Friend.tech TVL tops $20M weeks after being declared ‘dead’
While theres no evident reason the platform saw such a rise, numerous crypto market heavyweights shared some reasoning for its resurrection. Prominent trader Hsaka jested that TVL had actually doubled since users understood that Friend.tech chats were “just yield farms rebranded”– a comment that refers to the potential gain from the 5% fee made when users offer or buy someones “key.” Another potential reason behind the resurgence of activity on Friend.tech might have something to do with the growing number of non-crypto figures that have joined the platform in recent weeks, including a variety of popular YouTubers and OnlyFans creators.PancakesBrah, the pseudonymous account in charge of growth and company development at Friend.tech said this hammers house the point that the platform “isnt an app for just crypto bros.” I enjoy to see stuff like this bro, @sleepdiplomat just joined, which hammers home the point some people dont get, this isnt an app for simply crypto brothers, every vertical can find value on buddy tech, everybody bro pic.twitter.com/c7EpuGQtDt— Pancakesbrah (actually Based) (@Pancakesbrah) September 10, 2023
Decentralized social media platform friend.tech has actually seen a sudden surge in overall value locked (TVL), doubling to reach more than $20 million within the last four days. Just two weeks ago, critics stated the platform “dead” after activity on the app looked to be fizzling out. Overall worth locked and fees on Friend.tech given that Aug. 10. Source: DeFiLlamaHowever, activity on Friend.tech has experienced a substantial resurgence over the last couple of days, with the app witnessing $12.3 million in day-to-day trading volume– the third-highest ever– on Sept. 9, according to information from Dune Analytics. Trading volume and number of traders on Friend.tech considering that beginning. Source: Dune AnalyticsAs the pseudonymous account TylerDidIt mentioned, the Sept. 9 trading volume on Friend.tech eclipsed that of OpenSea, surpassing the NFT platform by more than $3 million on the day. FriendTech trading volume was $12.3 M yesterday.Total NFT trading volume on ETH was just $9.15 M. pic.twitter.com/CbqVYqP5PQ— TylerD ♂ (@Tyler_Did_It) September 10, 2023
Plagued by bugs and different technical mistakes, the app has included a series of new functions including the ability to upload images, credit-card-enabled purchase options and brand-new sections to see various types of activity.Related: Friend.tech rejects report that database of over 100K users was leakedFriend.tech introduced on Coinbases layer-2 Base on Aug. 11, and produced a staggering $5.9 million in charges by its 10th day. Shortly afterwards however, user activity stalled– daily fees plunged 87% and transaction volume fell 90% over the course of the next week, causing some to too soon state the platform “dead.