Key Insights:
- Friend.tech’s TVL surges to $20M, showcasing a remarkable comeback in just two weeks.
- A diverse user base, including non-crypto personalities, boosts Friend.tech’s appeal and reach.
- Continuous platform and user experience enhancements underline Friend.tech’s commitment to growth.
Friend.tech, a decentralized social media platform, encountered widespread skepticism. Numerous observers hastily labeled it “on the decline” as user activity diminished. However, in a surprising turn of events, the platform’s Total Value Locked (TVL) soared, hitting an impressive $20 million in just four days.
Notably, the resurgence of Friend.tech is open to more than just its TVL. Data from September 9 reveals a daily trading volume touching $12.3 million for the platform. To put this into perspective, this isn’t just another number; it ranks as their third-highest ever.
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Friend.tech’s trading volume and trader count from inception. (Source: Dune Analytics)
Furthermore, as noted by the online commentator TylerDidIt, this volume even outpaced OpenSea, a prominent NFT platform, by an impressive $3 million on that day.
What’s Behind the Momentum?
The precise trigger for this abrupt rise remains a topic of speculation, with various theories floating around. Several crypto industry insiders have weighed in with their interpretations of the platform’s sudden popularity.
For instance, Hsaka, a well-known trader, playfully hinted that the rise in TVL might be attributed to users discerning that Friend.tech chats were akin to “yield farms in a new avatar.” This remark hints at the enticing 5% fee users stand to gain when transacting someone’s “key.” Therefore, the platform’s innovative model could be a significant attraction.
Moreover, Friend.tech’s user demographic is diversifying. Over the past few weeks, many personalities outside the crypto realm, including popular YouTubers and OnlyFans content creators, have embraced Friend.tech. PancakesBrah, overseeing the platform’s expansion and business strategies, underscored this trend, indicating that Friend.tech isn’t solely a haven for “crypto enthusiasts.”
Continuous Improvements and Challenges
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In addition to its expanding audience, the platform has been proactive in refining its user experience. While Friend.tech initially grappled with technical hiccups, the developers have since introduced a series of upgrades—from enabling photo uploads to integrating credit card payment options and curating new activity sections.
The trajectory of Friend.tech has indeed been intriguing. Post its debut on Coinbase’s layer-2 Base on August 11, it raked in an impressive $5.9 million in fees in just ten days. Yet, the following week witnessed a slump, with daily fees and transaction volume nosediving by 87% and 90%, respectively. This led many to dismiss the platform’s potential prematurely.
However, the latest developments underscore that Friend.tech is in the game for the long haul. Its rebound not only highlights the platform’s inherent strengths but also the dedication of its team. As the digital currency landscape morphs, platforms like Friend.tech are poised to be at the forefront of this evolution.
