Friend.tech, a decentralized social network, has experienced a remarkable resurgence in recent weeks, defying critics who had declared the platform dead. The platform has seen a surge in user interest, with its total value locked (TVL) surpassing $20 million just a few days ago. This growing momentum has also led to an increase in trading volume and platform fees.
According to recent data from Dune Analytics, Friend.tech has witnessed significant activity, with daily active users reaching nearly 16,000 on September 13. On the same day, the platform reached its highest trading volume of $18.51 million and recorded $1.9 million in capture fees, both representing all-time highs.
The importance of Friend.tech within the cryptocurrency ecosystem is evident from the fact that fees on the platform accounted for more than 35% of the gas cost on the Base blockchain on September 13. Additionally, the number of unique buyers on the decentralized application surpassed 155,000, while unique sellers climbed above 75,000.
As of now, Friend.tech has a total value locked of nearly $34 million, a 30% increase in the past 24 hours, according to DefiLlama.
The reasons behind Friend.tech’s recovery are not entirely clear. However, several theories have emerged within the crypto community. A recent report from TokenTerminal suggests that the platform’s growth can be attributed to its lack of direct competition, with its closest rival being a Web2 application called X. The report also highlights the strategic timing of Friend.tech’s launch, which coincided with the public mainnet launch of Base, maximizing activity on both the dApp and blockchain.
Another possible reason for the resurgence, as pointed out by popular crypto trader Hsaka, is the platform’s total value locked, which skyrocketed as users discovered they could receive rewards for depositing crypto assets.
The recovery of Friend.tech showcases the resilience and potential of decentralized social networks. Despite initial setbacks, the platform has managed to regain user interest and achieve new milestones in terms of trading volume and fees. With its unique features and strategic positioning, Friend.tech is well-positioned to capitalize on the growing demand for decentralized applications in the social media space.
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