Aevo Lists FRIEND-PERP Index Contract for Friend.tech Accounts

Layer 2 derivative infrastructure Aevo has listed an index contract for trading the market capitalization of accounts on Friend.tech, a new Web3 social program.

According to the application, the FRIEND-PERP market is live and presently trading at $8 with a daily trading volume of $236,000.

A perpetual contract is a form of futures derivative contract used in cryptocurrency trading that has no expiration date, in contrast to traditional futures contracts, which have a specified expiration date.

Friend.tech operates on the Coinbase-incubated Ethereum Layer 2 network Base, which went live on August 9 and is integrated with users’ X (previously Twitter) accounts.

Aevo, which focuses on options and perp trading, is sponsored by Coinbase and crypto venture firm Paradigm, according to its Twitter page. Paradigm also recently made an undisclosed investment in Friend.tech.

As part of the unveiling, Aevo announced it would also give away one share of Su Zhu, the controversial co-founder of defunct crypto hedge fund Three Arrows Capital.

Friend.tech was one of the first applications on the Coinbase-incubated Layer 2 platform. It contributed to Base surpassing one hundred thousand daily users within twenty-four hours of its debut.

It enables the trading of tokenized shares in user profiles, with each user earning transaction fees when their tokenized shares are purchased or sold.

Since then, the social app has garnered considerable traction, with high-profile users such as investor Garry Tan, NBA star Grayson Allen, and YouTuber FaZe Banks confirming their membership on the platform.

According to DeFiLlama data, after generating $1.4 million in fees over the past 24 hours, the platform positions itself in the top three crypto projects by user fee revenue, surpassing projects such as Uniswap and Tron and ranking only behind Ethereum and Lido Finance.

As the Friend.tech API used to convert Twitter usernames into wallet addresses is accessible to the public, the pseudonymous Yearn Finance developer Banteg was able to compile a catalog of Twitter accounts associated with their Ethereum addresses.

However, community members were eager to note that access can be revoked.

As users can be linked to their prior blockchain activity, the exposed information has privacy implications.

As a result, users are encouraged to use “fresh” addresses funded by a centralized exchange wallet unrelated to their prior transactions.

Ignas, a DeFi researcher, advised Friend.tech users to use an anonymous email address during the registration procedure to prevent the disclosure of sensitive information.