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Decentralized social media platform Friend Tech has experienced a sudden surge in total locked value (TVL), doubling in the past four days and surpassing $20 million. Just two weeks ago, critics declared the platform “dead” as they speculated that activities on the app could come to an end. However, the platform’s series of updates aimed at enhancing user experience and functionality have caught the attention of users.
Token Could Arrive Within Five Months
Friend Tech has witnessed significant activity in the past few days, with the application recording a daily trading volume of $12.3 million on September 9th, according to Dune Analytics. This marks the largest third daily trading volume on the platform thus far.
As noted by the account named TylerDidIt, the trading volume on Friend Tech on September 9th surpassed the trading volume of OpenSea, leaving a gap of over $3 million between the two platforms.
An anonymous crypto account, Herro, who is currently the fourth largest account on the app, stated that they expect Friend Tech to remain active until the potential launch of a Friend Tech token in the foreseeable future, or at least in the coming months:
“I believe Friend Tech will remain in the market until a token is released within five months. Before and after that, its future will depend on the team. I believe they will lower fees to succeed, increase the creator’s earnings, and onboard non-crypto users.”
Friend Tech’s Rebranding
While the platform’s significant growth can be attributed to various factors, notable figures in the crypto industry have shared some reasons for Friend Tech’s revival. Renowned investor Hsaka stated that the TVL has doubled since users realized that Friend Tech chats were “just rebranded.”
Another potential reason behind the resurgence of activity on Friend Tech could be the increasing number of non-crypto users, including several prominent YouTubers and OnlyFans creators, joining the platform in recent weeks.
Additionally, the application has introduced a series of updates aimed at enhancing user experience and functionality. New features, including photo uploads, credit card purchasing options, and sections to view different types of activities, were added to the app, which initially faced various technical issues.
Friend Tech launched on August 11th on Coinbase‘s Layer-2 scaling solution, Base, and generated a surprising commission fee of $5.9 million on its 10th day. However, user activity soon halted, resulting in an 87% decrease in daily fees and a 90% decrease in trading volume over the past week. This led some crypto analysts to prematurely declare the platform “dead.”
