A well-known Friend.Tech member sold keys on Monday for 850 ether (ETH) before transferring to New Bitcoin City, a comparable social program based on Bitcoin. Vombatus still has 150 keys on the platform after selling 176 keys for about $1.5 million. After its August launch, Friend.Tech, which enables users to distribute “keys” for access to private group chats, swiftly rose to prominence as one of the fastest-growing cryptocurrency platforms, generating millions of dollars in income from more than 100,000 members in less than three weeks.
The initial expansion of Friend.Tech has been delayed by other prospects, and apps like New Bitcoin City are emerging as strong competitors. As a result of users like Vombatus attracting new users to the platform, its locked value on Monday surpassed $3 million. Early in August, New Bitcoin City launched a game and arcade platform on cryptocurrency, and in late September, it debuted its social application with a focus on the social application industry.
According to sources, only tokenized representations of Bitcoin on other chains, such as Ethereum or Solana, have been used in DeFi applications. The gap, according to New Bitcoin City, is for wealthy Bitcoin owners to use their resources on interactive applications. Since the ‘Bitcoin Request for Comment’ (BRC-20) specifications were released earlier this year, developers have been able to create DeFi applications and issue tokens on Bitcoin. As demand for the currency is expected to increase due to the prospective approval of a spot bitcoin exchange-traded fund (ETF) in the U.S., New Bitcoin City’s popularity coincides with rising bitcoin prices, which have increased by nearly 20% in the last week.