Friend.tech, a decentralized social media platform, has witnessed a swift and impressive rise in its total value locked (TVL), which doubled to surpass $20 million in just the last four days. This resurgence comes as a surprise to many, especially given that critics had written off the platform as ‘dead’ barely two weeks ago due to declining activity.
Despite earlier skepticism, the momentum for Friend.tech has clearly shifted. On September 9, the platform posted a daily trading volume of $12.3 million, marking its third-largest ever, as per data sourced from Dune Analytics. Notably, Friend.tech’s trading volume even managed to eclipse that of OpenSea, outstripping the prominent NFT marketplace by over $3 million on the said day.
The precise cause behind the platform’s renewed vigor remains ambiguous, but several crypto insiders have put forth their theories. Renowned trader Hsaka opined that the surge in TVL might be attributed to users discovering that Friend.tech chats essentially act as ‘rebranded yield farms.’ This pertains to the enticing 5% fee users stand to earn whenever they buy or sell another user’s ‘key.’ Another plausible factor driving Friend.tech’s popularity could be the influx of notable personalities from outside the crypto space, including high-profile YouTubers and OnlyFans content creators. Enhancements in the platform, such as the added capabilities to upload images, the inclusion of credit-card purchase options, and new sections to monitor varied activities, have also likely contributed to its revived user engagement.
As the crypto community continues to evolve, platforms like Friend.tech highlight the unpredictable yet exciting nature of decentralized applications and their potential for swift turnarounds.
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