According to Cointelegraph: Defying critics and surpassing expectations, decentralized social media platform Friend.tech continues to make waves in the Web3 space. The platform, which operates on Coinbase's layer-2 protocol, Base, has witnessed impressive performance metrics, notably a revenue surge exceeding 10,000 ETH and a total value locked (TVL) topping 30,000 ETH as of October 2. These figures represent a significant accomplishment for the platform, which launched in the second week of August and has continually thrived in Robust revenue growth despite initial skepticism.
Friend.tech is transforming the social media landscape by allowing users to swap "keys" tied to X accounts (previously Twitter) of their friends or favorite influencers. These keys unlock private in-app chatrooms and exclusive content available only to respective X users. This innovative decentralization and revenue-sharing model has been widely applauded in the Web3 community, even as the platform encountered critics who doubted its longevity and sustainability.
While the platform witnessed a slight dip in metrics from highs recorded in early September, its steady revenue increase and thriving TVL underscore ongoing user interest and growth. Despite harsh criticism and pessimistic predictions about its lifespan, Friend.tech proves its resilience, marking a prosperous era for decentralized social media platforms.
