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Friend.tech reemerges with TVL reaching record $20m

friend-tech-reemerges-with-tvl-reaching-record-20m
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Friend.tech reemerges with TVL reaching record $20m

Friend.tech gained popularity again, with its total-value locked (TVL) reaching the $20 million mark for the first time since its launch.

On Aug. 28, the crypto community on X (formerly Twitter) called the decentralized social network “dead” after Friend.tech witnessed a significant plunge in its total fees, revenue, and TVL.

Friend.tech reemerges with TVL reaching record $20m - 1
Friend.tech TVL – Sept. 11 | Source: DeFi Llama

According to data provided by DeFi Llama, the total fees accumulated from Friend.tech users dropped from roughly $1.7 million on Aug. 21, to around $740,000 on Aug. 22. This immense plunge made the crypto community believe the protocol was “dead.”

However, Friend.tech’s TVL has been constantly rising since Sept. 2 and even surpassed the $20 million mark for a few hours on Sept. 10. The protocol’s TVL stands at $19.89 million at the time of writing.

According to data provided by DeFi Llama, the total fees accumulated on Friend.tech have been constantly declining since Sept. 9, falling from $1.23 million to $929,000 over the past two days.

Moreover, as the total fees drop, DeFi Llama data suggests that Friend.tech’s daily revenue has declined from $615,000 to $464,000 in the mentioned timeframe.

Per the data provider, the decentralized social protocol has accumulated roughly $12.36 million in fees and generated a cumulative revenue of $6.18 million.