- Daily trading volume on Friend.tech climbed to its highest level since 21 August.
- The surge in activity was attributable to new demand for the platform.
Decentralized social network Friend.tech has seen a resurgence in activity after a brief decline, data from Dune Analytics showed.
According to the data provider, the daily trading volume on the platform closed 9 September at a high of $12.31 million, its highest since 21 August. On that day, buying activity exceeded selling activity, with users purchasing more keys than they sold.
The surge in activity was due to an influx of new users to Friend.tech. Data tracked by Dune Analytics revealed a 104% uptick in the number of new users that completed at least one trade on the social network on 9 September. This brought the cumulative count of users on Friend.tech to 136,474.
As users flocked to the platform, transactions count jumped as well. All transactions executed on 9 September totaled 23,004, representing a 31% increase from the 17,506 transactions registered on 8 September.
Due to the spike in user activity, Friend.tech’s fees and revenue climbed to their highest level since 21 August. The total fees paid to process key trades on the social network amounted to $1.23 million. Protocol revenue from the same totaled $615,857.
At press time, the total fees paid to use the platform was $11.58 million. In less than a month of operation, data from Dune Analytics showed that cumulative revenue exceeded $5 million.
Base saw growth, but not a lot
Due to the increased activity on Friend.tech, Base, the Layer 2 (L2) network within which it is housed, also saw a jump in its total value locked, albeit minor. As of 9 September, Base’s TVL was $389.97 million, jumping by 1% from the $385 million recorded the day before.
The minor jump in asset value on that day was due to the first major outage suffered by the L2 since its public launch on 9 August.
Base developers identified a stall in block production on the Base chain at 9:36 pm UTC on September 5. This led to no new blocks being produced on the chain for approximately 45 minutes.
Coinbase’s Base chain just had its first major outage, lasting for 43 minutes. Blocks have just started to be produced again.
Another reminder that using Ethereum L2s (e.g. Arbitrum One, OP Mainnet, zkSync Era, Base) is NOT the same as using Ethereum mainnet, which is more… pic.twitter.com/JbUNQUGNwu
— Matt Willemsen (@matt_willemsen) September 5, 2023
However, in spite of this, Base’s TVL has grown significantly since the month began. At $389 million at press time, it has risen by 48% since 31 August.