Friend.tech, a decentralized social media platform based on Coinbase’s second-layer protocol Base, has reached new heights in terms of revenue growth and total value locked on the platform.
according to data According to data from Dune Analytics, Friend.tech’s revenue has surged to 10,663 ETH on October 2, and its TVL has increased to over 30,000 ETH. The recent boom in its revenue and trading activity comes as the hype surrounding its initial launch has waned.
As a decentralized social networking platform launched in August 2023, Friend.tech enables users to exchange “keys” associated with X accounts (formerly known as Twitter) belonging to their friends or influencers. These keys enable users to access private in-app chat rooms and content that is only available from the corresponding X user. Users can buy shares of friends and influencers on the platform.
While the concept of a decentralized social networking platform with a revenue sharing model has been praised by many in the Web3 space, the platform has also attracted the attention of critics.
Let me tell you something.
Something’s wrong @friendtech.
Creators making money through group chats that don’t even work when you can’t even reply directly to people?
The way the pricing is set is ridiculous and could easily be taken advantage of.
Pump and dump. pic.twitter.com/TJqcktEM6P
——Author (@YazanXBT) August 20, 2023
Since its launch a few months ago, the decentralized social media platform has been declared “dead” multiple times. One cryptocurrency commentator has questioned its revenue model and believes the platform’s allure will wear off within 6 to 8 weeks. Critics point out that the pace of stock price gains in the first few weeks is unsustainable in the long term.
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However, despite the criticism, the Friend.tech platform continues to set new records for revenue and user growth.
The latest growth in revenue comes as the number of users transacting communications on the platform surged to 9,200,882. Although current trading volumes are down from the surge in the first week of September, steady growth in revenue and TVL suggests the platform is still attracting users.
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