The social media platform Friend Tech, which ignited the SocialFi hype, has reached a new peak in total value locked (TVL) and revenue increases. The platform, launched through Coinbase‘s Layer-2 scaling solution, Base, continues to attract increasing interest. This situation particularly excites users who plan to earn airdrop income.
Friend Tech Breaks Record after Record
Friend Tech managed to grab everyone’s attention from the day of its launch and received intense interest in a short period of time. However, a privacy breach that emerged on the platform in the following days caused a sudden decrease in interest. The team published an update after the incident, and this development ended successfully.
According to Dune Analytics data, Friend Tech’s commission revenues have risen to 10,663 Ethereum, which indicates a gain of nearly $18 million. The total value locked in the platform has also risen to 30,000 ETH, surpassing $51 million.
The platform, launched in August, includes different features compared to other social media platforms. Accordingly, users can trade through “keys” associated with their friends or influencers. With these “keys,” users can have conversations in private in-app chat rooms, and the prices of “keys” can reach significant values depending on supply and demand.
SocialFi Discussions Continue
The idea of a decentralized social media platform is liked by many Web3 users, but criticisms continue regarding the revenue sharing model within the application.
Since its launch, the SocialFi platform has been claimed by some to have lost its hype or become non-functional. According to this thesis, critics who argue that the platform can only survive for a maximum of eight weeks also claim that the prices of “keys” will experience significant value loss in the long term. However, despite all these criticisms, the Friend Tech platform continues to break new records in both revenue and user count.
The increase in transactions on the platform to 9,200,882 signifies another record, and these current data points draw attention to the first week of September. The decrease in user count due to the growth seen in SocialFi platforms indicates that a portion of users are still using the platform, as revenue and TVL continue to grow steadily.
