Friend.tech: Thriving in Decentralized Social Media

Based on Coinbase’s layer-2 protocol, Base, the decentralized social media platform Friend.tech has reached new heights in terms of revenue growth and total platform value.

According to data from Dune Analytics, Friend.tech’s revenue has soared to 10,663 Ether, and its total value locked (TVL) grew to over 30,000 ETH on Oct. 2. The recent growth 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 exchange “keys” associated with X accounts (formerly Twitter) 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 from their friends and influencers.

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 caught the attention of critics. Since its debut a few months ago, the decentralized social media platform has been declared “dead” on numerous occasions.

One crypto commentator questioned the platform’s revenue model and predicted that its popularity would wane within six to eight weeks. Critics pointed out that the rate of 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 latest growth in its revenue comes amid communicative transactions on the platform surging to 9,200,882.

The current trading metrics have marked a decline from the highs seen in the first week of September; however, the steady growth in revenue and TVL suggests the platform is still garnering traction from users.