Decentralized social media platform Friend.tech has continued to thrive since it launched in August and has hit multiple new highs in revenue growth and total value locked (TVL) despite facing criticism.
According to data from Dune Analytics, Friend.tech’s revenue increased to 10,663 Ether on October 2, and its total value locked (TVL) surpassed 30,000 Ether. Recent revenue and trading activity growth coincides with a decline in its initial launch-period buzz.
As a decentralized social media platform introduced in August 2023, Friend.tech enables users to exchange “keys” for X (formerly Twitter) accounts belonging to their friends or influencers.
These keys grant access to private in-app chatrooms and exclusive content for the corresponding X user. On the platform, users can purchase shares of their peers and influencers.
While many in the Web3 community praised the concept of a decentralized social network platform with a revenue-sharing model, the platform has also attracted the attention of critics.
Since its debut a few months ago, the decentralized social media platform has been declared “dead” numerous times. One crypto commentator questioned the platform’s revenue model and predicted its popularity would wane within six to eight weeks.
Critics noted that the increase in share prices during the first two weeks is unsustainable over the long term.
Nevertheless, despite the criticism, the Friend.tech platform has continued to experience revenue and user growth at record rates.
The most recent revenue increase is due to an increase in the number of transactions on its platform to 9,200,882. The current trading metrics have declined since the first week of September, but the consistent growth in revenue and TVL indicates that the platform is still gaining traction with users.
