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 The decentralized social media platform has continued to thrive since it launched in the second week of August and has hit multiple new highs despite critics predicting its downfall. 
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 Decentralized social media platform Friend.tech based on Coinbase’s layer-2 protocol Base has touched new heights in terms of revenue growth and total value locked on its platform.&nbsp; 
 According to data from Dune Analytics, Friend.tech revenue has surged to 10,663 ETH and its TVL grew to over 30,000 ETH on Oct. 2. The recent boom 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 swap "keys" associated to X accounts (formerly Twitter) belonging to their friends or influencers. These keys give users access to private in-app chatrooms and content only available from the corresponding X user. Users can buy shares in their friends and influencers on the platform. 
 While the concept of a decentralized social network platform with a <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> sharing model was lauded by many in the Web3 space, the platform has also grabbed the attention of critics.&nbsp; 
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 Let me tell you one thing. Something isn’t right about @friendtech. Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people? The way pricing works is ridiculous and can be easily taken advantage of. Pumps and dumps. pic.twitter.com/TJqcktEM6P— Yazan (@YazanXBT) August 20, 2023 
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 The decentralized social media platform has been declared “dead” on numerous ocassions since its launch a couple of months ago. One crypto commentator questioned its revenue model and gave the platform 6-8 weeks before the charm fizzles out. Critics pointed out that the rate at which the share prices increased in the first couple of weeks makes it unsustainable in the long run. 
 Related: Pepecoin — Insider trading claims surface amid token theft 
 However, despite the criticism, the Friend.tech platform has continued to see new record <a rel="noopener noreferrer nofollow" title="surges" href="https://thebittimes.com/tag/surges.html">surges</a> in <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> and user growth.&nbsp; 
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 <img src="https://cdn.thebittimes.com/images/2023/10/02/3e4c2f6b4ed02b14dc994339839e6fea.webp"> 
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 The latest boom in its <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> comes as the user base with the communicative transactions on the platform <a rel="noopener noreferrer nofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a>d to 9,200,882. While the current trading volume has marked a dip from the <a rel="noopener noreferrer nofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> seen in the first week of Septermber, the steady growth in <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> and TVL suggests the platform is still garnering traction from the users. 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/friend-tech-revenue-surges-over-10-000-eth-tvl-tops-30-000-eth-tbt64788.html">https://thebittimes.com/friend-tech-revenue-surges-over-10-000-eth-tvl-tops-30-000-eth-tbt64788.html</a>

Friend.tech revenue surges over 10,000 ETH, TVL tops 30,000 ETH

TheBitTimes

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