Friend.tech, a decentralized social network, has experienced a remarkable resurgence, reaching a new all-time high in terms of Total Value Locked (TVL). According to data from DeFiLlama, the platform has surpassed $20 million in TVL in recent days.
This unexpected resurrection comes after Friend.tech was previously written off as a “dead” platform due to declines in user activities and TVL. However, the platform has now recorded a surge in daily trading volume, surpassing OpenSea, the world’s largest NFT marketplace, with over $3 million in daily trading volume on September 9.
Friend.tech’s sudden resurgence has surprised many in the crypto community. Herro, a pseudonymous crypto account, believes that the platform will continue to grow, but its future success will depend on the management and efforts of its team. He suggests that the platform may undergo certain improvements such as reducing fees and onboarding non-crypto users.
The reasons behind Friend.tech’s surge are not entirely clear. Some speculate that the platform’s TVL doubled when users realized they could receive rewards or interests by depositing crypto assets into the DApp. Additionally, the growing number of non-crypto users on the platform may have contributed to its increase in popularity.
It is worth noting that Friend.tech first launched in August as one of the top decentralized applications (dApps) with the aim of spearheading socialization in the decentralized space. However, it experienced a decline in trading volume and user activities shortly after its launch. The platform also suffered losses when MEV bots swiped over $2 million worth of keys. Despite these setbacks, Friend.tech has managed to make a remarkable comeback.
Overall, the resurgence of Friend.tech highlights the volatility and unpredictability of the crypto space. While the reasons behind its sudden surge remain unclear, the platform’s success will ultimately depend on its ability to adapt, improve, and attract a wider user base.
– DeFiLlama: [Link]
– CoinTelegraph: [Link]
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