Friend.tech has continued to thrive since its launch in the second week of August. The platform has managed to hit a series of new highs despite several analysts predicting its imminent downfall.
Friend.tech has achieved new highs with respect to its overall revenue growth as well as the total value locked on the platform. As per the data shared by Dune Analytics, the platform’s revenue has surged to approximately 10,663 Ether, with the total value locked surging to over 30,000 ETH.
Friend.tech is a decentralized social network platform that enables users to swap keys associated with their X/Twitter accounts. Similarly, these keys grant users access to private in-app chatrooms along with the content that is available to the particular X user. At the same time, users have the opportunity to buy shares of their friends and influencers on the platform. A great percentage of people appreciate Friend.tech’s revenue-sharing model, but many have criticized it as well as it looks to be a scheme similar to any pyramid or ponzi scheme.
Some analysts were quick to state that something feels off with the platform’s revenue-sharing model. Currently, it is widely believed that it does not make sense for creators to make money using a group chat that does not even work properly. At the same time, these analysts were also quick to target the way the pricing works as they believe anyone can take advantage. Another important factor of great concern were the potential pumps and dumps.
Friend.tech Rises Despite Predictions of Failure
Friend.tech enjoyed a favorable response from the users shortly after its launch. But things took a sharp turn not too long after its launch in August this year, as lower activity was noticed on the platform and it led people to believe that the platform would wind down soon enough. One crypto commentator questioned the platform’s revenue model and gave it a time of six to eight weeks before it fizzles out.
Critics mainly discussed the rapidly increasing rate of the share price within the first few weeks and concluded how Friend.tech would eventually become increasingly unsustainable in the longer run. However, despite these opinions, the platform has continued to perform well and has seen record surges in both revenue as well as user growth. Recent statistics and figures are a major positive sign for the platform and its users.