Friend.tech Sees Surge in Revenue and Total Value Locked
Friend.tech, a decentralized social media platform built on Coinbase’s Base protocol, has experienced significant growth in terms of revenue and total value locked (TVL). According to data from Dune Analytics, the platform’s revenue has reached 10,663 Ether (ETH), while its TVL has surpassed 30,000 ETH as of October 2nd. This growth comes despite a decline in the platform’s initial hype.
How Friend.tech Works
Friend.tech was launched in August 2023 as a decentralized social network. It allows users to exchange “keys” associated with X accounts (previously Twitter) owned by their friends or influencers. These keys grant access to private chatrooms and exclusive content. Users can also purchase shares of their friends and influencers on the platform.
Criticism and Continued Growth
The concept of a decentralized social network with a revenue-sharing model has received praise from many in the Web3 space. However, Friend.tech has also faced criticism. Some critics have questioned its revenue model and expressed doubts about its long-term sustainability.
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
Despite these criticisms, Friend.tech continues to experience record-breaking revenue growth and user expansion. Although the number of communicative transactions on the platform has decreased from its peak in early September, the steady increase in revenue and TVL indicates ongoing user interest and adoption.
Hot Take: Friend.tech’s Success Amidst Skepticism
Friend.tech, a decentralized social media platform, has defied skeptics by achieving substantial revenue growth and attracting a growing user base. Despite concerns about its revenue model and sustainability, the platform continues to thrive. Its unique approach of allowing users to exchange keys associated with influential accounts has garnered attention and support from Web3 enthusiasts. While some critics argue that the platform’s share prices are unsustainable in the long run, Friend.tech’s consistent revenue growth and increasing total value locked suggest that it is gaining traction among users. As the platform evolves, it will be interesting to see how it addresses criticisms and further establishes itself in the decentralized social media landscape.
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