Friend.tech Gains Traction, Recur Winds Down

Market Update Amidst record-high bond yields, large tech stocks led market indexes higher on the week's open. The US30Y is at its highest levels since 2011, yielding 4.46%, while the US10Y is at its highest levels since 2007, yielding 4.34%. $SPX (+0.15%) and $QQQ (+0.71%) opened higher before retracing to nearly flat at time of writing, with tech stocks leading the majority of the open's gains. $BTC (+0.0%) and $ETH (+0.1%) have also been flat over the last day after shedding 11% and 9% in the past week. New social media platform Friend.tech has captivated the attention of Crypto Twitter in the past week, elaborated on below. Friend.tech, a new decentralized social media platform, has gained traction among crypto users. Launched on August 11th on Coinbase's Ethereum Layer-2, Base, the platform allows users to tokenize Twitter accounts and trade "shares" in social media personalities. Within just days of its launch, Friend.tech doubled its unique user interactions from 31,500 to over 67,400 and generated $1.12 million in transaction fees in a single day, outpacing market leaders like Uniswap and even Bitcoin. Notably, the platform's success also boosted Base's daily transactions to a new high of 900k, nearly double that of its Layer-2 competitors Arbitrum and Optimism. The pla