Friend.tech’s daily earnings exceed Ethereum, top key hits 40% of BAYC floor

The price of friend.tech’s top key has reached nearly 40% of the floor price for NFT blue-chip collection Bored Ape Yacht Club as the protocol’s 24-hour earnings exceed Ethereum’s.

The key belongs to friend.tech’s pseudonymous co-founder, Racer. It reached a price of 8.9 ETH ($14,500), according to a Dune Analytics dashboard, compared to the 24.1 ETH ($39,300) floor price listed for BAYC on the NFT marketplace OpenSea. The key’s value has increased 800% since the platform launched in August.

Friend.tech price of selected users. Image: Dune Analytics.

The social app also generated greater earnings than Ethereum over the last 24 hours, according to Token Terminal, with friend.tech making $1 million compared to $710,000 for Tron and $406,000 for Ethereum.

24-hour earnings. Image: Token Terminal.

Token Terminal defines earnings as revenue minus token incentives. Revenue is the share of fees that goes to the protocol.

Friend.tech operates on the Coinbase-incubated Layer 2 chain Base — significantly boosting daily active users on the Ethereum scaling solution that was only launched on Aug. 9.

Keys represent tokenized versions of what was previously known as “shares” in users’ profiles, tied to their X (formerly Twitter) accounts that friend.tech connects to. Owning a user key on friend.tech offers access to that user’s content and the ability to message them.

Friend.tech trading volume, fees and TVL reach all-time highs

Activity on the much-hyped social app initially gained a lot of traction among X users, attracting high-profile members like Y Combinator CEO Garry Tan and NBA player Grayson Allen. However, it experienced a significant drop-off after an initial post-launch peak on Aug. 21.

Nevertheless, interest in friend.tech has picked up again over the past week — with trading volume, fees and total value locked (funds deposited) all reaching record highs yesterday.

Daily trading volume on friend.tech reached $20 million on Sept. 14, according to Dune Analytics data — nearly 20% higher than the $16.9 million at the August peak.

Friend.tech daily trading volume. Image: Dune Analytics.

Meanwhile, daily fees generated on the platform also reached all-time highs, hitting $2 million yesterday — some 18% up on the Aug. 21 figures and adding to the $18.4 million in fees generated since its genesis. However, this is just half of the total $4 million in fees generated on Ethereum over the last 24 hours. Fees represent the total fees paid by users on the platform.

Friend.tech fees generated. Image: Dune Analytics.

Finally, the total value locked on friend.tech reached $33 million on Sept. 14 — 350% higher than the $7.25 million in funds deposited by Aug. 21.

Friend.tech total value locked. Image: Dune Analytics.

The social platform now has a total of 165,000 users, of which friend.tech currently attracts 21,600 daily active users.

The project also recently revealed a seed investment from venture firm Paradigm, though the exact amount was not disclosed.

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