The cost difference between the social network Freind.tech and the largest cryptocurrency by market value, Bitcoin, highlights the increasing adoption rate of the Friend
The cost difference between the social network Freind.tech and the largest cryptocurrency by market value, Bitcoin, highlights the increasing adoption rate of the Friend.tech platform.
The cost incurred by Friend.tech exceeds that of Bitcoin, with a difference of nearly $3 million.
- Reduced activity on the Bitcoin network.
According to TokenTerminal, the transaction costs of Bitcoin [BTC] cannot be compared to the decentralized social network Friend.tech. According to Token's terminal data, Friend.tech's cost value over the past 30 days was $26.8 million. On the other hand, the cost of Bitcoin is $24.2 million.
Is visiting better than mining?
The cost difference between this social network and the largest cryptocurrency by market value highlights the increasing adoption rate of the platform, where users can purchase other users' stocks or keys. On the Friend.tech platform, registered users will receive their own channels, and participants must have at least one share or key to access a user's channel.
Therefore, when someone purchases a channel key, 5% of the cost will belong to Friend.tech. Then, the other 5% belongs to the channel owner. In addition, the surge in stock purchases has made fees more expensive, so users need to pay more fees to access the 'trend' channel while paying more fees.
This is a completely different method from the way Bitcoin generates fees. Usually, the transaction cost of Bitcoin is determined by the amount of transaction data and the demand for blockspace.
In this case, when the new block is verified, miners will receive transaction fees to support the profitability of mining. For lightning networks, transaction fees are set by the node operator, and the fees for each node may vary.
The surge in Friend.tech fees has also had a positive impact on its revenue. The network has a total of 323262 independent traders and revenue has increased to $19.39 million.
Recently, Friend.tech's growing activities have also impacted Total Locked In Value (TVL), which has exceeded the $50 million mark. TVL is a measure of user trust in protocols. This is achieved by evaluating the smart contract deposits that have entered the above protocol.
Decreased unconfirmed transactions in Bitcoin
Therefore, the improvement of network protocols means an increase in trust for interaction on Friend.tech. At the same time, Bitcoin's inability to cover the cost of Friend.tech may be related to activities on its memory pool.
Memory pool is also abbreviated as memory and pool. As a waiting room for transactions not yet included in the block, the memory pool is used to store information about unconfirmed transactions.
According to Glassnode, BitcoinTotal cost of memory poolIt has been reduced to 0.68. This means that there is no long chain of unconfirmed transactions on the blockchain. This may also be a sign of low Bitcoin network activity.
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