Friend.tech: Resurgence in Activity as Total Value Locked Surges and Trading Volume Soars
Summary:
Friend.tech, a decentralized social media platform, has experienced a surprising surge in total value locked (TVL), doubling to over $20 million in just four days. After being declared "dead" by critics, the platform has seen a significant resurgence in activity, with a daily trading volume of $12.3 million on September 9th. The platform's success can be attributed to various factors, including its unique chat functionality and the growing number of non-crypto figures joining. Additionally, recent updates have improved the user experience.
Decentralized social media platform friend.tech experienced a sudden surge in total value locked (TVL) with a doubling effect, reaching over $20 million in just four days. This comes as a surprise to many, as just two weeks ago, critics pronounced the platform "dead" due to dwindling activity. However, things took a turn when activity on Friend.tech experienced a significant resurgence, as the app witnessed $12.3 million in daily trading volume on September 9th, making it the third-highest ever recorded. Remarkably, on that day, the trading volume on Friend.tech even surpassed that of OpenSea, a popular NFT platform, by more than $3 million. The surge in activity could be attributed to the realization that Friend.tech chats could be seen as "yield farms rebranded," leading to increased interest from users. Another contributing factor may be the influx of non-crypto figures, such as YouTubers and OnlyFans creators, joining the platform in recent weeks. The addition of new features, including the option to upload photos and credit-card-enabled purchases, has also enhanced the user experience. Despite the initial technical issues, Friend.tech has proven itself resilient and capable of accommodating various industries, debunking the notion that it is solely for "crypto bros.
Published At
9/11/2023 1:27:26 AM
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