An index perpetual contract has been listed on Layer 2 derivative exchange Aevo for trading on the market cap of accounts on Friend.tech. The FRIEND-PREP is currently trading at $8 and has seen $236,000 in daily trading volume. Unlike traditional futures contracts, a perpetual contract does not expire. It’s a type of futures derivative contract used in cryptocurrency trading, media reports said.
Launched on August 9, Friend-tech is hosted on Ethereum Layer 2 network Base, a Coinbase initiative. Friend-tech allows its members to buy tokenized shares in users profiles on X, formerly Twitter. These tokenized shares can be traded at Friend.tech and users earn a fee when their shares bought or sold. Friend.tech surpassed 100,000 daily users within 24 hours of it going live
Aevo is focused on options and perpetual contract trading. It’s supported by Coinbase and Paradigm, a crypto venture firm that has also made investment in Friend.tech.
The social app has been quite a craze since its launch. Besides significant number of new users joining the platform, what makes it stand out is high-profile sign-ups. So far, NBA star Grayson Allen, investor Garry Tan, and You Tuber Faze Banks have confirmed joining the platform.
It has generated $1.4 million in user fee revenue in last 24 hours, making to rank among the top 3 crypto projects by user fee revenue. It stands behind only Ethereum and Lido Finance, DiFilama data revealed.
