Friend.tech, the decentralized social media platform built on Coinbase’s layer-2 protocol, Base, has achieved remarkable milestones in terms of revenue growth and total value locked (TVL) on its platform.
Recent data from Dune Analytics reveals that Friend.tech’s revenue has surged to an impressive 10,663 Ether, while its TVL has exceeded 30,000 ETH as of October 2nd.
These accomplishments are especially noteworthy as they come at a time when the initial hype surrounding the platform has subsided.
Launched in August 2023, Friend.tech offers users a unique experience by allowing them to exchange “keys” associated with X accounts, formerly Twitter handles, belonging to their friends or influencers.
These keys grant users access to private in-app chatrooms and exclusive content restricted to the respective X account holder.
Additionally, users have the opportunity to invest in shares of their friends and favorite influencers within the platform.
The concept of a decentralized social network with a revenue-sharing model received praise within the Web3 community.
However, it also attracted its fair share of critics. Some skeptics declared Friend.tech “dead” shortly after its launch, citing concerns about its revenue model.
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Predictions were made that the platform would lose its charm within six to eight weeks, and doubts were raised about the sustainability of the rapid share price increases observed in the initial weeks.
Despite the skepticism, Friend.tech has defied expectations by continually achieving record-breaking revenue and user growth.
Notably, the recent surge in revenue coincides with a significant increase in communicative transactions on the platform, reaching a staggering 9,200,882.
While current trading metrics have dipped from their peak in the first week of September, the consistent growth in both revenue and TVL indicates that the platform is still gaining traction among users.
In conclusion, Friend.tech’s decentralized social media platform, built on Coinbase’s Base protocol, has demonstrated its resilience and appeal in the face of initial doubts and criticisms.
Its impressive revenue growth and rising TVL attest to its ability to capture and retain user interest, even as the initial hype has waned.
Friend.tech appears to be well on its way to establishing itself as a significant player in the decentralized social networking space.
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