Friend.tech’s TVL doubled, regardless of the decline in new end users

Activity on the pals.tech social network is selecting up strongly, soon after a short time period of stagnation.

Friend.tech’s TVL doubled, regardless of the decline in new end users

good friend.tech, the decentralized social networking platform on Layer-two Base, is thrilling yet again, as demonstrated by the correlation of some vital metrics compiled by Dune examination.

Specifically, the complete worth locked (TVL) on pals.tech has doubled, reaching extra than $twenty million in the final four days alone. Trading volume also reached $twelve.three million on September 9, the third highest ever.

Total worth locked (TVL) statistics on pals.tech from August 10th to nowadays. Source: Dune examination

Transaction volume on pals.tech from August 10th to nowadays. Source: Dune examination

Daily volume on pals.tech often even eclipses OpenSea, surpassing this NFT trading platform by as considerably as $three million.

FriendTech’s trading volume yesterday was $twelve.three million.

Total ETH NFT trading volume was just $9.15 million. pic.twitter.com/CbqVYqP5PQ

— TylerD 🧙‍♂️ (@Tyler_Did_It) September 10, 2023

The platform’s income also reached an spectacular $six.02 million on September 9.

Friends.tech cumulative income from August 10th to nowadays. Source: Dune examination

Meanwhile, the information on the variety of new end users is doing pretty poorly, pretty much hitting rock bottom considering that its launch. The variety of new end users in a week only reached three digits.

Number of new end users on pals.tech from August 10th to nowadays. Source: Dune examination

It is not but clear why pals.tech is “heating up” yet again. Many massive names started to express their opinions on this matter.

Famous trader Hsaka cho that TVL doubled soon after end users recognized that pals.tech chats have been “just a rebranded type of investment” – referring to the prospective revenue from shopping for and offering other people’s keys for a commission of five%.

Friend tech TVL 2x considering that folks recognized they have been just rebranded yield farms.

Instantly permits 9-fig TUSD and TVL balloons @justinsuntron enter the arena https://t.co/GYRN2S0yLG pic.twitter.com/dgJsgBy1h2

— Hsaka (@HsakaTrades) September 9, 2023

Another explanation for the resurgence of pals.tech could be the increasing variety of non-crypto personalities in latest weeks, such as numerous YouTube and OnlyFans artists, who Coinlive as soon as described.

While only two weeks in the past numerous gurus declared the finish of this social network which has just turned one month previous. Attracted by the plan of ​​buying and offering shares of social media accounts, pals.tech straight away grew to become an “earthquake” on Base, but also immediately retreated. The variety of new end users and transaction volume plummeted in the following weeks. At the level, the venture even now exists has issued a warning threatening to minimize the rollout of rewards factorsif end users migrate to other platforms that share the identical working model.

Coinlive compiled