Friend.tech, a decentralized social media platform built on Coinbase’s layer-2 protocol, Base, has recently reached impressive milestones in terms of revenue growth and total value locked on its platform. According to data from Dune Analytics, the platform’s revenue has surged to 10,663 Ether (ETH), and its total value locked (TVL) has exceeded 30,000 ETH as of October 2nd. These figures indicate a significant rise in revenue and trading activity, even amidst a decline in hype since its initial launch.
Friend.tech was introduced in August 2023 as a decentralized social network platform, allowing users to exchange “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 available only to the corresponding X user. Additionally, users have the opportunity to purchase shares of their friends and influencers on the platform.
While the concept of a decentralized social network platform with a revenue-sharing model received praise within the Web3 space, Friend.tech has also faced criticism. Since its launch a few months ago, the platform has been labeled as “dead” on multiple occasions. One crypto commentator expressed doubts regarding its revenue model and predicted the platform’s charm would fade within six to eight weeks. Critics highlighted the rapid increase in share prices during the early weeks, deeming it unsustainable in the long term.
Despite these criticisms, Friend.tech has defied expectations and experienced remarkable growth in both revenue and user numbers. The recent surge in revenue coincides with a significant increase in communicative transactions on the platform, which now surpass 9,200,882. Although the current trading metrics have slightly dipped since the platform’s peak in the first week of September, the steady growth in revenue and total value locked indicates that the platform continues to attract user engagement and interest.
Friend.tech’s success can partly be attributed to responsive actions taken by the platform in addressing the concerns raised by critics. The team behind Friend.tech has been proactive in implementing changes to ensure the sustainability of the revenue-sharing model and the overall functionality of the platform. By adapting to market dynamics and user feedback, Friend.tech has been able to maintain its upward trajectory.
With its growing revenue and increasing user base, Friend.tech is positioning itself as a prominent player within the decentralized social media landscape. The platform’s unique approach, offering revenue-sharing and exclusive content access, has resonated with users in the Web3 space. As Friend.tech continues to refine its revenue model and address potential challenges, it is likely to see further growth and solidify its position as a leader in this rapidly evolving industry.
Friend.tech’s impressive revenue growth and user growth demonstrate its resilience and ability to overcome initial skepticism. By offering a revenue-sharing model and exclusive content access, Friend.tech has captured the attention and engagement of users. As the platform continues to evolve and address concerns, its future looks promising in the increasingly competitive world of decentralized social media.
Leave a Reply