Friend.tech Records Two New Milestones Amidst Renewed Hype

Opeyemi Sule

1 year ago

3 mins read

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Friend.tech, a decentralized social network, has witnessed a sharp resurgence barely two weeks after critics pronounced the platform dead. The platform is enjoying renewed user interest, with its total value locked (TVL) surpassing $20 million a few days ago.

Thanks to this growing momentum, Friend.tech has seen its trading volume and platform fees rise to new peaks.

Friend.tech Continues Resurgence With New Trading Volume Peak

Decentralized application (dApp) Friend.tech has witnessed significant activity in the past few days. This has been reflected in the social media platform’s daily active users, which grew to nearly 16,000 on Wednesday, September 13.

As a result of this upward trend, Friend.tech also reached its highest trading volume of $18.51 million on Wednesday, according to Dune Analytics data. The platform recorded $1.9 million in capture fees, representing another all-time high on the same day.

Dune data dashboard revealed that fees on Friend.tech accounted for more than 35% of the gas cost on the Base blockchain on September 13.

Moreover, the population of traders on the decentralized application experienced a significant increase, with unique buyers surpassing 155,000. Meanwhile, the number of unique sellers climbed above 75,000 on Wednesday.

As of this writing, Friend.tech has a total value locked of nearly $34 million, according to DefiLlama. This figure represents an almost 30% rise in the past 24 hours.

Here Are Possible Reasons For Friend.tech’s Recovery

Friend.tech went live on Coinbase’s Ethereum layer-2 network, Base, in August. The decentralized application allows users to trade “keys” of X (formerly Twitter) accounts and interact with social media personalities in a closed, group chat format.

Following its launch, Friend.tech gained prominence within a short span. However, activity on the platform slumped abruptly before the end of August, with its trading volume nosediving by 94% at some point.

Fortunately, Friend.tech appears to have recovered from the decline. Although there is no evident catalyst for the platform’s latest activity surge, various theories have emerged from different angles of the crypto community.

Notably, a recent TokenTerminal report proposed that several factors may be responsible for Friend.tech’s growth. Specifically, the blockchain analytics site highlighted that Friend.tech has no direct competitor, with X (a Web2 application) being its closest rival.

Additionally, the report pointed to the social media platform’s strategic takeoff, which coincided with the public mainnet launch of Base. TokenTerminal suggested that the timing of Friend.tech’s launch was to maximize activity on both the dApp and blockchain.

Another possible reason for the latest resurgence was explained by popular crypto trader Hsaka. According to the trader’s post on X, the platform’s total value locked soared since users discovered they could receive rewards for depositing crypto assets.

The cryptocurrency total market cap on the daily timeframe | Source: TOTAL chart on TradingView

Featured image from Fortune, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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