Friend.tech TVL surpasses $20 million weeks after being declared 'dead'

User activity on friend.tech has seen a major resurgence after briefly stagnating last week.

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Decentralized social media platform friends.tech has seen a sudden increase in total value locked (TVL), doubling to over $20 million in the last four days.

Just two weeks ago, critics declared the platform "dead" after activity on the app seemed to fizzle out.

Total value locked and fresh on Friend.tech since August 10. Source: DeFiLlama

However, activity on Friend.tech has seen a significant resurgence over the past few days, with the app witnessing $12.3. million in daily trading volume – the third highest on record – on September 9, according to data from Dune Analytics.

Trade volume and number of traders on Friend.tech since its creation. Source: Dune Analytics

As pseudonymous account TylerDidIt pointed out, September 9 trading volume on Friend.tech eclipsed that of OpenSea, surpassing the NFT platform by more than $3 million that day. .

FriendTech's trading volume was $12.3 million yesterday.

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

— TylerD‍♂️ (@Tyler_Did_It) September 10, 2023

While there is no apparent reason why the platform has seen such a surge, many crypto industry heavyweights have shared a few reasons for its resurrection.

Prominent trader Hsaka joked that TVL had doubled since users realized that...