Decentralized Social Media Platform Friend.tech Continues to Grow with Surge in Revenue and TVL

Friend.tech sees exponential growth in revenue

Friend.tech, a decentralized social media platform built on Coinbase’s layer-2 protocol, Base, has experienced a significant increase in revenue and total value locked (TVL) on its platform. According to data from Dune Analytics, Friend.tech's revenue has skyrocketed to 10,663 Ether (ETH), while its TVL has surpassed 30,000 ETH as of October 2nd. This surge in revenue and trading activity comes despite a decline in the hype surrounding its initial launch.

An overview of Friend.tech

Launched in August 2023, Friend.tech revolutionizes social networking by allowing users to exchange "keys" associated with accounts on X (formerly 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. Furthermore, users have the ability to invest in shares of their friends and influencers on the platform.

Critics raise concerns

While Friend.tech's revenue-sharing model has received praise within the Web3 community, it has also attracted criticism. Some critics have questioned the functionality of the platform, arguing that it is problematic when users cannot directly reply to others. Additionally, concerns have been raised about the pricing structure, which may be susceptible to manipulation and lead to price fluctuations. One commentator even went so far as to declare the platform as a pump-and-dump scheme.

"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." - Yazan (@YazanXBT)

Growth amidst skepticism

Despite skepticism and predictions of its demise, Friend.tech has managed to achieve record growth in revenue and user numbers. Even as communicative transactions on the platform decreased from their peak in early September, the platform continues to attract users, indicating a steady increase in traction. The recent surge in revenue and TVL further solidifies Friend.tech's position in the decentralized social media space.