User Switches to Bitcoin dApp, Abandoning $1.5M Worth of Keys on Friend.Tech

Fresh opportunities have somewhat disrupted the initial growth momentum of Friend.Tech, as platforms like New Bitcoin City rise to prominence within the crypto landscape.

A notable Friend.Tech user, @Vombatus_eth, made a significant move by divesting 850 ether (ETH) worth of keys during a Monday session. This shift in behavior indicates @Vombatus_eth's migration towards New Bitcoin City, a comparable social platform built on the Bitcoin network.

Wallet records attest that @Vombatus_eth realized approximately $1.5 million through the sale of 176 keys. Notably, this user, previously one of the most substantial key holders on Friend.Tech, still retains possession of 150 keys.

Friend.Tech offers a platform through which X (formerly Twitter) personalities can distribute 'keys' within the app, providing access to exclusive group chats. It enjoyed a meteoric rise in the world of cryptocurrencies after its launch in August, amassing millions of dollars in revenue from a user base of over 100,000 within a mere three weeks. This success even prompted the emergence of imitative platforms on alternative networks.

Despite this initial growth, fresh opportunities have somewhat tempered Friend.Tech's rapid ascent. Platforms like New Bitcoin City are swiftly emerging as potent competitors. Users such as @Vombatus_eth are increasingly transitioning to this platform, contributing to a surge in locked value that exceeded $3 million on a Monday.

https://t.co/1jbIeGsrEo

Shameless shill... i like @NewBitcoinCity the best of all the SocFi apps right now and the vibes are fun. I think we see a new meta where https://t.co/HgSc6IDYWN and NBC are the leaders of the SocFi space.

— Vombatus (@Vombatus_eth) October 19, 2023

New Bitcoin City initially unveiled itself as a gaming and arcade platform on the Bitcoin network in early August. In late September, it expanded its offerings by introducing a social application tailored to the social application market.

Developer @punk3700 pointed out that, up to now, Bitcoin's role in decentralized finance (DeFi) applications had been primarily confined to tokenized representations of Bitcoin on alternative chains like Ethereum or Solana. However, New Bitcoin City recognized an unexplored avenue for affluent Bitcoin holders to actively utilize their assets through interactive applications.

The introduction of "Bitcoin Request for Comment" (BRC-20) standards earlier in the year empowered developers to create tokens and craft DeFi applications directly on the Bitcoin network.

New Bitcoin City's popularity is surging, coinciding with a notable uptrend in Bitcoin prices. Over the past week, Bitcoin prices have surged by approximately 20%, fueled by hopes of a prospective approval for a spot Bitcoin exchange-traded fund (ETF) in the United States. Many traders believe that such an approval would significantly stimulate demand for this digital asset.

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