{"id":181191,"date":"2023-09-11T03:39:34","date_gmt":"2023-09-11T03:39:34","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181191"},"modified":"2023-09-11T03:39:34","modified_gmt":"2023-09-11T03:39:34","slug":"friend-tech-tvl-tops-20m-weeks-after-being-declared-dead","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/friend-tech-tvl-tops-20m-weeks-after-being-declared-dead\/","title":{"rendered":"Friend.tech TVL tops $20M weeks after being declared \u2018dead\u2019"},"content":{"rendered":"
Decentralized social media platform friend.tech has seen a sudden surge in total value locked (TVL), doubling to reach more than $20 million within the last four days.\u00a0<\/p>\n
Only two weeks ago, critics declared the platform \u201cdead\u201d after activity on the app looked to be fizzling out.\u00a0<\/p>\n
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However, activity on Friend.tech has witnessed a significant resurgence over the last few days, with the app witnessing $12.3 million in daily trading volume \u2014 the third-highest ever \u2014 on Sept. 9, according to data from Dune Analytics. <\/p>\n
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As the pseudonymous account TylerDidIt pointed out, the Sept. 9 trading volume on Friend.tech eclipsed that of OpenSea, outperforming the NFT platform by more than $3 million on the day. <\/p>\n
While there\u2019s no apparent reason why the platform saw such a surge, many crypto industry heavyweights shared some reasoning for its resurrection. <\/p>\n
Prominent trader Hsaka jested that TVL had doubled since users realized that Friend.tech chats were \u201cjust yield farms rebranded\u201d \u2014 a comment that refers to the potential gain from the 5% fee earned when users buy or sell someone\u2019s \u201ckey.\u201d <\/p>\n
Another potential reason behind the resurgence of activity on Friend.tech may have something to do with the growing number of non-crypto figures that have joined the platform in recent weeks, including a number of prominent YouTubers and OnlyFans creators.<\/p>\n
PancakesBrah, the pseudonymous account in charge of growth and business development at Friend.tech said this hammers home the point that the platform \u201cisn\u2019t an app for just crypto bros.\u201d<\/p>\n
Additionally, the app has shipped a number of updates that have offered improvements to user experience and functionality. <\/p>\n
Initially plagued by bugs and various technical errors, the app has added a series of new features including the ability to upload photos, credit-card-enabled purchase options and new sections to view different types of activity.<\/p>\n
Related: <\/em><\/strong>Friend.tech denies report that database of over 100K users was leaked<\/em><\/strong><\/p>\n Friend.tech launched on Coinbase\u2019s layer-2 Base on Aug. 11, and generated a staggering $5.9 million in fees by its 10th day. <\/p>\n Shortly afterwards however, user activity stalled \u2014 daily fees plummeted 87% and transaction volume fell 90% over the course of the next week, causing some to prematurely declare the platform \u201cdead.\u201d<\/p>\n Magazine: <\/em><\/strong>How smart people invest in dumb memecoins \u2014 3-point plan for success<\/em><\/strong><\/p>\n