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Friend Tech, the social media platform that sparked the SocialFi hype, has reached a new peak in total value locked (TVL) and revenue increases. The platform, launched on Coinbase‘s Layer-2 scaling solution Base, continues to attract more attention each day. This is particularly enticing for users planning to earn airdrop income.
Friend Tech Keeps Breaking Records
Friend Tech managed to grab everyone’s attention since its launch day and quickly gained significant interest. However, a privacy breach that emerged on the platform caused the sudden decline in interest. The team released an update following the incident, which resulted in a successful outcome.
According to Dune Analytics data, Friend Tech’s commission revenues have reached 10,663 Ethereum. This represents a gain of nearly $18 million. The platform’s total value locked has also increased to 30,000 ETH, surpassing $51 million.
The platform, launched in August, offers different features compared to other social media platforms. Users can trade through “keys” associated with their friends or influencers. These “keys” allow users to have conversations in private in-app chat rooms, and their prices can reach significant values based on supply and demand.
SocialFi Debates Continue
While the idea of a decentralized social media platform is liked by many Web3 users, some continue to criticize 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 argument, critics claim that the platform can only survive for a maximum of eight weeks. They also argue that “key” prices will experience significant value loss in the long run. However, despite all these criticisms, Friend Tech continues to break new records in both revenue and user numbers.
The increase in transactions to 9,200,882 signifies another record, with these current data highlighting the first week of September. While the user count decreases due to the rise in SocialFi platforms, the steady growth in revenue and TVL indicates that a portion of users still utilize the platform.
