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The decentralized social media platform Friend.tech, which operates on Coinbase’s layer-2 protocol, Base, has reached new milestones in revenue expansion and total value locked on its platform.
Data from Dune Analytics indicates that Friend.tech’s revenue has climbed to 10,663 Ether (ETH), while its total value locked (TVL) exceeded 30,000 ETH as of October 2. This recent surge in revenue and trading activity occurs alongside a decrease in excitement from its initial launch period.
Launched in August 2023, Friend.tech serves as a decentralized social networking platform that allows users to exchange “keys” linked to X accounts (formerly Twitter) of their friends or influencers. These keys provide users with access to exclusive in-app chatrooms and content that is only available to the respective X user. Users have the option to purchase shares of their friends and influencers on the platform.
Although the idea of a decentralized social networking platform featuring a revenue-sharing model has been praised by many within the Web3 community, it has also attracted criticism.
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. pic.twitter.com/TJqcktEM6P— Yazan (@YazanXBT) August 20, 2023
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Since its launch a few months ago, the decentralized social media platform has been declared “dead” on multiple occasions. One crypto commentator expressed skepticism about its revenue model, predicting that the platform would lose its appeal within six to eight weeks. Critics have noted that the rapid increase in share prices during the initial weeks raises concerns about its long-term viability.
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Nonetheless, in spite of the criticism, the Friend.tech platform has continued to experience new record highs in both revenue and user growth.
The recent surge in revenue coincides with communicative transactions on the platform reaching 9,200,882. Although the current trading metrics show a decline from the peaks observed in the first week of September, the consistent growth in revenue and TVL indicates that the platform is still attracting users.
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