Friend.tech On-chain Data Overview: $15 Million in Protocol Fees Generated in One Month
Base TVL has grown to nearly $400 million, largely thanks to FriendTech and Aerodrome.Original author: @sandraaleow, Nansen
Original compilation: czgsws, BlockBeats
FriendTech launched last month and has accumulated a TVL of 26,400 ETH (approximately 43 million USD). Last week, a large number of FT derivatives emerged across chains, such as fan.tech (Mantle), Friendzy (Solana), and post.tech (Arbitrum). Let's take a look at the on-chain statistics of FriendTech.
FriendTech is also one of the main contributors to Base's overall TVL. Base's TVL has grown to nearly 400 million USD, largely thanks to Aerodrome (97 million USD) and FriendTech (43 million USD).
FriendTech generates fees of 100-300 ETH daily. Since its inception, they have collected a total of 9,227 ETH (approximately 15 million USD) in fees.
Let's narrow down to see how FriendTech's fees and revenue compare to other DeFi protocols. FT ranks fifth in fees collected over a 7D period, with 6.14 million USD in fees, surpassing DeFi giants like Uniswap, MakerDAO, and AAVE.
The DAU on FriendTech has also remained stable. At the beginning of September, the user base saw a decline, but we are approaching the peak from 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 adoption and interest, but most derivatives tend to fade away over time, with most capital flowing back to OGs. While it remains unclear how FT derivatives will perform across chains, we must monitor them over a longer period, and the FT points system has proven to be effective.
Summary
We have determined that Friend.Tech will continue to exist. FT reminds me of Arbitrum's 0-1 moment, where GMX captured market share and led ecosystem growth, and we are now seeing a similar impact on Base.
It turns out that their points system is an effective strategy for attracting users and regaining attention weekly (points are distributed on Fridays); providing feedback to users is crucial for the protocol's development. While many would say that a lot of the activity is due to airdrop expectations, FT has executed very well, attracting new unique users and returning users.
