Decentralized social media platform Friend.tech, based on Coinbase’s layer-2 protocol, Base, has achieved significant revenue growth and total value locked on its platform.
According to data from Dune Analytics, Friend.tech’s revenue has reached 10,663 Ether (ETH), while its total value locked (TVL) has surpassed 30,000 ETH as of Oct. 2. Despite a decline in hype since its initial launch, the platform has experienced a recent surge in revenue and trading activity.
Launched in August 2023, Friend.tech 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 private in-app chatrooms and exclusive content only available to the corresponding X user. Additionally, users can 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 within the Web3 community, the platform has also attracted critics.
Let me tell you one thing.
Something isn’t right about @friendtech.
Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people?
The way pricing works is ridiculous and can be easily taken advantage of.
Pumps and dumps. pic.twitter.com/TJqcktEM6P
— Yazan (@YazanXBT) August 20, 2023
The platform has faced several declarations of being “dead” since its launch a few months ago. One crypto commentator raised concerns about its revenue model and predicted that the platform would lose its charm within six to eight weeks. Critics pointed out that the rapid increase in share prices during the initial weeks is unsustainable in the long term.
Nevertheless, despite the criticism, the Friend.tech platform has continued to experience record surges in revenue and user growth.
The recent surge in revenue coincided with a rise in communicative transactions on the platform, reaching 9,200,882. Although the current trading metrics have slightly declined since the peak in the first week of September, the consistent growth in revenue and TVL indicates that the platform is still gaining traction among users.