Friend.tech, a decentralized social media platform based on Coinbase’s layer-2 protocol Base, has seen a surge in revenue and total value locked on its platform. According to data from Dune Analytics, Friend.tech revenue has reached 10,663 ETH and its TVL has grown to over 30,000 ETH. The platform, which launched in August 2023, enables users to swap “keys” associated to X accounts (formerly Twitter) belonging to their friends or influencers. These keys give users access to private in-app chatrooms and content only available from the corresponding X user. Users can buy shares in their friends and influencers on the platform.Despite criticism that the platform’s revenue model is unsustainable in the long run, Friend.tech has continued to see record surges in revenue and user growth. The user base with communicative transactions on the platform has surged to 9,200,882 and the current trading volume has marked a dip from the surge seen in the first week of September. This suggests that the platform is still garnering traction from the users.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Hervé Larren, Crypto Commentator |
| Companies | Pepecoin, Friend.tech, X, Coinbase, Dune Analytics |
| Currencies | Ethereum, Bitcoin, PepeCoin, Friend Room |
| Securities | None |
