Friend.tech Regains Strong DeFi Activity with TVL Shooting Past $20M
One possible reason behind the strong surge in Freind.tech’s user activity is due to several non-crypto personalities joining the platform recently.
Decentralized social platform Friend.tech is once again gaining major traction with the total value locked (TVL) shooting to more than $20 million in the last four days. The development comes within two weeks of critics declaring the platform “dead” after the activity on the platform started to “fizzle out”.
Nonetheless, Friend.tech has experienced a notable resurgence in activity in recent days, with the app recording a daily trading volume of $12.3 million on September 9th. This figure marked the third-highest trading volume ever observed on the platform, as reported by data from Dune Analytics.
As noted by the pseudonymous account TylerDidIt, the trading volume on Friend.tech on September 9th surpassed that of OpenSea. On that day, Friend.tech outperformed the NFT platform by more than $3 million in trading volume.
FriendTech trading volume was $12.3M yesterday.
Total NFT trading volume on ETH was just $9.15M. pic.twitter.com/CbqVYqP5PQ
— TylerD 🧙♂️ (@Tyler_Did_It) September 10, 2023
Over the last month and so, there’s been a major uproar with the use of the social media platform Friend.tech. Within 24 hours of its launch last month in August, the Friend.tech platform raked up more than $1 million in transaction fees.
Herro, a pseudonymous crypto account that currently ranks as the 4th largest on the app, expressed their belief that friend.tech will remain a prominent platform in the crypto space for the foreseeable future. They also expect a potential friend.tech token launch in the coming months.
“I believe FT will stick around up until a token is launched in ~5 mo. Prior to, and after that, its future will depend on the team. I believe they’ll reduce fees, increase creator revenue earned & onboard non-crypto natives in order to succeed,” Herro told CoinTelegraph.
Why Is Friend.tech Booming Again?
There’s no clear reason as to why the decentralized social platform Friend.tech saw a major surge in platform activity.
Prominent trader Hsaka humorously noted that Total Value Locked (TVL) had doubled once users realized that Friend.tech chats were essentially “yield farms rebranded.” This comment alluded to the potential profit gained from the 5% fee when users buy or sell someone’s “key.”
Another possible explanation for the increased activity on Friend.tech could be the growing presence of non-crypto personalities on the platform. Recently, several well-known YouTubers and OnlyFans creators have joined, diversifying the user base.
PancakesBrah, the pseudonymous individual responsible for growth and business development at Friend.tech, emphasized that the platform is not exclusively for crypto enthusiasts, highlighting its broader appeal.
Moreover, the app has implemented a series of updates aimed at enhancing the user experience and functionality. While it had initially faced challenges related to bugs and technical issues, the app has since introduced several new features. These enhancements encompass capabilities such as photo uploads, credit card-enabled purchasing options, and additional sections for users to explore various types of activities.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
