- Friend.tech announced the upcoming release of its version 2 and signaled the possibility of a FRIEND token airdrop.
- Average trade volume and inflow to Friend.tech climbed in April, pushing its TVL to $40.45 million.
- Base sees a surge in user activity and bridged value as Friend.tech hype brings new users to the blockchain.
Fiend.tech, a Social Fi platform on Coinbase’s Base chain, said Tuesday that its version 2 release is on the way, and suggested the possibility of an airdrop of its FRIEND token. Even if the platform hasn’t officially confirmed the airdrop, its anticipation and the V2 release from April 20 has driven new users to it, pushing its Total Value of assets Locked (TVL) higher.
Base, the underlying blockchain for Friend.tech, has seen a corresponding spike in user activity and TVL, according to DeFiLlama data.
Friend.tech V2 release scheduled post April 20
In a recent tweet on its official X handle, Friend.tech confirmed its upcoming V2 release and suggested that a FRIEND token airdrop could be on the way.
We are going to build a v2 and we are going to make the VCs pay for it and we are going to give you all their $FRIEND
— friend.tech (@friendtech) April 9, 2024
The Social Fi platform has seen a resurgence in user activity and locked crypto assets. Data compiled by 21Shares on Dune analytics shows the platform recorded 1,300 ETH net inflow on April 8. It marks the highest net inflow since September 29.
Daily keys creation in Ether
Friend.tech’s trading volume, which averaged around $1 million throughout 2024, climbed above $7 million on April 8, as seen in the chart below.
Trading volume and number of traders
The project’s TVL has climbed to $40.45 million on Tuesday, according to DeFiLlama stats. The Social Fi platform generated over $61 million in revenue since its genesis.
The anticipation regarding a potential airdrop has seen market participants increase their activity on Friend.tech’s underlying blockchain Base. Base total users and daily transactions have climbed consistently in the past ten days. The Layer 2 chain now accounts for 57% of all Ethereum L2 transactions, per IntoTheBlock data. A feat likely made possible by projects like Friend.tech that consistently bring new users and higher inflow to the Base chain.
Base processes 57% of ETH L2 transactions
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.