Friend.tech pronounced 'dead' after activity and fees tank

The decentralized social network Friend.tech has experienced a significant decline in metrics such as activity, inflows, and volume, leading critics to declare it "dead" less than three weeks after its launch. The platform, which allows users to buy and sell "keys" for private messaging, has seen a drop in daily fees, transactions, buyers, sellers, and inflows, prompting concerns about its future.

cointelegraph.com

Relevant topic timeline:

8/25/2023

If Chinese crypto holders sneeze, will global markets catch a cold?

China's economic woes, including deflation, declining exports, and weak domestic consumption, could spell trouble for the crypto market, although the impact may be diminished compared to the past; meanwhile, the decision by NFT marketplaces to no longer enforce creator fees has caused fear and uncertainty in the NFT markets; however, the launch of Friend.tech, a decentralized application integrating tokenomics with social media, has attracted over 100,000 users and demonstrated the demand for a fresh social media experience combined with the allure of quick profits.

8/28/2023

Ethereum's Daily Transaction Fees Hits 8-Month Low of $2.8M

The cost of executing transactions on Ethereum's blockchain has reached its lowest point since December, indicating the increasing popularity of scaling solutions such as Friend.tech built on Coinbase's L2 chain, which has contributed to the decline in fees.

8/28/2023

Friend.tech threatens to punish users if they use copycat apps

Friend.tech, a decentralized social media app, has faced backlash for punishing users who use forks or copycat versions of its platform by forfeiting their existing points, leading to criticism from the crypto community. Additionally, the app has experienced a decline in key metrics following its public launch.

8/30/2023

The Protocol: Friend.tech Fades as Crypto Craze, but Ethereum Is Scaling

Activity on the Friend.tech app has rapidly declined, leading to concerns that it may become the latest crypto has-been, with users complaining about high fees and slow load times.

9/11/2023

Friend.tech Platform Suddenly Springs Back to Life with Major User and Trading Volume Surge

The decentralized social media platform friend.tech has experienced a significant resurgence in user activity, with its total value locked doubling to over $20 million in the last four days and daily trading volume reaching $12.3 million on September 9th, surpassing that of OpenSea by $3 million. The reasons behind this surge in activity may include the perception of friend.tech chats as yield farms, the addition of non-crypto influencers to the platform, and recent updates that have improved user experience and functionality.

Topics

Posted 8/28/2023, 2:26:25 AM

Friend.tech pronounced 'dead' after activity and fees tank

cointelegraph.com

Relevant topic timeline:

8/25/2023

If Chinese crypto holders sneeze, will global markets catch a cold?

8/28/2023

Ethereum's Daily Transaction Fees Hits 8-Month Low of $2.8M

8/28/2023

Friend.tech threatens to punish users if they use copycat apps

8/30/2023

The Protocol: Friend.tech Fades as Crypto Craze, but Ethereum Is Scaling

Activity on the Friend.tech app has rapidly declined, leading to concerns that it may become the latest crypto has-been, with users complaining about high fees and slow load times.

9/11/2023

Friend.tech Platform Suddenly Springs Back to Life with Major User and Trading Volume Surge