Explosive Revenue Growth
Move over traditional social media; a new contender has entered the ring! Friend.tech, built on Coinbase’s layer-2 protocol, Base, has recently skyrocketed in popularity. As of October 2, the platform has racked up an impressive 10,663 Ether (ETH) in revenue and boasts a total value locked (TVL) of over 30,000 ETH. This is no small feat for a platform that’s just a couple of months old!
What is Friend.tech?
If you haven’t heard of it yet (maybe under a rock?), let’s break it down. Launched in August 2023, Friend.tech allows users to trade “keys” linked to X accounts (formerly Twitter) belonging to their friends or favorite influencers. When you buy these keys, you gain access to private chatrooms and exclusive content—like VIP backstage passes without the need for fancy concerts!
The Critic’s Corner
Don’t break out the party hats just yet! Friend.tech is not without its critics. Many have raised eyebrows at the idea of earning from a chatroom that sometimes feels more like a one-way street. A well-known commentator, Yazan, highlighted that the chat function’s quirks leave much to be desired, claiming users are left hanging with no direct replies. And let’s not even get into the absurd pricing schemes—it’s less a social network and more a game of financial musical chairs!
Why It’s Declared ‘Dead’ (Repeatedly)
Some observers have declared Friend.tech “dead” multiple times, suggesting its revenue model is as stable as a one-legged duck. The rapid price hikes during its initial launch were seen as a neon sign of doom, with one crypto critic giving it a mere six to eight weeks before it loses its luster. The rapid rise certainly raised eyebrows—is it really a gold mine or just a glittering mirage?
Resilience in Traction
Despite the noise, Friend.tech seems to have a knack for surviving the storm. While trading activity experienced a dip post-September highs, the platform keeps posting new records for revenue and user engagement. In fact, a staggering 9,200,882 transactions have been recorded, which is quite an accomplishment amidst sporadic criticisms and doubts. Could this still be the beginning for Friend.tech?
Final Thoughts
Will Friend.tech revolutionize social media as we know it, or is it just another overpriced flash in the pan? As the dust settles, it seems clear that the platform is certainly stirring conversations (and skepticism) across the crypto landscape. Perhaps this is what decentralized social media needs—a little drama to keep things entertaining!
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