Friend.tech TVL Skyrockets to Nearly $20 Million Amid Resurgence in User Activity
The recently acclaimed decentralized social application, Friend.tech, is on the brink of achieving a TVL milestone, approaching the $20 million mark, despite previous speculations of its demise following a sharp decline in user activity.
According to data sourced from DeFiLlama, the current TVL of Friend.tech stands impressively at $19.90 million. This data underscores its rapid ascension within the social DeFi landscape, achieving this feat within a month of its launch.
At present, it holds the distinction of being the third-highest fee and revenue generating decentralized application (dApp) in the entire DeFi ecosystem. Over the past 24 hours alone, it has amassed more than $900,000 in fees and a cumulative revenue of $464,000.
Friend.tech had been written off by the cryptocurrency community a few weeks ago when user activity on the platform experienced a significant downturn. This decline in activity within the DeSo (decentralized social) protocol was particularly surprising given its remarkable growth trajectory since its initial launch. Notably, on August 21st, it had even achieved a record-breaking $1.68 million in fees within a 24-hour period.
However, in recent days, Friend.tech has witnessed a remarkable resurgence in activity, recapturing the attention of crypto influencers and the broader community. Multiple reports suggest that the platform has garnered the participation of prominent YouTubers and OnlyFans creators, drawn to its creator-centric features.
Friend.tech functions as a social dApp that enables users to engage with others while acquiring account keys. The more individuals purchase keys for a specific account, the higher that account’s popularity becomes on the platform, inevitably driving up the price of its keys.