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Social media newcomer, Friend.tech, is defying skeptics with a recent and unexpected surge in its total value locked (TVL), which has now soared past the $20 million mark in a mere four days.
It wasn't long ago when negative feedback was quick to dismiss the platform, suggesting it had lost its touch due to declining activity. However, recent figures paint a different picture. On September 9th, the platform clocked a remarkable $12.3 million in daily trading volume, its third-highest record. Interestingly, this volume surpassed that of OpenSea, a notable NFT platform, by over $3 million for the day, as highlighted by online commentator TylerDidIt.
Insiders from the crypto space have been quick to offer their take on the platform's sudden resurgence. Renowned trader Hsaka humorously remarked that TVL shot up after users discerned that Friend.tech chats were essentially a new spin on the concept of "yield farms." This perspective stems from the enticing 5% fee users stand to earn from buying or selling someone's "key" on the platform.
Further fueling the surge is the platform's recent popularity among influencers outside the crypto world. Notably, several high-profile YouTubers and OnlyFans content creators have become active users. This broadening user base challenges the notion that Friend.tech is solely a niche platform for cryptocurrency enthusiasts. PancakesBrah, a key figure behind Friend.tech's growth strategies, reinforces this by stating that the platform serves a wider audience.
Friend.tech's recent success can also be attributed to its commitment to enhancing its offerings. After an initial phase fraught with technical glitches and shortcomings, the platform has been proactive in introducing enhancements. Users now benefit from a slew of new features, ranging from photo uploading capabilities and straightforward credit card purchase options to specialized sections that cater to varied activities.
