It’s been a bullish week of activity for Solana Friend.tech fork Friendzy.
According to stats shared with Decrypt by the Friendzy team, the application generated $920,000 in cumulative volumes since its launch on September 19.
Like Friend.tech, Friendzy lets users tokenize their Twitter accounts, giving other users the opportunity to buy and sell these tokens to join private chats.
A spokesperson added that “we're gonna surpass $1 million in volume” by the end of the day.
In comparison, the weekly volume on Friend.tech has hovered above $2 million for the past two weeks, according to data from the Dune dashboard by CryptoKoryo.
Launched in August 2023, Friend.tech’s activity has seen a return this month, as the total deposits and activity on the platform surged after a brief slowdown toward August's end.
Friendzy takes on the leader
The spokesperson told Decrypt that the Solana app will differentiate itself from the incumbent on Base by offering additional features besides a premium chat feature and implementing a smoother price curve.
Similar to Friend.tech on the Coinbase-incubated blockchain Base, Friendzy tokenizes Twitter accounts into “Keys.”
These Keys unlock certain benefits for keyholders “the nature and extent of these benefits are determined by Creators themselves,” reads the FAQ page of the Friendzy app.
The price of account Keys on Friendzy depends on its demand and the number of holders.
In these applications, the money doesn’t change hands between traders. Instead, these are like decentralized exchanges where the traders buy and sell Keys against a smart contract, which locks assets during purchases and determines the Keys price based on a predetermined formula.
The Friendzy spokesperson added that the price increases are gradual in Friendzy compared to Friend.tech. In the past, Friend.tech has been criticized for having a steep pricing mechanism.
The shares of top accounts of Friendzy cost around $10 or around $0.5 SOL. Whereas, top Friend.tech accounts are selling for $7.22 Ethereum or $11,350.
Account holders on the platform earn royalties on both platforms when their tokens are traded in the market.
Having a steeper price curve on Friend.tech brings higher royalties for Keys holders on it versus Friendzy, which further motivates users to enhance the value of their Friend.tech Keys.
According to CoinGecko’s research, the top three accounts on Friend.tech have earned royalties north of $100,000 since its inception.