Friend Tech Enjoys Activity Resurgence After V2 Rollout

Friend Tech is enjoying an increase in activity and adoption following its controversial airdrop last week.

Data from Dune Analytics shows that more than 79,500 users have created 137,157 clubs since the feature debuted alongside Friend Tech’s v2 iteration on May 3. Club keys have already driven 18.4 million FRIEND in volume ($37.9 million) from nearly 103,500 traders.

For comparison, 1,175 traders drove just $155,000 worth of key trades on April 28. Key volume also surged to its highest level in six months following the airdrop, with Friend Tech hosting $4.98 million worth of key trades on May 6, down from $11.6 million on May 3.

“Over 100,000 clubs have been created since Friday,” Friend Tech tweeted. “At this rate, there will be more clubs than there exist pigeons on Earth by the end of the year.”

However, sell orders have accounted for more than 97% of trade volume since the airdrop, suggesting many users are offloading their keys after receiving a token allocation.

Friend Tech’s long-awaited airdrop elicited pushback from the project’s community, with many users encountering errors that prevented them from claiming while the price steadily crashed on launch day.

However, the token’s price has tripled from its low, last changing hands for $2.67 after dropping to $0.89 on May 3, according to CoinGecko. FRIEND currently ranks as the 262nd largest cryptocurrency by market cap at $247 million.

Friend Tech ignited a web3 socialfi boom when it launched in August 2023, with the volume of daily key trading peaking above $20 million during the following month. Daily active users also tagged all-time high in October at 74,000, with roughly 833,000 unique users having interacted with the protocol as November began.

However, Friend Tech’s explosive growth quickly slowed, with only around 78,000 users being onboarded in the six months since.