In a surprising turn of events, Friend.tech, a decentralized social media platform launched in August 2023, is experiencing a remarkable surge in both revenue and user engagement. This blockchain-based platform, built on Coinbase’s layer-2 protocol known as Base, has witnessed its revenue skyrocket to a staggering 10,663 Ether (ETH), equivalent to approximately $1,735. Additionally, the platform’s Total Value Locked (TVL) has surpassed 30,000 ETH, indicating significant user activity and investment in the project.

Friend.tech’s Unique Approach

Friend.tech stands out from traditional social media platforms by offering a novel concept to its users. It allows individuals to exchange “keys” associated with X accounts, which were previously Twitter accounts belonging to friends or influencers. These keys grant access to private in-app chatrooms and exclusive content reserved for the corresponding X user. Users can even purchase shares of their favorite influencers and friends within the platform, creating a novel revenue-sharing model.

Early Criticism and Doubts

Despite its promising concept, Friend.tech faced its fair share of criticism and skepticism, particularly during its initial launch phase. Some in the crypto community labeled it as “dead” shortly after its debut, expressing doubts about the platform’s revenue model and its long-term sustainability. Critics pointed out that the rapid rise in share prices during the first few weeks might not be sustainable in the long run.

The Resilience of Friend.tech

Contrary to the early negativity, Friend.tech has continued to thrive, achieving record-breaking revenue and user growth. The platform has recently witnessed an astounding 9,200,882 communicative transactions, a testament to its growing user base and engagement. While current trading metrics have slightly dipped from the peak levels observed in the first week of September, the consistent growth in revenue and TVL suggests that Friend.tech is still attracting a significant following.

Key Factors Driving Friend.tech’s Success

1. Innovative Revenue-Sharing Model: Friend.tech’s unique approach of allowing users to buy shares in friends and influencers has captured the imagination of the Web3 community. This revenue-sharing model has encouraged user participation and investment in the platform.
2. Layer-2 Protocol by Coinbase: Friend.tech’s foundation on Coinbase’s Base protocol has provided it with a secure and efficient infrastructure for decentralized social networking, contributing to its overall success.
3. User Engagement: The platform’s emphasis on private chatrooms and exclusive content has fostered strong user engagement, making it a go-to destination for those seeking a more intimate social media experience.
4. Resilience: Friend.tech’s ability to weather early skepticism and continue growing demonstrates its resilience and long-term potential.

Looking Ahead

Friend.tech’s remarkable journey from skepticism to success highlights the ever-evolving nature of the blockchain and cryptocurrency space. As it continues to attract users and investments, it will be interesting to see how the platform evolves in the coming months. Whether it can sustain its growth and maintain its unique revenue-sharing model will undoubtedly be a subject of ongoing interest and discussion within the crypto community.

In conclusion, Friend.tech’s recent achievements in revenue and user engagement are a testament to the potential of decentralized social media platforms in the Web3 era. Despite early doubts, the platform has proven that innovative ideas and resilient execution can lead to substantial success in the crypto space.