Friend.tech declared 'dead' after drop in business and fees

Buyers, sellers, entries and transactions all plunged significantly on the Friend.tech platform after its launch ago just over two weeks, prompting some critics to announce his death.

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Less than three weeks after its launch, the decentralized social network Friend.tech has already been declared "dead" by critics following a recent drop in key indicators such as activity, traffic and volume.

Friend.tech launched a very lively beta on Coinbase's Layer 2 base on August 11. A week later, its fees topped $1 million in 24 hours on August 19, surpassing Uniswap and the Bitcoin network.

However, his fees have since skyrocketed. Daily charges peaked at $1.7 million on August 21, but dropped more than 87% to around $215,000 on August 26, according to DefiLlama.

Transactions on Friend.tech were also down more than 90% from a peak of nearly 525,000 on August 21, with just over 51,000 transactions on August 27, according to Dune Analytics data compiled by Crypto Koryo, which led many people on X (Twitter) to post my condolences for the network.

RIP Friendtech

August 2023-August 2023 pic.twitter.com/Fb0bh23Fyo

— Beanie (@beaniemaxi) August 26, 2023

Friend.tech focuses on buying and selling 'keys' that allow the buyer to send private messages to the seller, with the platform apparently taking a 5% discount.

It has attracted crypto and non-crypto influencers, including UpOnly podcast host Cobie, YouTuber Faze Banks, and Russian protest group Pussy Riot.

In an August 27 article X, Lisandro Rodriguez, Head of Payments Risk at Coinbase, called the platform “dead” due to “greed and poor execution.”

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