Business Markets News Report
October 19, 2023

Friend.tech Tops the Charts as Web3 Social Protocols Gain TVL Momentum

In Brief

Four Web3 social protocols have surpassed a TVL of US$1 million, with friend.tech leading at US$43.39 million.

According to the latest statistics from DefiLlama, Friend.tech has firmly positioned itself as the frontrunner among Web3 social protocols. Operating on the Base chain, the platform boasts an impressive TVL of US$43.39 million, overshadowing its competitors by a wide margin.

While Friend.tech remains at the forefront, several other Web3 social protocols are making their mark. Linea Tomo’s Social Protocol has showcased consistent growth with a TVL of $1.83 million. Similarly, New Bitcoin City, which operates on the Bitcoin Layer 2 network NOS, has garnered a TVL of $1.47 million. Not far behind, Stars Arena, powered by the Avalanche chain, has established a TVL of $1.05 million.

A Closer Look at the Social Protocols

Sofi TVL rankings provide insights into the dynamic shifts within this sector. While Friend.tech shows a monthly growth of +23.62% in its TVL, New Bitcoin City has witnessed an astounding weekly increase of +573%. Tomo, on the other hand, has seen its TVL skyrocket by +133,804% within a week.

A Closer Look at the Social Protocols

Stars Arena’s growth figures are also off the charts, with a staggering +2,396,590,578% weekly change. It’s evident from these figures that the Web3 social protocol space is not only vibrant but also volatile, with platforms jostling for dominance.

Analytical Perspective

The soaring TVL of these Web3 social protocols underscores the increasing integration of decentralized finance into social platforms. As blockchain technology permeates more aspects of online interaction, the intersection of finance and social media could redefine online communities’ monetization and governance.

However, the immense growth rates, especially those seen in Stars Arena, suggest potential market speculations or temporary factors that may not be sustainable in the long run. Investors and stakeholders should approach with caution and conduct due diligence before making significant commitments.

While Friend.tech currently stands out in terms of TVL, the rapid shifts in this sector indicate that it’s still anyone’s game. As the decentralized landscape continues to evolve, it will be intriguing to see which platforms manage to sustain their growth and which new entrants emerge to challenge the status quo.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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