Friend.tech Surpasses $50M TVL, Reaches 10,000 ETH In Revenue

Friend.tech has become one of the fastest growing decentralized protocols in decentralized social primitives.

The popular decentralized social app, Friend.tech has unlocked new heights by surpassing the mark of $50 million in total value locked (TVL) and generating over 10,000 ETH in revenue.

According to data from DeFiLlama, the DeSo protocol has a current TVL of $52 million which has increased steadily since its launch. Friend.tech which was launched on August 10, accumulated $1 million in fees within 24 hours.

Friend.tech has also collected a total revenue of over 10,727 Ether (ETH) or approximately $17.6 million, as per the data from a Dune dashboard. The dashboard also shows that the protocol is close to reaching 10 million transactions.

Friend.tech Dashboard - Dune Analytics — *Friend.tech Dashboard – Dune Analytics*

Since its launch, Friend.tech has been on an adventure of ups and downs, suffering a database vulnerability, facing community backlash over a founder’s note, and surprisingly reaching $20 million in TVL soon after being announced dead.

Following the success of Friend.tech’s novel decentralized social application, several clones were also launched on different chains, including Friendzy on Solana and Alpha on Bitcoin.

Also Read: Vitalik Proposes ‘Minimal Viable Enshrinement’ for Ethereum

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

Follow The Crypto Times on Google News to Stay Updated!