Friend.tech: From Decline to Resurgence with Near $20 Million TVL

In a swift and unexpected turnaround, Friend.tech, the popular decentralized social app, is reemerging as a prominent player in the social DeFi landscape. Just weeks ago, it was declared “dead” due to a sharp drop in user activity, but now, it’s on the verge of achieving a total value locked (TVL) of nearly $20 million.

Friend.tech’s Remarkable Revival

Data from DeFiLlama reveals that Friend.tech’s current TVL stands at an impressive $19.90 million. This resurgence has been nothing short of remarkable, with the platform quickly regaining its standing within the social DeFi space, all within the span of a month since its launch.

As of now, Friend.tech ranks as the third most lucrative dApp in terms of fees and revenue generation across the entire DeFi ecosystem. Over the past 24 hours alone, it has recorded more than $900,000 in fees and a total revenue of $464,000.

A Rollercoaster Journey

Friend.tech’s journey has been a rollercoaster ride. Initially hailed for its rapid growth and record-breaking $1.68 million in fees in a single day on August 21st, the platform experienced a sudden decline in user activity, leading to doubts about its viability.

However, recent days have witnessed a significant resurgence in Friend.tech’s user engagement. The platform is once again gaining popularity among crypto influencers and the broader community. Notably, it has attracted renowned YouTubers and OnlyFans creators due to its creator-centric features.

friend tech reminds me of the a16z thesis that crypto will allow creators to make a living by having 100 superfans rather than tens of thousands of fans they only loosely engage with

feel like friend tech is getting pretty close to that

creators with 100 key holders in their… pic.twitter.com/13e2epp6cP

— lito.eth (@litocoen) September 10, 2023

Unique Features of Friend.tech

Friend.tech operates as a social dApp that allows users to interact while purchasing account keys. The more keys bought for a specific account, the higher its popularity on the platform. Consequently, the price of its keys increases, creating an ecosystem where creators can thrive by engaging deeply with a smaller, more dedicated audience.

Friend.tech’s resurgence serves as a testament to the resilience and dynamism of the decentralized social app space, and it’s a reminder that even in the volatile crypto landscape, a project can experience a remarkable comeback.