Friend.tech, a decentralized social media platform built on Coinbase’s layer-2 protocol, Base, has recently experienced significant growth in terms of revenue and total value locked (TVL). According to data from Dune Analytics, Friend.tech’s revenue has surged to 10,663 Ether (ETH), while its TVL has exceeded 30,000 ETH as of October 2nd.
Friend.tech was launched in August 2023 as a decentralized social network platform that allows users to swap “keys” associated with X accounts (previously known as Twitter) belonging to their friends or influencers. These keys grant users access to private in-app chatrooms and exclusive content only available to X users. Additionally, users have the option to invest in shares of their friends and influencers on the platform.
Upon its launch, Friend.tech received praise for its innovative concept of a decentralized social network with a revenue-sharing model. However, it also attracted criticism and skepticism. Some critics have been quick to declare the platform “dead” due to concerns about its revenue model and the sustainability of the rapid increase in share prices during its initial weeks.
One crypto commentator even predicted that Friend.tech would lose its charm within six to eight weeks. The exponential growth in share prices was seen by many as unsustainable in the long run. Yet, despite these criticisms, Friend.tech has defied expectations and continued to achieve record-breaking surges in both revenue and user growth.
Although the trading metrics on the platform have slightly declined since the first week of September, the steady growth in revenue and TVL indicates that Friend.tech is still attracting users and gaining traction. The recent surge in revenue comes alongside a significant increase in communicative transactions on the platform, surpassing 9,200,882.
Friend.tech’s success can be attributed to its ability to adapt and overcome challenges. By leveraging Coinbase’s Base protocol, Friend.tech has been able to build a robust decentralized social media platform that offers unique features and revenue-sharing opportunities. The platform’s continued growth suggests that it has successfully tapped into a market need and resonated with its user base.
Friend.tech’s revenue growth and rising TVL demonstrate the platform’s ability to thrive in a competitive market and navigate the challenges of being a decentralized social media platform. Despite initial skepticism and criticism, Friend.tech has proven that it has a viable revenue model and can sustain its growth. As the platform continues to attract users and achieve new milestones, it serves as a promising example of the possibilities enabled by decentralized social media platforms.