- Friend.tech has witnessed a meteoritic rise in its TVL.
- That leap is a testament to the growing appetite for innovative solutions within the crypto sector.
Friend.tech (FT) is the current buzzword within the blockchain/crypto space. In the short period of its existence, the decentralized social media platform has so far attracted over 200,000 users. That has seen its total value locked (TVL) skyrocket, too.
BanklessTimes.com has been tracking the platform's TVL since its debut. The site reports that friend.tech's TVL leapt from $2.37M on 18th August 2023 to $36.71M a month later. That represents a 1,448% surge in the metric. So, what can we conclude from this impressive feat?
To unpack the data, we spoke to BanklessTimes' crypto expert, Alice Leetham. According to her, the figures attest to FT's pull. She argues that its charm is helping it grow its presence within the dynamic decentralized social media scene.
Friend.tech's astonishing surge in Total Value Locked (TVL) over the past month, showcases the true potential of merging decentralized finance and social media. This meteoric rise highlights the growing appetite for innovative solutions in the ever-evolving crypto landscape.BanklessTimes' crypto expert, Alice Leetham
Factors Behind Friend.tech's Meteoritic TVL growth
Alice suggests that several factors have propelled friend.tech's massive TVL growth. Prominent among them is the platform's incentive structure. Users can earn up to 5% of the transaction fees when they trade keys.
Keys are tokenized shares of FT's influencers X profiles. Ownership allows one access to their exclusive content on the Elon Musk-owned app. The keys also connect holders directly with their private chat rooms. This feature has had vocal crypto trader Hsaka liken the platform's chats to rebranded yield farms.
Additionally, friend.tech has roped in prominent influencers to its platform. These bigwigs have a fanatic following on such spaces as YouTube and OnlyFans. Their FT presence has provided the allure for their fanbase to onboard it.
Moreover, FT's development team has released several updates that have enhanced user experience. These include debugging and the addition of new features. For instance, users can now upload their photos, link their credit cards, and track their activity under new section headers. These improvements have helped endear it to previous and new users alike.
Capitalizing on a Gap
Alice affirms that decentralized social media is the future of communication. She suggests that the growing demand for autonomy and privacy in our interactions will see friend.tech and similar platforms thrive. To her, FT has already identified a gap in this space and is out to capitalize on it.
Moreover, she holds that FT's good fortunes this far will spur it to innovate more. With the team mum on immediate and future plans, the platform will seek to consolidate its position in this space. That will include overcoming certain challenges that it is facing, such as skepticism over its viability.
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