This article has been republished with permission from Binance News.
According to Cointelegraph, decentralized social media platform Friend.tech has experienced a sudden surge in total value locked (TVL), doubling to reach over $20 million within the last four days. This comes after critics declared the platform ‘dead’ just two weeks ago when activity on the app appeared to be dwindling.
Activity on Friend.tech has seen a significant resurgence in recent days, with the app recording $12.3 million in daily trading volume on September 9, its third-highest ever, according to data from Dune Analytics. The trading volume on Friend.tech surpassed that of OpenSea, outperforming the NFT platform by more than $3 million on the day.
There is no clear reason for the platform’s sudden surge, but some crypto industry experts have offered possible explanations. Prominent trader Hsaka suggested that TVL had doubled since users realized that Friend.tech chats were ‘just yield farms rebranded,’ referring to the potential gain from the 5% fee earned when users buy or sell someone’s ‘key.’ Another possible reason for the increased activity on Friend.tech could be the growing number of non-crypto figures joining the platform, including prominent YouTubers and OnlyFans creators. The app has also implemented a number of updates that have improved user experience and functionality, such as the ability to upload photos, credit-card-enabled purchase options, and new sections to view different types of activity.