The revenue growth and total value locked (TVL) on decentralized social media platform Friend.tech, built on Coinbase’s layer-2 protocol, Base, have reached new heights, according to data from Dune Analytics. As of October 2nd, the platform’s revenue has surged to 10,663 Ether (ETH), while its TVL has grown to over 30,000 ETH. These recent milestones come as the initial hype surrounding Friend.tech has died down since its launch.
Friend.tech, launched in August 2023, is a decentralized social network platform that allows users to exchange “keys” associated with X accounts (previously Twitter) belonging to their friends or influencers. These keys grant users access to exclusive in-app chatrooms and content only available to the corresponding X user. Additionally, users have the opportunity to purchase shares of their friends and influencers on the platform.
While the concept of a decentralized social network platform with a revenue-sharing model received praise from the Web3 community, Friend.tech has also faced criticism. Critics have questioned the platform’s revenue model and raised concerns about its sustainability. One crypto commentator predicted that the platform would lose its charm within six to eight weeks due to the unsustainable rate at which share prices initially increased.
Despite the skepticism, Friend.tech has continued to experience record surges in revenue and user growth. The platform has seen a significant increase in communicative transactions, reaching 9,200,882. Although the current trading metrics have slightly declined compared to the peak in the first week of September, the steady growth in revenue and TVL indicates that Friend.tech is still gaining traction among users.
The success of Friend.tech demonstrates the ongoing demand for decentralized social media platforms that offer unique features and revenue opportunities. While critics have voiced their concerns, the platform’s ability to attract users and generate substantial revenue suggests that there is potential for further growth and development in the decentralized social media space. Friend.tech’s achievements are indicative of the evolving landscape of social networking and the increasing popularity of blockchain-based platforms.
As the platform continues to evolve and address any criticisms or challenges that may arise, Friend.tech is poised to establish itself as a prominent player in the decentralized social media industry. The future looks bright for this innovative platform, as it offers users the opportunity to engage with their favorite influencers and access exclusive content while participating in the platform’s revenue-sharing model.
In conclusion, Friend.tech, a decentralized social media platform built on Coinbase’s Base protocol, has achieved remarkable revenue growth and a significant increase in total value locked. Despite initial criticism and doubts about its sustainability, the platform continues to attract users and generate substantial revenue. Friend.tech’s success showcases the growing demand for decentralized social media platforms and the potential for further development in this space. With its unique features and revenue-sharing model, Friend.tech is well-positioned to thrive in the evolving landscape of social networking.