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Decentralized social media platform Buddy.tech based mostly on Coinbase’s layer-2 protocol Base has touched new heights when it comes to income progress and whole worth locked on its platform.
In keeping with knowledge from Dune Analytics, Buddy.tech income has surged to 10,663 ETH and its TVL grew to over 30,000 ETH on Oct. 2. The current increase in its income and buying and selling exercise comes amid a decline in hype from its early days of launch.
As a decentralized social community platform launched in August 2023, Buddy.tech allows customers to swap “keys” related to X accounts (previously Twitter) belonging to their buddies or influencers. These keys give customers entry to personal in-app chatrooms and content material solely accessible from the corresponding X consumer. Customers should purchase shares of their buddies and influencers on the platform.
Whereas the idea of a decentralized social community platform with a income sharing mannequin was lauded by many within the Web3 area, the platform has additionally grabbed the eye of critics.
Let me let you know one factor.
One thing isn’t proper about @friendtech.
Creators earning money from a gaggle chat that doesn’t even work when you’ll be able to’t even reply on to individuals?
The best way pricing works is ridiculous and might be simply taken benefit of.
Pumps and dumps. pic.twitter.com/TJqcktEM6P
— Yazan (@YazanXBT) August 20, 2023
The decentralized social media platform has been declared “useless” on quite a few ocassions since its launch a few months in the past. One crypto commentator questioned its income mannequin and gave the platform 6-Eight weeks earlier than the attraction fizzles out. Critics identified that the speed at which the share costs elevated within the first couple of weeks makes it unsustainable in the long term.
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Nevertheless, regardless of the criticism, the Buddy.tech platform has continued to see new file surges in income and consumer progress.
The most recent increase in its income comes because the consumer base with the communicative transactions on the platform surged to 9,200,882. Whereas the present buying and selling quantity has marked a dip from the surge seen within the first week of Septermber, the regular progress in income and TVL suggests the platform continues to be garnering traction from the customers.
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