Friend.tech V2 release and speculation over potential airdrop pushes TVL above $40 million
- 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
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
