The popular decentralized social app, Friend.tech has unlocked new heights by surpassing the mark of $50 million in total value locked (TVL) and generating over 10,000 ETH in revenue.
According to data from DeFiLlama, the DeSo protocol has a current TVL of $52 million which has increased steadily since its launch. Friend.tech which was launched on August 10, accumulated $1 million in fees within 24 hours.
Friend.tech has also collected a total revenue of over 10,727 Ether (ETH) or approximately $17.6 million, as per the data from a Dune dashboard. The dashboard also shows that the protocol is close to reaching 10 million transactions.
Since its launch, Friend.tech has been on an adventure of ups and downs, suffering a database vulnerability, facing community backlash over a founder’s note, and surprisingly reaching $20 million in TVL soon after being announced dead.
Following the success of Friend.tech’s novel decentralized social application, several clones were also launched on different chains, including Friendzy on Solana and Alpha on Bitcoin.
Also Read: Vitalik Proposes ‘Minimal Viable Enshrinement’ for Ethereum
