Friendtech Generates $6.4M+ in Fees Under 30 Days of Launch

In a recent tweet, NFTgators, a trusted resource for NFT enthusiasts, spotlighted significant milestones of the recently launched Social-Fi app Friendtech. According to the tweet, Friendtech has surpassed 80,000 Ethereum (ETH) tokens in total inflow. NFTgators highlighted that the significant growth stemmed from over 3.7 million transactions.

Moreover, the report captured that the high transaction count came from a community of 211,000 unique sellers and buyers. NFTgators disclosed the Friendtech ecosystem comprises 66,700 sellers and 144,300 buyers.

Social-Fi app @friendtech surpassed 80K ETH in total inflow from over 3.7M TXns, made by 211K unique sellers and buyers (66.7K sellers and 144.3K buyers).@DuneAnalytics dashboard by @CryptoKoryo pic.twitter.com/gEMQHALeEV

— NFTgators 🐊 (@NFTgators) September 12, 2023

Furthermore, accompanying the tweet was a chart from the prominent blockchain analytic firm Dune Analytics. The chart sheds light on the performance of the Social-Fi protocol over the past 30 days. Based on the chart, Friendtech saw the highest inflow activities around August 22. That was the period the social app’s transaction surpassed 80K ETH worth $128,320,000.

Additionally, NFTgators mentioned that the protocol witnesses an average inflow of 2,400 ETH through 113,000 transactions daily, as observed since September 10. It highlighted that the average transaction within Friendtech yielded an inflow of 0.02 ETH, roughly $40. Also, NFTgators stated that the daily transactions generated 122.4 ETH, equivalent to $197,000 in fees.

According to NFT data recourse, Friendtech has amassed 4,000 ETH in fees to date. Given that ETH trades at $1604, the figure equates to over $6,416,000 within 30 days of its existence. Amid the frenzy that followed the launch of Friendtech, Coin Edition reported that a developer siphoned over $220k of users’ funds in a fake version of the app.

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