Overview of Friend.tech's on-chain data: generated $15 million in protocol fees within one month of launch.

2023-09-30 10:40

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Original author: @sandraaleow, Nansen

Original translation: czgsws, BlockBeats

FriendTech was launched last month and has accumulated a TVL of 26,400 ETH (approximately $43 million). Last week, a large number of FT derivatives emerged across chains, such as fan.tech (Mantle), Friendzy (Solana), post.tech (Arbitrum), and more. Let's take a look at FriendTech's on-chain statistics.

FriendTech is also one of the main contributors to the overall TVL of Base in the encryption industry. The TVL of Base has grown to nearly $400 million, with most of it attributed to Aerodrome ($97 million) and FriendTech ($43 million).

FriendTech generates a daily fee of 100-300 ETH in the encryption industry. Since its establishment, they have collected a total fee of 9227 ETH (approximately $15 million).

Let's narrow our focus and take a look at the fees and revenue of FriendTech compared to other DeFi protocols. Within a 7-day time frame, FT ranks fifth in terms of fees collected, having collected $6.14 million in fees, surpassing DeFi giants such as Uniswap, MakerDAO, and AAVE.

FriendTech's DAU has also remained stable. In early September, the user group declined slightly, but we are approaching the peak in mid-to-late August. As of now, the total number of active users on the platform is 260,000.

Derivatives are a good sign of interest, but most derivatives tend to disappear over time, and most of the capital will flow back to OG. Although it is not yet clear how FT derivatives will perform across chains, we must monitor them over a longer period of time, and the FT scoring system has been proven effective.

Summary

We have confirmed that Friend.Tech will continue to exist. FT reminds me of the 0-1 moment of Arbitrum, where GMX dominated the market share and led the growth of the ecosystem, and we now see a similar impact on Base.

It has been proven that their point system is an effective strategy to attract and regain user attention on a weekly basis (points are distributed on Fridays). Providing feedback to users is crucial for the development of the protocol. Although many people attribute a lot of activities to the expectation of airdrops, FT has executed very well, attracting new and unique users as well as returning users.