Friend.tech is writing a comeback narrative in the uncertain world of decentralized social media that has many people in awe. Just two weeks ago, the site was momentarily declared “dead” owing to declining activity, but it has since mounted an incredible comeback. Its total value locked (TVL) has doubled to more than $20 million in just four days. What’s behind this remarkable turnaround has analysts speculating about the platform’s future and has sparked new interest in this unexpected change of events.
Resurrection of User Activity
Friend.tech’s resurgence comes as a surprise to many. Just last week, it seemed that the platform was facing a bleak future as user activity appeared to be fizzling out. Critics were quick to label it “dead.” However, in the world of cryptocurrencies and decentralized applications, things can change rapidly.
Over the past few days, Friend.tech has defied expectations. On September 9th, the platform witnessed a staggering $12.3 million in daily trading volume, marking the third-highest volume ever recorded. Data from Dune Analytics reveals this impressive spike in activity. Perhaps even more remarkable is the fact that on that day, Friend.tech’s trading volume outshone that of OpenSea, a prominent NFT platform, by more than $3 million.
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In the midst of this resurgence, there is a sense of cautious optimism among the platform’s users. Herro, currently the fourth-largest account on Friend.tech, shared insights on its future. Herro anticipates that Friend.tech will maintain its momentum until the launch of a potential Friend.tech token, which could happen in the coming months. Beyond that, the platform’s fate may hinge on the decisions and strategies of its development team. Expectations include fee reductions, increased earnings for creators, and efforts to onboard users who are new to the world of cryptocurrencies.
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Possible Reasons for the Revival
While the surge in Friend.tech’s activity is a welcome development, the precise reasons behind this revival remain multifaceted. Crypto influencer Hsaka humorously suggested that users may have rediscovered the platform as they realized that Friend.tech chats could be viewed as “yield farms rebranded.” This tongue-in-cheek comment alludes to the potential for users to earn a 5% fee when others purchase or sell their “keys.”
Another contributing factor to Friend.tech’s resurgence could be the growing presence of non-crypto figures on the platform. Prominent YouTubers and creators from platforms like OnlyFans have joined Friend.tech in recent weeks. This expansion beyond the crypto community underscores the platform’s broader appeal.
Friend tech TVL 2x since people realized these were just yield farms rebranded.
— Hsaka (@HsakaTrades) September 9, 2023
Enable TUSD and TVL balloons to 9 figs instantly as @justinsuntron enters the arena https://t.co/GYRN2S0yLGpic.twitter.com/dgJsgBy1h2
Furthermore, Friend.tech has not been resting on its laurels. The platform has introduced a series of updates aimed at enhancing user experience and functionality. Despite facing initial challenges and technical glitches, Friend.tech has introduced features such as photo uploads, credit card payment options, and new sections for different types of activities.
Related: Friend.tech Investigates Report of User Data Leak
Friend.tech’s journey has been nothing short of a rollercoaster ride. After launching on Coinbase’s layer-2 Base on August 11, the platform generated an astonishing $5.9 million in fees within its first ten days. However, a subsequent slump in user activity saw daily fees plummet by 87% and transaction volume decline by 90%, leading to premature declarations of its demise.
In the world of decentralized social media, where innovation and unpredictability reign supreme, Friend.tech is proving that it’s not ready to be written off just yet. Its recent resurgence is a testament to the dynamic nature of the crypto space and the ever-evolving preferences of its users. As the platform continues to evolve and adapt, its future remains uncertain but undeniably intriguing.