Ever heard of Aevo? If not, buckle up because they’re making waves in the crypto world. Let’s dive right in, shall we?
So, what’s the buzz? Aevo, a Layer 2 derivatives platform, has just rolled out an index perpetual contract. And what is it for? Trading the market cap of Friend. tech accounts. Yep, you read that right! Users now have the power to go long or short on the FRIEND index. And guess what? This market’s already buzzing with a whopping $230,000 daily trading volume. Impressive, right?
Now, for those of you wondering what a perpetual contract is, let me break it down. It’s a type of futures derivative contract used in the wild world of cryptocurrency trading. But here’s the kicker: it doesn’t have an expiration date. Unlike those traditional futures contracts with a specified expiration date, these bad boys keep on going.
Now, let’s talk about Friend.tech. Operating on the Coinbase-incubated Ethereum Layer 2 network known as Base, it’s integrated with users’ X accounts (which, by the way, used to be Twitter). And here’s a juicy tidbit: Aevo, which is all about options and perp trading, has some big backers. We’re talking about Coinbase and the crypto venture firm Paradigm. And guess what? They’ve recently poured an undisclosed investment into Friend.tech. Talk about confidence!
But wait, there’s more! In a move that raised many an eyebrow, Aevo announced they’re giving away a share of Su Zhu. If that name rings a bell, he’s the controversial co-founder of the now-defunct crypto hedge fund, Three Arrows Capital. Quite the twist, huh?
Now, let’s chat about Friend.tech’s rise to stardom. It was one of the first apps to grace the Coinbase-incubated Layer 2, and boy, did it make an entrance! Within 24 hours of its launch, Base saw over 100,000 daily users. And what’s Friend.tech’s claim to fame? It lets users trade tokenized shares in user profiles. And the cherry on top? Every time their shares are bought or sold, users earn fees.
But, as with all things crypto, there’s a plot twist. The Friend.tech API, which converts Twitter usernames into wallet addresses, is open for all to see. This means that a list of Twitter accounts linked to their Ethereum addresses has been compiled. And while this might sound like no biggie, it’s got some profound privacy implications. Users could be related to their past blockchain activities. Yikes! So, the word on the street is to use fresh addresses, ideally funded from a centralized exchange wallet not connected to past transactions.
