and Paradigm, focuses on options and perpetual trading. As part of the launch, Aevo is giving away one share of Su Zhu, co-founder of defunct crypto hedge fund Three Arrows Capital.
Friend.tech’s Impact on Coinbase’s Base Network
Friend.tech was one of the first applications available on Coinbase’s Layer 2 network Base, which gained over 100,000 daily users within 24 hours of its launch. The social app allows trading of tokenized shares in user profiles, with users earning fees from their shares. It has attracted high-profile sign-ups, including Garry Tan, Grayson Allen, and FaZe Banks. In the past 24 hours, Friend.tech has generated $1.4 million in fees, making it one of the top 3 crypto projects by user fee revenue.
Privacy Concerns and Recommendations for Friend.tech Users
The Friend.tech API used to convert Twitter usernames into wallet addresses is publicly available, allowing for the compilation of a list of Twitter accounts connected to Ethereum addresses. This exposed data raises privacy concerns as users can be linked to their past blockchain activity. To mitigate this, users are advised to use “fresh” addresses funded from a centralized exchange wallet and to use an anonymous email address during the registration process to minimize personal information leaks.
Hot Take: Aevo’s listing of the index perpetual contract for Friend.tech on its Layer 2 derivatives platform further boosts the popularity and usage of Coinbase’s Base network. With high-profile sign-ups and impressive fee revenue, Friend.tech has quickly established itself as a leading crypto project. However, the exposed data and privacy implications highlight the need for users to take precautions when using the platform.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats. Theon’s work serves as a guiding light for both experienced enthusiasts and newcomers, providing well-researched perspectives that empower informed decision-making in the ever-evolving realm of cryptocurrencies.
