Aevo Exchange Lists Futures Contract Representing "Capitalization" of friend.tech Accounts

Aevo, a recently launched derivative trading platform, has introduced futures contracts representing the "market capitalization" of accounts on the emerging social media app friend.tech.

The FRIEND-PERP contract, tracking the "capitalization" index of accounts on the up-and-coming social networking app friend.tech, debuted yesterday (August 21), trading at nearly $9 USD on Aevo.

Reflecting the fervor surrounding Web3 social media platforms, trading volume for FRIEND-PERP reached $236,000 USD on its first day, with the contract currently priced around $7.4 USD.

Aevo, focused on perpetual and options contracts, is supported by Coinbase and investment firm Paradigm, according to official announcements. Paradigm is also among the investors in friend.tech, although specific investment figures have not been disclosed.

Capitalizing on the SocialFi trend, Aevo announced it would award a share to Su Zhu, co-founder of Three Arrows Capital, a move that raised eyebrows given Su Zhu's controversial image within the crypto community.

friend.tech, less than two weeks old, operates as a Web3 social media app built on Coinbase's Layer-2 Base. It has attracted attention with its concept of trading shares of prominent Twitter accounts and distributing airdrops. Notably, the platform generated over $1 million USD in fees on August 20 alone, surpassing Uniswap and the entire Bitcoin network.

Amid escalating hype, friend.tech faced allegations of leaking wallet addresses, Twitter handles, and avatars of over 101,000 users. However, friend.tech quickly clarified that this information had already been publicly available, dismissing claims of a data breach.

To mitigate unnecessary risks, users are advised to create a new wallet and use anonymous email when registering on friend.tech.

In its latest development, the Web3 social platform announced a change from "shares" to "keys," indicating that holding a Key Opinion Leader's (KOL) share will unlock chat features with that individual. Speculations suggest this change aims to avoid legal complications associated with "shares" being classified as securities.