DeSo protocol Friend.tech, dubbed “dead” by the crypto community, has doubled its total value locked (TVL) in just four days, reaching over $20 million.
Decentralized social network Friend.tech has “risen from the ashes,” experiencing a sudden surge in activity. According to Dune Analytics, the project’s TVL increased by 98% in just a few days.
The last four days turned out to be one of the most active for Friend.tech since the project’s existence. Since September 8, the network’s TVL began to grow actively, reaching $20.2 million by September 11. Trader activity also went up — the volume of daily trades hit $12.3 million on September 9, $3 million more than on the OpenSea NFT marketplace.
Two weeks ago, the crypto community declared the “death” of Friend.tech as all the project’s key metrics plummeted.
Among the main reasons for the rapid growth of Friend.tech’s metrics, the following can be highlighted:
- Profitability realization. One of the key factors motivating users to actively participate in trading on the platform was the opportunity to earn money similar to yield farming.
- Expansion of the user base. The increase in activity was facilitated by famous YouTube bloggers and content creators from OnlyFans who have no experience in the cryptocurrency sphere, which demonstrated the attractiveness of Friend.tech for a wide range of users.
- App updates. The addition of the ability to upload photos, use credit cards to make purchases, and new sections to browse various activities also made the platform more appealing.
These factors combined have contributed to Friend.tech’s dramatic recovery after a temporary lull. The crypto community expects further development of the project, with the team planning to launch a native token within the next five months.
The Friend.tech protocol was launched on the L2 network for Ethereum Base on August 11, and users generated 100,000 transactions within a day. Later, it became known that the app’s API contains hidden functions that enable insider trading.
