A mere three weeks post-launch, decentralized social platform Friend.tech is facing intense scrutiny as key performance metrics have dwindled, leading many to pronounce it as a “dead” platform.

Having launched its beta version on Coinbase’s layer-2 Base on Aug. 11, Friend.tech initially generated significant buzz, especially after its fees eclipsed both Uniswap and the Bitcoin network, reaching over $1 million within a day on Aug. 19. Despite this, the initial momentum seems to have been short-lived, while also trouncing speculations that info from its users was leaked.

Comparisons have also been made between Friend.tech and the 2021 DeSo app BitCloud. Web3 marketer Legendary predicts a similar fate for Friend.tech, anticipating that it “will collapse as BitClout did.”

Aggregated blockchain data reveals a significant drop in daily fees, which hit a high of $1.7 million on Aug. 21 and subsequently plunged by over 87%, settling around $215,000 by Aug. 26. Concurrently, transaction activity on the platform saw an over 90% decrease, falling from a high of nearly 525,000 on Aug. 21 to just over 51,000 on Aug. 27, as indicated by data from Dune Analytics compiled by Crypto Koryo.

Social media, particularly X (formerly Twitter), is awash with commentary on the network’s drastic decline. One such tweet by @beaniemaxi reads, “RIP Friendtech. Augu

Go to Source to See Full Article
Author: Vince Dioquino

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details