As activity resumes on Friend.tech, network fees and revenue have grown back to August highs.
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.
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. 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.
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