Decentralized social media platform Friend.tech, based on Coinbase’s layer 2 protocol, Base, has reached new heights in terms of revenue growth and total value locked on its platform.
According data From Dune Analytics, Friend.tech‘s revenue increased to 10,663 Ether (eth), and its total value locked (TVL) grew to over 30,000 eth on October 2. The recent boom in its revenue and business activity comes amid waning enthusiasm. since its first days of launch.
As a decentralized social media platform launched in August 2023, Friend.tech allows users to exchange “keys” associated with X (formerly Twitter) accounts belonging to their friends or influencers. These keys give users access to private chat rooms within the app and to content that is only available to the corresponding user X. Users can buy shares from their friends and influencers on the platform.
While many in the Web3 space praised the concept of a decentralized social media platform with a revenue-sharing model, the platform has also drawn the attention of critics.
Let me tell you something.
Something’s not right about @amigotech.
Creators making money from a group chat that doesn’t even work when you can’t even reply to people directly?
The way pricing works is ridiculous and can easily be taken advantage of.
Pumps and landfills. pic.twitter.com/TJqcktEM6P
– Written by (@YazanXBT) August 20, 2023
The decentralized social media platform has been declared “dead” on numerous occasions since its launch a couple of months ago. One crypto commentator questioned its revenue model and gave the platform six to eight weeks before the charm wears off. Critics pointed out that the pace at which share prices rose in the first few weeks makes it unsustainable in the long term.
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However, despite the criticism, the Friend.tech platform has continued to post new record increases in revenue and user growth.
The latest surge in revenue comes amid an increase of 9,200,882 communication transactions on the platform. Current trading metrics have marked a drop from the highs seen in the first week of September; However, the steady growth in revenue and TVL suggests that the platform is still gaining traction among users.
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