The recent popular decentralized social app, Friend.tech is nearing the TVL (total value locked) of $20 million while it previously said to be dead due to sharp drop in user activity.
As per the data from DeFiLlama, the current TVL of Friend.tech has reached $19.90 million. The data displays that it has gained a remarkable presence in social DeFi landscape within a month of its launch.
It is currently the third most fees and revenue generating dApp across the entire DeFi ecosystem. It has recorded more than $900k in fees and a total of $464k in revenue since the past 24 hours.
Friend.tech was declared dead by the crypto community a couple of weeks ago when the user activity on the platform took a big slump. The decrease in DeSo (decentralized social) protocol came after its stupendous growth since the launch. It also recorded the highest $1.68 million in fees in 24 hours on 21st August.
The activity on Friend.tech has seen a significant increase over the past few days while it becoming popular once again among crypto influencers and community. Several users also claim that it has been joined by popular YouTubers and OnlyFans creators because of its creator centric feature.
Friend.tech is a social dApp that enables users to interact with others while purchasing their account keys. The more people buy a particular account’s keys, its popularity increases on the platform and eventually its key price goes higher.