Fren Pet gaining steam might be further proof that non-financial use cases can flourish in crypto.
A Tomagotchi-like game is crushing it on Base.
The top trending token pair on Coinbase’s Layer 2 network Base on Monday was Fren Pet against wrapped ETH, according to DEX Screener.
The token itself, Fren Pet, gained more than 38 times over the weekend, from $0.05 on Nov. 17, to as high as $1.9 on Nov. 20. It was giving up some gains, trading at around $1.3 Monday afternoon Eastern time.
Fren Pet gaining steam might be further proof that non-financial use cases can flourish in crypto. A social media app, Friendtech, also built on the Base network, rocked the entire crypto space as it rocketed to more than 800,000 traders and $24M in fees in just three months.
Fren Pet / WETH was the fourth most-traded token pair on Base Monday, with $3.5M changing hands and over 2,900 wallets.
Users get points and climb a leaderboard by feeding their pets, which lead to ETH rewards. Food is purchased with FP tokens. Pets die if they’re not fed, much like a Tomagotchi, one of the biggest toy fads of the 90s.
Fren Pet Token
The initial supply of FP tokens was distributed via a baseSwap pool with a buy limit of $0.8 cents per player and $1,600 total market cap. Any player could get a maximum of 5,000 FP tokens.
The team didn’t pre-receive any tokens, all tokens they own were acquired, according to documentation on the project’s website.
There is a 5% tax every time a player buys or sells FP tokens on BaseSwap, distributed as follows: 2% goes to players; 2% goes developers; 1% gets added back as liquidity provision to support the FP economy.
While Friendtech had an explosive start, daily transactions are down by almost 90% from its peak in September, according to data on Dune Analytics.
TBD on Fren Pet’s staying power, but with just three days since Coinbase announced the project, it may have at least some steam left.