A few weeks ago, the crypto landscape was all about the impressive rise of Friend.tech. This crypto app, which allows users to earn Ethereum (ETH) from their X Accounts (aka Twitter accounts), has experienced explosive growth. However, after a week and a half, its popularity waned quite quickly and it was soon declared “dead”. Now the application seems to have recovered from its death.
The crypto app is experiencing a resurgence
Friends.tech’s beta launched on August 11 on Base, Coinbase’s Ethereum scaling network. Specifically, Friends.tech users can purchase a type of stock through X accounts. The accounts are tokenized and token holders can then gain access to exclusive chat channels.
After the launch, the number of transactions and transaction fees paid rose to unprecedented levels. After transaction fees peaked at $1.68 million on August 21, things went downhill. The transaction fees paid and the number of transactions fell by 90 percent within a few days.
However, in recent days there has been a significant increase in activity on Friend.tech. According to data from Dune Analytics, the app recorded its 3rd anniversary on September 9the highest trading volume ever of a whopping $12.3 million.
This even surpassed the entire non-fungible token (NFT) trading volume on the Ethereum network. The latter amounted to $9.15 million as of September 9th.
The Total value locked (TVL), which is the total value of assets tied to the protocol, has also been increasing linearly over the past few days. As of September 1, the metric was $5.37 million but has since risen to $19.65 million.
Why is Friend.tech becoming more and more popular?
There is no concrete reason for the revival of Friends.tech. However, it could be that the app’s recent updates have led to a new influx of users. The app has added a number of new features, including the ability to upload photos, credit card purchase options, and new sections to display different types of activity.
For example, the new feature that allows users to upload photos has attracted many OnlyFans influencers.