The decentralzied social media platform has continue to thrive since its launched in the second week of Aug and has hit multiple new highs despite critics predicting its downfall.
The decentralized social media platform has continued to thrive since it launched in the second week of August and has hit multiple new highs despite critics predicting its downfall.Decentralized social media platform Friend.tech, based on Coinbase’s layer-2 protocol, Base, has touched new heights in terms of revenue growth and total value locked on its platform.), and its total value locked grew to over 30,000 ETH on Oct. 2.
As a decentralized social network platform launched in August 2023, Friend.tech enables users to swap “keys” associated with X accounts belonging to their friends or influencers. These keys give users access to private in-app chatrooms and content only available to the corresponding X user. Users can buy shares of their friends and influencers on the platform.
While the concept of a decentralized social network platform with a revenue-sharing model was lauded by many in the Web3 space, the platform has also grabbed the attention of critics. Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people?. Critics pointed out that the rate at which the share prices increased in the first couple of weeks makes it unsustainable in the long run.The latest boom in its revenue comes amid communicative transactions on the platform surging to 9,200,882.
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