Tomagotchi-Like Fren Pet is Crushing it on Coinbase's Base Network
Fren Pet gaining steam might be further proof that non-financial use cases can flourish in crypto.
By: Camila Russo •
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.
Crypto Tomagotchi
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.
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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.