The popularity of Fren Pet may be another evidence that cryptocurrency may support use cases outside of finance.
On Base, a game that resembles Tomagotchi is highly popular. According to DEX Screener, the most popular token combination on Coinbase’s Layer 2 network Base on Monday was Fren Pet versus wrapped ETH.
nearly the course of the weekend, Fren Pet, the token itself, increased in value by nearly 38 times, from $0.05 on November 17 to a peak of $1.9 on November 20. It was trading at about $1.3 on Monday afternoon, Eastern time, giving up some of its gains.
The popularity of Fren Pet may be another evidence that cryptocurrency may support use cases outside of finance. Friendtech, a social media program that was also developed on the Base network, stunned the cryptocurrency community when it gained over 800,000 traders and $24 million in fees in only three months.
Crypto Tomagotchi
On Base Monday, Fren Pet / WETH was the fourth most traded token combination, with over 2,900 wallets and $3.5M in transactions.
By feeding their pets, users earn points and move up a leaderboard, which leads to ETH awards. FP tokens are used to buy food. Similar to a Tomagotchi, one of the most popular toys of the 1990s, pets perish if they are not fed.
Fren Pet Token
The baseSwap pool was used to distribute the first batch of FP tokens, with a buy limit of $0.8 cents per participant and a total market cap of $1,600. An one player may receive up to 5,000 FP tokens.
According to documents on the project’s website, the team did not get any tokens in advance; instead, every token they now own was obtained.
Every time a person purchases or sells FP tokens on BaseSwap, a 5% fee is levied, with the proceeds going to the following parties: 2% go to developers, 2% go to players, and 1% are brought back as liquidity to maintain the FP economy.
Despite having an incredible start, Friendtech’s daily transactions have decreased by about 90% since September of last year, according to statistics from Dune Analytics.
Though it’s unclear if Fren Pet will last, given that Coinbase only revealed the concept three days ago, there may still be some interest in it.
