Decentralized social media platform Friend.tech, based on Coinbase’s layer-2 protocol, Base, has touched new heights in terms of revenue growth and total value locked on its platform.
According to data from Dune Analytics, Friend.tech’s revenue has surged to 10,663 Ether (ETH), and its total value locked (TVL) grew to over 30,000 ETH on Oct. 2. The recent boom in its revenue and trading activity comes amid a decline in hype from its early days of launch.
As a decentralized social network platform launched in August 2023, Friend.tech enables users to swap “keys” associated with X accounts (formerly Twitter) belonging to their friends or influencers. These keys give users access to private in-app chatrooms and content only available to the corresponding X user. Users can buy shares of their friends and influencers on the platform.
While the concept of a decentralized social network platform with a revenue-sharing model was lauded by many in the Web3 space, the platform has also grabbed the attention of critics.
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…
