TVL Friend.Tech jumped by $13.5 million in two weeks

After “clinical death,” the Web3 social network Friend.Tech again demonstrates an increase in activity. Since August 28, the total value of funds locked in the protocol has jumped 210%, from $6.4 million to $19.95 million.

TVL Friend.Tech. Data: DeFi Llama.

According to the Dune dashboard, on September 9, the daily trading volume on the platform amounted to $12.32 million – the third highest value for the entire existence of the project. On September 11, the figure dropped to $2.52 million.

Friend.Tech daily trading volume. Data: Dune.

The total amount of commissions collected in Friend.Tech reached $12.14 million with 140,909 users who made at least one transaction.

Friend.Tech launched on August 10 on the second layer Ethereum network Base, supported by the Coinbase exchange. It is a decentralized social platform integrated with X that allows for tokenization of member profiles.

Less than three weeks after launch, the app’s trading activity levels began to decline sharply. The volume of commissions and the number of transactions decreased by almost 90%. At that time, the community declared the “death” of the project.

Initially, the application had many technical errors and extremely limited functionality. Over time, the developers added a number of new features such as uploading photos, paying with bank cards and new sections in the feed.

Probably, the growth of activity was also facilitated by the influx of new participants from outside the crypto industry. Over the past few weeks, YouTube bloggers and content creators from OnlyFans have become interested in Friend.Tech.

A representative of the Web3 social network under the pseudonym Pancakesbrah noted that Matt Walker, a professor of neurobiology at the University of California at Berkeley and the author of the bestseller “Why We Sleep,” has joined the project.

“I love seeing things like this! Bro [Мэтт Уокер] just joined, this highlights the point that some people don’t understand – this app isn’t just for crypto bros. Every direction can find value in Friend.Tech,” wrote Pancakesbrah.

Let us remember that at the end of August the project team warned about possible blocking for using copies or copycats of the application. The publication caused a strong reaction from the community, so a few hours later the post was deleted, and the co-founder of the project under the nickname Racer published an apology for the “stupid statement.”

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