In the previous four days, the decentralized social networking platform Friend.tech has risen to over $20 million in TVL (Total Value Locked) after critics declared it “Dead.

Friend.tech is a social dApp that allows users to socialize while receiving their account credentials. Key prices eventually rise when more users acquire keys for an account due to the account’s growing popularity on the site.

Furthermore, since its August 10 introduction, the innovative and decentralized “Crypto Twitter” community has enthusiastically embraced the social-focused program Friend.tech. Friend.tech is revolutionizing how people engage with their favorite influencers by combining social engagement with investment opportunities.

On August 11, Friend.tech went live on Coinbase’s layer-2 Base and produced a startling $5.9 million fee by its tenth day.

However, user activity quickly stopped. Over the following week, daily fees declined by 87%, and the number of transactions fell by 90%, leading some users to pronounce the platform “dead prematurely”.

Friend.tech”s Revenue Increases Dramatically

The Dead Friend.tech Has Risen to Over $20 Million in TVL

Activity on Friend.tech has significantly increased during the past few days. According to data from Dune Analytics, on September 9, the app saw $12.3 million in daily trade volume, the third-highest amount ever.

The trading volume on Friend.tech on September 9 exceeded that of OpenSea, exceeding the NFT platform by more than $3 million, as the fictitious account TylerDidIt noted.

Anonymous cryptocurrency account Friend.tech is expected to remain popular for the foreseeable future, or at least until a hypothetical friend.tech token launch in the upcoming months, according to Herro, the fourth-largest account on the app.

“FT will remain active until a token is introduced in about five months. Before and following it, the team will choose its future. To flourish, I think they’ll lower fees, boost creator revenue, and bring on non-crypto natives,” Herro said.

Friend.tech Has Risen to Over $20 Million – Possible Reasons for Revenue Surge

The Dead Friend.tech Has Risen to Over $20 Million in TVL

Although there isn’t just one explanation for why the platform had such a boom, some influential figures in the cryptocurrency sector have offered their theories.

A well-known trader named Hsaka made fun of the fact that TVL had increased after people understood that, Friend.tech conversations were “just yield farms rebranded” and all about the possible profit from the 5% charge users can get when they buy or sell someone else’s “key.”

Another reason for the increased activity on Friend.tech could be the increasing number of non-crypto celebrities who have just joined the site, including several well-known YouTubers and OnlyFans creators.

This influx of non-crypto celebrities drives home the idea that the platform “isn’t an app for just crypto bros,” according to PancakesBrah, the anonymous account in charge of growth and business development at Friend.tech.

The app has also released several upgrades that have enhanced functionality and user experience.

The app was initially riddled with bugs and other technical issues, but it has since added many new features, such as the ability to upload photographs, buy options that accept credit cards, and new areas to view other types of activity.

These improvements on Friend.tech are a new cause for hope in the crypto community, especially for those who have begun to take part in the activities on the social media platform.