According to statistics shared by the Friendzy team, the app has generated a cumulative volume of $920,000 since its launch on September 19.
Like Friend.tech, Friendzy allows users to tokenize their Twitter accounts, creating the opportunity for other users to buy and sell these tokens to participate in private conversations.
The spokesperson added that “we will surpass $1 million in volume” by the end of the day.
By comparison, weekly volume on Friend.tech has hovered above $2 million over the past two weeks, according to data from CryptoKoryo’s Dune dashboard.
Launched in August 2023, Friend.tech’s activity returned this month as total deposits and activity on the platform spiked after a brief slowdown at the end of August.
Friendzy takes on the leadership role
The Solana app will differentiate itself from the incumbent on Base by offering additional features alongside premium chat and rolling out a smoother pricing curve, the spokesperson said.
Similar to Friend.tech on the Base blockchain incubated by Coinbase, Friendzy encrypts Twitter accounts into “Keys”.
These Keys unlock certain benefits for the Key holder “the nature and extent of these benefits are determined by the Creator themselves,” the Friendzy app’s FAQ page says.
The price of a Key account on Friendzy depends on its demand and the number of holders.
In these applications, money is not exchanged between traders. Instead, these are more like decentralized exchanges, where traders buy and sell Keys according to smart contracts, locking assets during the purchase process and determining the Key price based on a predetermined formula.
A Friendzy spokesperson added that Friendzy’s prices are gradually increasing compared to Friend.tech. In the past, Friend.tech has been criticized for having too high a pricing mechanism.
Friendzy’s top accounts stock costs around $10 or about $0.50 SOL. Meanwhile, top Friend.tech accounts are selling for $7.22 Ethereum or $11,350.
Platform account holders earn royalties on both platforms when their tokens are traded on the market.
Having a steeper price curve on Friend.tech results in higher royalties for Key holders compared to Friendzy, which further motivates users to increase the value of Key Friend.tech.
According to CoinGecko research, the top 3 accounts on Friend.tech have earned up to $100,000 in royalties since inception.