Friendtech Leads SocialFi Wave with $40M TVL, Faces Competition and Uncertainty as Social Media Space Expands

The rise of SocialFi, a decentralized social app, has led to the emergence of several similar platforms. One such platform is Friendtech, which is leading the SocialFi wave with a total value locked (TVL) of $40 million and earning $0.5 million in fees per day. However, competitors are popping up on various chains, causing fragmentation in liquidity and user base. Despite the uncertainty surrounding Friendtech's longevity, the development of complex ideas in the social media space has become more accessible than ever before. Additionally, there is a growing interest in SocialFi platforms like NewBitcoinCity, wordsdotart, and starsarenacom, which offer unique features and potential for growth. The concept of a SocialFi app that actually loads is also being discussed. Overall, the SocialFi trend is gaining momentum and attracting attention in the cryptocurrency and social media spheres.