{"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

<\/p>\n

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

<\/p>\n

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

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Decentralized social media platform friend.tech has seen<\/p>\n","protected":false},"author":3,"featured_media":181190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nFriend.tech TVL tops $20M weeks after being declared \u2018dead\u2019 - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/friend-tech-tvl-tops-20m-weeks-after-being-declared-dead\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Friend.tech TVL tops $20M weeks after being declared \u2018dead\u2019 - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Decentralized social media platform friend.tech has seen\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/friend-tech-tvl-tops-20m-weeks-after-being-declared-dead\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-11T03:39:34+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/09\/Friend.tech-TVL-tops-20M-weeks-after-being-declared-\u2018dead.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/friend-tech-tvl-tops-20m-weeks-after-being-declared-dead\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/friend-tech-tvl-tops-20m-weeks-after-being-declared-dead\/\",\"name\":\"Friend.tech TVL tops $20M weeks after being declared \u2018dead\u2019 - 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