Decentralized social network income #Friend.tech exceeds 10,000 #ETH
The decentralized social network has continued to thrive since its launch in the second week of August and has reached multiple new highs.
Decentralized social network Friend.tech, based on the #Coinbase Base layer 2 protocol, has reached new heights in terms of revenue growth and total value locked on its platform.
According to data from Dune Analytics, Friend.tech's revenue has skyrocketed to 10,663 ether ETH€1,581, and its total value locked (TVL) grew to over 30,000 ETH on October 2. The recent surge in revenue and commercial activity comes amid a decline in expectations since its first days of launch.
As a decentralized social network launched in August 2023, Friend.tech allows users to exchange “keys” associated with X (formerly Twitter) accounts belonging to their friends or influencers. These keys give users access to private chat rooms within the app and content only available to the corresponding X user. Users can buy shares from their friends and influencers on the platform.
While the concept of a decentralized social network with a revenue-sharing model was lauded by many in the Web3 space, the platform has also drawn the attention of critics.
The decentralized social network has been declared "dead" on numerous occasions since its launch a couple of months ago. One cryptocurrency commentator questioned its revenue model and gave the platform six to eight weeks before the allure wears off. Critics pointed out that the pace at which share prices rose in the first couple of weeks makes it unsustainable in the long term.
However, despite the criticism, the Friend.tech platform has continued to record new records for revenue and user growth.
#Ethereum #CryptoCriss77 $BTC $ETH $BNB
The decentralized social network has continued to thrive since its launch in the second week of August and has reached multiple new highs.
Decentralized social network Friend.tech, based on the #Coinbase Base layer 2 protocol, has reached new heights in terms of revenue growth and total value locked on its platform.
According to data from Dune Analytics, Friend.tech's revenue has skyrocketed to 10,663 ether ETH€1,581, and its total value locked (TVL) grew to over 30,000 ETH on October 2. The recent surge in revenue and commercial activity comes amid a decline in expectations since its first days of launch.
As a decentralized social network launched in August 2023, Friend.tech allows users to exchange “keys” associated with X (formerly Twitter) accounts belonging to their friends or influencers. These keys give users access to private chat rooms within the app and content only available to the corresponding X user. Users can buy shares from their friends and influencers on the platform.
While the concept of a decentralized social network with a revenue-sharing model was lauded by many in the Web3 space, the platform has also drawn the attention of critics.
The decentralized social network has been declared "dead" on numerous occasions since its launch a couple of months ago. One cryptocurrency commentator questioned its revenue model and gave the platform six to eight weeks before the allure wears off. Critics pointed out that the pace at which share prices rose in the first couple of weeks makes it unsustainable in the long term.
However, despite the criticism, the Friend.tech platform has continued to record new records for revenue and user growth.
#Ethereum #CryptoCriss77 $BTC $ETH $BNB
