Friendzy, a Friend.tech like application on Solana, has reached nearly $1 million in volume within just a week of its public launch on September 19.
The activity on the Friend.tech clone has swelled, with it claiming to have generated over $920,000 in cumulative volume since its launch last week.
Friendzy’s website displays that a number of keys are being bought and sold by users within a minute. The decentralized social platform offers 4% royalty on each transaction, which goes to creators.
Friendzy users can link their Twitter account to create their key on the platform, which is later bought by other users in order to interact. These keys could be sent to any other wallet.
The recently boomed decentralized social application Friend.tech has opened up a new primitive in DeFi with several similar applications launched on different chains. Alpha, the Friend.tech on Bitcoin, which has also gained significant traction in a short span of time since its launch.
Solana’s DeFi ecosystem has diminished significantlycantly following the collapse of FTX exchange which had major investment and backing for the “so called ETH-killer” layer 1 network. Solana TVL topped to over $12 billion in November, 2021 which is currently at $995 million, according to data from DeFiLlama.