The Total Value Locked ( #TVL ) in Friend.Tech has surged by $13.5 million in just two weeks. Following a period of what some termed as "clinical death," the Web3 social network Friend.Tech is once again displaying signs of growth. Since August 28th, the total value locked in the protocol has skyrocketed by 210%, going from $6.4 million to $19.95 million.
According to Dune Analytics, on September 9th, the platform saw a daily trading volume of $12.32 million, which is the third-highest in its history. However, by September 11th, this figure had decreased to $2.52 million. In total, Friend.Tech has collected $12.14 million in fees from 140,909 users who have completed at least one transaction.
#Friend.Tech was launched on August 10th on the #Ethereum #Layer 2 network Base, supported by Coinbase. It's a decentralized social platform integrated with X, enabling users to tokenize their profiles.
In less than three weeks after its launch, the trading metrics and activity of the application sharply declined, with transaction volume and fees dropping by nearly 90%. At that point, the community declared the project as "dead."
Initially, the app had several technical glitches and limited functionality. Over time, developers added new features such as photo uploads, payment options via bank cards, and new sections in the feed. The influx of new users from outside the crypto industry, including YouTube bloggers and content creators from OnlyFans, likely contributed to the recent surge in activity.
A representative of the Web3 social network, known as Pancakesbrah, noted that Professor of Neurobiology at the University of California, Berkeley, and the author of the bestseller "Why We Sleep," Matthew Walker, has joined the project. "I love seeing things like this! Bro [Matthew Walker] just joined, which underscores the point that some people don't understand - this app is not just for crypto folks. Every niche can find value in Friend.Tech," wrote Pancakesbrah.
