April 19, 2024
Friend.tech's Revenue Tops 10,000 ETH, TVL Over 30,000 ETH
Latest Cryptocurrency News

Friend.tech’s Revenue Tops 10,000 ETH, TVL Over 30,000 ETH

Decentralized social media platform Friend.tech, built on Coinbase’s layer-2 protocol, Base, has experienced significant growth in terms of revenue and total value locked (TVL) on its platform.

Data from Dune Analytics shows that Friend.tech’s revenue has reached 10,663 Ether, and its TVL has exceeded 30,000 ETH as of October 2. This surge in revenue and trading activity has occurred despite a decrease in the initial hype that surrounded its launch.

Launched in August 2023, Friend.tech operates as a decentralized social network platform that allows users to exchange “keys” associated with X accounts (formerly Twitter) belonging to their friends or influencers. These keys grant users access to private in-app chatrooms and exclusive content related to the respective X user. Users can also purchase shares in their friends’ and influencers’ accounts on the platform.

While the concept of a decentralized social network with a revenue-sharing model garnered praise within the Web3 community, it also faced criticism. The platform has been declared “dead” on multiple occasions since its launch a few months ago. Critics have questioned its revenue model and predicted its charm would fade within six to eight weeks, citing unsustainable share price increases in the early weeks.

Despite the criticism, Friend.tech has continued to achieve record surges in revenue and user growth. The recent boost in revenue coincided with a significant increase in communicative transactions on the platform, reaching 9,200,882. Although current trading metrics have dipped from the highs observed in the first week of September, the platform’s steady growth in revenue and TVL suggest that it is still gaining traction among users.

Image by Freepik

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