Aug 31, 2023

According to data from Arkham, transactional activity on has slumped from $16 million on August 21 to just over $700,000 today.

Video transcript

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. According to new data from a transactional activity on friend tech has slumped from $16 million on August 21st to just over $700,000. Today. The decentralized social app that lets personalities issue keys on its app to access closed group chats has earned over $4.2 million in fees for creators, but some are asking if the frenzy has fizzled Arkham tweeted that on chain. Some of the exit narratives seem a little exaggerated and added that users continue to hold 3878 worth of keys. User activity also seems to be growing data from Dune analytics shows that total users have nearly doubled in the past week with around 5000 turning users daily. You'll see that new users have steadily dropped over this period suggesting most demand or interest was met in the initial days, friend texts invite only beta launched on August 10th and is built on coin base layer two Blockchain base. That's it for today's chart of the day. I'm Jen Senai and we'll see you next time to unpack more of the data behind top news stories.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.