Decentralized social media platform Friend.tech, built on Coinbase’s layer-2 protocol Base, has recently experienced significant growth in terms of revenue and total value locked (TVL). Despite initial skepticism from critics and doubts about its sustainability, Friend.tech has defied expectations and emerged as a rising star in the Web3 space.
Friend.tech, launched in August 2023, offers users the ability to swap “keys” associated with X accounts (previously known as Twitter) belonging to their friends or influencers. These keys grant access to private in-app chatrooms and exclusive content available only to the corresponding X user. Users can also invest in shares of their friends and influencers on the platform, creating an innovative revenue-sharing model.
Upon its launch, Friend.tech received praise for its unique decentralized social network platform and revenue-sharing model. However, it also faced severe criticism and was even declared “dead” multiple times. Some questioned its revenue model and predicted its demise within weeks. Critics argued that the rapid increase in share prices during the initial weeks was unsustainable in the long run.
Despite the initial skepticism, Friend.tech has continued to thrive and prove its detractors wrong. Recent data from Dune Analytics reveals that the platform’s revenue has surged to an impressive 10,663 Ether (ETH). Additionally, its total value locked (TVL) has exceeded 30,000 ETH as of October 2nd, indicating a significant increase in user activity and engagement.
Friend.tech’s revenue boom coincides with a surge in communicative transactions on the platform, which have reached a staggering 9,200,882. Although these metrics have experienced a slight dip compared to the previous weeks, the steady growth in revenue and TVL demonstrates that the platform is continuing to attract and retain users.
With its impressive revenue growth and increasing user base, Friend.tech has proven its staying power in the competitive social media landscape. Its revenue-sharing model and exclusive content offerings have solidified its position as a unique platform in the Web3 space. While it may have faced initial doubts and criticisms, Friend.tech has achieved remarkable results and is poised for even greater success in the future.
Friend.tech’s journey from skepticism to success serves as a testament to the resilience and innovation of decentralized social media platforms. Despite facing early skepticism and doubts about its sustainability, Friend.tech has managed to surpass expectations and establish itself as a significant player in the Web3 industry. With its revenue growth and user engagement on the rise, Friend.tech is primed to make even bigger waves in the decentralized social media landscape.