Just weeks after being deemed “dead”, decentralized media platform Friend.tech has seen significant revival. Critics who had previously dismissed the platform as being past its prime are now eating their words as the platform’s total value locked (TVL) has more than doubled in the last four days, reaching more than $20 million. A dramatic uptick in user activity and trading volumes are key contributors to this sudden resurgence. However, one can’t overlook the significant role played by certain high-profile non-crypto figures, including renowned YouTubers and OnlyFans creators, that have recently flocked to the platform.
While Friend.tech’s unexpected comeback has left many scratching their heads, some crypto industry veterans ventured potential explanations. A popular theory suggests that the platform’s TVL doubled when users figured out that chats on Friend.tech were essentially “yield farms rebranded”. This implies potential benefits from the 5% fee that users earn when they buy or sell someone’s “key”.
However, not everything has been smooth sailing. Only weeks after its launch on Coinbase’s layer-2 Base, a major setback occurred when daily user activity plummeted, resulting in a massive fall in transaction volume. Yet, Friend.tech took it all in stride, issued necessary updates, solved previous bugs, and successfully healed its tarnished reputation. The platform’s rebound, therefore, serves as a testament to its resilience.
In other news, cryptocurrency exchange FTX is embroiled in a legal battle with cross-chain protocol LayerZero Labs. FTX seeks to recover $21 million that was allegedly unlawfully withdrawn right before it shut down. This highlights the volatile and uncertain nature of the cryptocurrency world where fortunes can be lost in the blink of an eye.
While recovering such a large amount may seem like a daunting task, FTX remains hopeful. With the legal case underway, they lay out the accusations and lay claim to the money they argue was wrongfully taken away. This development not only underlines the need for caution in the crypto space but also amplifies the call for tighter regulatory checks and balances.
These recent developments show a balanced picture of the crypto scene: on one hand, platforms like Friend.tech are reinventing themselves and achieving new highs and, on the other hand, crypto exchanges are grappling with legal battles that threaten their very existence. It goes to show that the crypto market is a roller coaster ride of highs and lows, filled with opportunities and pitfalls alike.
Source: Cointelegraph
