According to data from analytics company Dune Analytics, decentralized social network Friend. tech reached a significant milestone by surpassing $50 million in total locked value (TVL) on October 1st.
After reaching the specified TVL level in the crypto currency unit, the platform’s token saw a $2 million drop, but the rapid growth since the launch of the token has continued to see an increase in Friend. tech’s usage. At the time of writing, the protocol’s TVL was at $48.21 million. According to Dune Analytics data, Friend. tech has a cumulative user count of 315,858 and has completed at least one transaction on the decentralized social network since its launch on August 10th.
Cumulative fees obtained from user activity on Friend. tech have exceeded $35 million since its establishment. With increased issuance and repayment activities last month, Friend. tech has been earning an average daily fee of $1.1 million since September 8th. Additionally, as of September 14th, generated fees have reached an all-time high of $2 million. Friend. tech takes half of these fees as revenue and has generated 11,000 ETH in protocol revenue since its launch.
However, according to Dune Analytics data, the revenue has been sent to an external account (EOA) so far, and no expenses have been recorded from this account. While Friend. tech has been increasingly adopted since its launch in August, it has not attracted new users yet.
Data obtained from Dune Analytics showed that the daily new user count, who visited the protocol and completed at least one transaction, has been declining since September 19th. Additionally, as of October 3rd, the decentralized social network gained 5,619 new users. The number of new users reached 17,000 on September 19th, representing a 67% decrease in new demand in the past three weeks.
With the decrease in the number of new users on the platform, new issuance also slowed down. This rate has decreased by 63% since September 13th. Moreover, the daily transaction volume across the protocol also declined on the same day and has since decreased by 10%. Similarly, the daily transaction count on Friend. tech has also dropped by 48% since September 18th.