Friend.tech Experiences Resurgence in User Interest
Friend.tech, a decentralized social network, has seen a significant revival in user activity despite recent criticism. The platform’s total value locked (TVL) surpassed $20 million, indicating renewed interest from users. This growth has also led to an increase in trading volume and platform fees.
Continued Growth in Trading Volume
In recent days, the decentralized application Friend.tech has experienced a surge in activity. The platform’s daily active users reached nearly 16,000 on September 13. Additionally, Friend.tech recorded its highest trading volume of $18.51 million on the same day, along with capture fees of $1.9 million.
Data from Dune Analytics shows that Friend.tech accounted for over 35% of the gas cost on the Base blockchain on September 13. The number of unique buyers and sellers also saw a significant increase.
Possible Reasons for Friend.tech’s Recovery
Friend.tech launched on Coinbase’s Ethereum layer-2 network, Base, in August. It allows users to trade “keys” of X (formerly Twitter) accounts and interact with social media personalities through closed group chats.
While it experienced a decline in activity towards the end of August, Friend.tech has now shown signs of recovery. Although there is no clear catalyst for this resurgence, various theories have emerged within the crypto community.
A TokenTerminal report suggests that Friend.tech’s growth may be attributed to its lack of direct competitors and its strategic launch coinciding with the public mainnet launch of Base. Another possible reason is the ability for users to receive rewards for depositing crypto assets.
Hot Take: Friend.tech Bounces Back Stronger Than Ever
Despite previous doubts, Friend.tech has proven its resilience with a remarkable resurgence in user interest. With its total value locked surpassing $20 million and trading volume reaching new highs, the decentralized social network has regained momentum.
The platform’s recent growth can be attributed to various factors such as its unique offering without direct competitors, strategic timing of the launch, and incentives for users. Friend.tech’s recovery demonstrates the potential of decentralized applications and their ability to bounce back stronger than ever.
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