Friend.tech TVL Surpasses $20M After Declared Dead

Friend.tech, a well-known social media company in the decentralized sector, has witnessed an abrupt increase in its total value locked. As a result of this sudden surge, the TVL of the platform has reached a huge spot of up to $20 Million. This development has taken place within the previous 4 days. Only a couple of weeks back, critics announced that the company was “dead” following the seeming fizzling out of its app.

Friend.tech Witnesses a Huge Surge in Its TVL after Its Demise Was Declared

In this respect, the app witnessed a regular trading volume of nearly $12.3M. This was the third-highest-ever figure since the 9th of September, as mentioned in the data that Dune Analytics provided. A pseudonymous X account going by TylerDidIt signified that the Friend.tech’s trading volume outperformed OpenSea. The pseudonymous person added that Friend.tech remained effective in out-competing the NFT company by above $3M.

Another pseudonymous crypto account named Herro is at present the fourth-biggest account present on the application. It also commented on the respective development. The consumer expects friend.tech to look for the predictable future. Alternatively, the consumer expects Friend.tech to stick around until its native token’s likely launch in the next months.

Also Read: Critics Caution Community Regarding the Hype of Friend.tech

While no reason is preset for such an abrupt surge, several crypto giants pointed out some explanations for this resurrection. Hsaka, a prominent trading platform, suggested that the increase in the TVL took place at a time when the consumers realized that only yield farms got rebranded.

Non-Crypto Factors also Contribute to Friend.tech’s Surge in TVL

Another likely reason may be dealing with the increasing number of figures outside the crypto sector. These factors include many well-known OnlyFans creators and YouTubers. Friend.tech’s in charge of business development and growth noted on his pseudonymous account that this point signifies that the company is not an application only for crypto.