Traders Remain Optimistic About Friend.tech App Despite Concerns
Friend.tech, a social media app on the Coinbase-incubated Base blockchain, has garnered attention and momentum recently. Here are the key points to know:
- Friend.tech tokenizes Twitter accounts and offers access to private chat groups through the purchase of “keys.”
- Decentralized derivatives platform Aevo has launched perpetual swaps linked to Friend.tech, allowing betting on the total market cap of all Friend.tech accounts.
- The trading volume of the FRIEND-PERP contract on Aevo has exceeded $550,000 since its launch.
- Perpetual swaps are futures contracts without expiration dates and funding rate mechanisms.
- The reference price of the FRIEND-PERP contract is based on the amount of Ethereum stored on the Friend.tech smart contract on Base.
Despite concerns about Friend.tech’s business model, traders remain optimistic:
- The funding rate for the FRIEND-PERP contract suggests traders are willing to pay a high premium for long orders.
- The app has generated $1.68 million in fees in the last 24 hours, surpassing other crypto applications.
- The user base has grown four times in one week, attracting attention from NBA players and professional gamers.
Hot Take
While there are concerns about Friend.tech’s long-term sustainability, traders remain hopeful and the app continues to gain popularity among users and celebrities. Its innovative approach to tokenizing Twitter accounts has sparked excitement in the crypto community.
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