Connect with us

Hi, what are you looking for?

Investing (TVL) Doubles To Reach Over $20 Million After Being Pronounced Dead, a decentralized social media platform, has experienced a rapid resurgence, with its Total Locked Value (TVL) nearly doubling to nearly $20 million in just the past four days.

This revival comes after a brief period of stagnation and skepticism. Launched on Coinbase’s Layer 2 Base on August 11, the platform faced criticism when key metrics such as activity, inflows, and volume declined significantly two weeks ago. User engagement had also dropped notably during this time.

In just 10 days post-launch, the platform achieved an impressive of nearly $5.9 million in fees.

However, shortly after that, user engagement experienced a significant downturn. Daily fees plummeted by nearly 87%, and transaction volumes substantially declined by 90% over the following week.

On August 22, the total fees collected from users experienced a sharp decline from over $1.7 million on August 21 to about $740,000, according to DeFi Llama.

This sharp drop led the crypto community to question the protocol’s viability, with some even proclaiming it “.”

Also according to Lisandro Rodriguez, a payments risk manager at Coinbase, who took to X to assert that’s downfall was a result of both human greed and an inadequate scaling strategy.

The presence of automated trading bots has been implicated in taking advantage of swift price fluctuations, potentially distorting the order of transactions.

“While I do think the idea of friends tech was cool, the greed and poor execution led to its demise,” Rodriguez added.

However, the situation has taken a huge turn as has reached a new peak over the past few days.

According to data from Dune Analytics, the platform had seen an inflow of almost $12.3 million in daily trading volume, making it the third most revenue-generating dApp across the entire DeFi ecosystem.

The sudden surge in trading activity sent shockwaves throughout the entire cryptocurrency ecosystem. Remarkably, on that day, the total locked value of exceeded that of OpenSea, a prominent NFT marketplace, by nearly $3 million. Records 104% Increase in Users, Implements Key Updates, and Boosts Base Network TVL has witnessed a surge in activity in the past few days as it has gained popularity among the crypto community and influencers.

It has seen many non-crypto figures on its platform in the past few weeks, with renowned YouTubers and OnlyFans creators drawn by its creator-centric features.

Since September 9, the number of users on the platform has increased by 104%, with at least one initiating a trade on the platform, increasing the total number of its users by over 140,00,

Furthermore, has rolled out many updates to improve the functionality and user experience of the app over the past few weeks.

After its debut on August 11, the platform faced a multitude of bugs and .

However, the development team has since introduced significant enhancements, such as the capability to upload images, the option to make purchases using credit cards, and the introduction of new sections for various activities.

As a result of the huge spike in the TVL of, Base, the parent network on which it is built, has also seen a slight rise in total locked value.

Moving by 1% from a locked value of $385 million to $389.97 million on September 9.

This post appeared first on

You May Also Like

Editor's Pick

Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

Editor's Pick

In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...

Editor's Pick

After the final lecture of my Fall 2022 International Economic Policy course (an undergraduate offering meant to introduce non-economics majors to the economics of...

Editor's Pick

For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023