Friend.tech revenue surges over 10,000 ETH, TVL tops 30,000 ETH

Decentralized social networks platform Friend.tech based upon Coinbases layer-2 protocol Base has actually touched brand-new heights in terms of revenue development and overall value locked on its platform. According to data from Dune Analytics, Friend.tech earnings has surged to 10,663 ETH and its TVL grew to over 30,000 ETH on Oct. 2. The recent boom in its income and trading activity comes amid a decrease in buzz from its early days of launch.As a decentralized social network platform released in August 2023, Friend.tech enables users to switch “secrets” associated to X accounts (previously Twitter) belonging to their influencers or friends. These secrets provide users access to private in-app chatrooms and content just offered from the matching X user. Users can purchase shares in their pals and influencers on the platform.While the idea of a decentralized social media platform with a profits sharing model was admired by numerous in the Web3 space, the platform has likewise grabbed the attention of critics. Let me tell you one thing.Something isnt right about @friendtech. Creators earning money from a group chat that does not even work when you cant even respond directly to people?The method pricing works is outrageous and can be quickly taken advantage of.Pumps and dumps. pic.twitter.com/TJqcktEM6P— Yazan (@YazanXBT) August 20, 2023

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The decentralized social networks platform has been stated “dead” on many ocassions because its launch a number of months ago. One crypto analyst questioned its profits model and provided the platform 6-8 weeks prior to the beauty blows over. Critics pointed out that the rate at which the share rates increased in the first couple of weeks makes it unsustainable in the long run.Related: Pepecoin– Insider trading claims surface amid token theftHowever, in spite of the criticism, the Friend.tech platform has continued to see new record surges in income and user development. The latest boom in its revenue comes as the user base with the communicative deals on the platform surged to 9,200,882. While the current trading volume has marked a dip from the rise seen in the first week of Septermber, the steady growth in revenue and TVL suggests the platform is still gathering traction from the users.Magazine: Journeys: Hervé Larren on Bitcoin, Apes and the psychology of blue-chip NFTs