Decentralized social media platform Friend.tech, based mostly on Coinbase’s layer-2 protocol, Base, has touched new heights when it comes to revenue progress and whole worth locked on its platform.
According to data from Dune Analytics, Friend.tech’s revenue has surged to 10,663 Ether (ETH), and its whole worth locked (TVL) grew to over 30,000 ETH on Oct. 2. The current growth in its revenue and buying and selling exercise comes amid a decline in hype from its early days of launch.
As a decentralized social community platform launched in August 2023, Friend.tech allows customers to swap “keys” related to X accounts (previously Twitter) belonging to their mates or influencers. These keys give customers entry to non-public in-app chatrooms and content material solely out there to the corresponding X consumer. Users can purchase shares of their mates and influencers on the platform.
While the idea of a decentralized social community platform with a revenue-sharing mannequin was lauded by many within the Web3 house, the platform has additionally grabbed the eye of critics.
Let me let you know one factor.
Something isn’t proper about @friendtech.
Creators earning profits from a gaggle chat that doesn’t even work when you possibly can’t even reply on to individuals?
The means pricing works is ridiculous and may be simply taken benefit of.
Pumps and dumps. pic.twitter.com/TJqcktEM6P
— Yazan (@YazanXBT) August 20, 2023
The decentralized social media platform has been declared “dead” on numerous occasions since its launch a few months in the past. One crypto commentator questioned its revenue mannequin and gave the platform six to eight weeks before the charm fizzles out. Critics identified that the speed at which the share costs elevated within the first couple of weeks makes it unsustainable in the long term.
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However, regardless of the criticism, the Friend.tech platform has continued to see new record surges in revenue and consumer progress.
The newest growth in its revenue comes amid communicative transactions on the platform surging to 9,200,882. The present buying and selling metrics have marked a dip from the highs seen within the first week of September; nevertheless, the regular progress in revenue and TVL suggests the platform remains to be garnering traction from customers.
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