Despite initial skepticism and criticism, the decentralized social media platform Friend.tech has achieved remarkable success in terms of revenue and total value locked (TVL) since its launch in August.
Friend.tech, built on Coinbase’s layer-2 protocol, Base, has witnessed a surge in revenue, reaching a remarkable 10,663 Ether (ETH). This substantial growth in revenue is a testament to the platform’s appeal and user engagement.
Surpassing 30,000 ETH in TVL
In addition to its revenue success, Friend.tech has achieved a TVL of over 30,000 ETH, reflecting strong user participation and the locking of assets within the platform.
Launched in August 2023, Friend.tech stands as a decentralized social media platform that allows users to exchange “keys” associated with X accounts, formerly known as Twitter accounts, of their friends or influencers. These keys grant access to private in-app chatrooms and exclusive content from the respective X user. Users also have the option to invest in shares of their friends and influencers.
Despite early skepticism and predictions of its downfall, Friend.tech has not only survived but thrived. Critics questioned its revenue model and sustainability, but the platform has defied expectations.
Sustained Growth Amidst Communication Surge
While there has been a decline in the initial hype surrounding the platform, Friend.tech has sustained impressive growth. The number of communicative transactions on the platform has reached 9,200,882, indicating ongoing user engagement. Although trading metrics dipped from their early September highs, the consistent revenue growth and TVL suggest that the platform continues to gain traction among users.
Friend.tech’s success underscores the evolving landscape of decentralized social media platforms and their potential to disrupt the traditional social networking space. Despite challenges and doubts, the platform has demonstrated its ability to thrive in this competitive environment.