Friend.tech TVL tops $20M weeks after being declared ‘dead’

Decentralized societal media level friend.tech has seen a abrupt surge successful full worth locked (TVL), doubling to scope much than $20 cardinal wrong the past 4 days. 

Only 2 weeks ago, critics declared the level “dead” aft enactment connected the app looked to beryllium fizzling out. 

Total worth locked and fees connected Friend.tech since Aug. 10. Source: DeFiLlama

However, enactment connected Friend.tech has witnessed a important resurgence implicit the past fewer days, with the app witnessing $12.3 cardinal successful regular trading measurement — the third-highest ever — connected Sept. 9, according to data from Dune Analytics.

Trading measurement and fig of traders connected Friend.tech since inception. Source: Dune Analytics

As the pseudonymous relationship TylerDidIt pointed out, the Sept. 9 trading measurement connected Friend.tech eclipsed that of OpenSea, outperforming the NFT level by much than $3 cardinal connected the day.

While there’s nary evident crushed wherefore the level saw specified a surge, galore crypto manufacture heavyweights shared immoderate reasoning for its resurrection.

Prominent trader Hsaka jested that TVL had doubled since users realized that Friend.tech chats were “just output farms rebranded” — a remark that refers to the imaginable summation from the 5% interest earned erstwhile users bargain oregon merchantability someone’s “key.”

Another imaginable crushed down the resurgence of enactment connected Friend.tech whitethorn person thing to bash with the increasing fig of non-crypto figures that person joined the level successful caller weeks, including a fig of salient YouTubers and OnlyFans creators.

PancakesBrah, the pseudonymous relationship successful complaint of maturation and concern improvement astatine Friend.tech said this hammers location the constituent that the level “isn’t an app for conscionable crypto bros.”

I emotion to spot worldly similar this bro, @sleepdiplomat conscionable joined, which hammers location the constituent immoderate radical don’t get, this isn’t an app for conscionable crypto bros, each vertical tin find worth connected person tech, everyone bro pic.twitter.com/c7EpuGQtDt

Additionally, the app has shipped a fig of updates that person offered improvements to idiosyncratic acquisition and functionality.

Initially plagued by bugs and assorted method errors, the app has added a bid of caller features including the quality to upload photos, credit-card-enabled acquisition options and caller sections to presumption antithetic types of activity.

Related: Friend.tech denies study that database of implicit 100K users was leaked

Friend.tech launched connected Coinbase’s layer-2 Base connected Aug. 11, and generated a staggering $5.9 cardinal successful fees by its 10th day.

Shortly afterwards however, idiosyncratic enactment stalled — regular fees plummeted 87% and transaction measurement fell 90% implicit the people of the adjacent week, causing immoderate to prematurely state the level “dead.”

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