Decentralized social media platform friend.tech has seen a sudden surge in total value locked (TVL), doubling to reach more than $20 million within the last four days. 

Only two weeks ago, critics declared the platform “dead” after activity on the app looked to be fizzling out. 

However, activity on Friend.tech has witnessed a significant resurgence over the last few days, with the app witnessing $12.3 million in daily trading volume — the third-highest ever — on Sept. 9, according to data from Dune Analytics.

As the pseudonymous account TylerDidIt pointed out, the Sept. 9 trading volume on Friend.tech eclipsed that of OpenSea, outperforming the NFT platform by more than $3 million on the day.

FriendTech trading volume was $12.3M yesterday.

Total NFT trading volume on ETH was just $9.15M. pic.twitter.com/CbqVYqP5PQ

— TylerD ‍♂️ (@Tyler_Did_It) September 10, 2023

While there’s no apparent reason why the platform saw such a surge, many crypto industry heavyweights shared some reasoning for its resurrection.

Prominent trader Hsaka jested that TVL had doubled since users realized that Friend.tech chats were “just yield farms rebranded” — a comment that refers to the potential gain from the 5% fee earned when users buy or sell someone’s “key.”

Another potential reason behind the resurgence of activity on Friend.tech may have so

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Author: Tom Mitchelhill

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