• Friend.tech, a decentralized social network, was launched just over two weeks ago and has already been declared “dead” by critics due to rapid declines in key metrics such as activity, inflows and volume.
• The platform had attracted crypto and non-crypto influencers including UpOnly podcast host Cobie, YouTuber Faze Banks and Russian protest group Pussy Riot.
• Coinbase payments risk manager Lisandro Rodriguez opined that the platform is “dead” due to “greed and poor execution.”
Friend.tech Declared ‘Dead’ After Activity & Fees Tank
Buyers, sellers, inflows and transactions have all taken significant dives on the Friend.tech platform after its launch just over two weeks ago, prompting some critics to herald its death.
Launch of Friend.tech
Friend.tech had a buzzy beta version launch on Coinbase’s layer-2 Base on Aug. 11 . A week later, its fees surpassed $1 million in 24 hours on Aug 19., outshining Uniswap and the Bitcoin network.
The platform is centered on buying and selling “keys” which enable the buyer to send private messages to the seller with Friend.tech taking a 5% cut.
It has attracted crypto and non-crypto influencers including UpOnly podcast host Cobie, YouTuber Faze Banks and Russian protest group Pussy Riot.
Decline of Friend.Tech
Daily fees peaked at $1.7 million on Aug 21., but dropped over 87% to around $215,000 on Aug 26., according to DefiLlama.
Transactions also declined over 90% from nearly 525,000 peak on Aug 21., with just over 51,000 transactions recorded on Aug 27., Dune Analytics data complied by Crypto Koryo shows..
Coinbase Payment Risk Manager Opinion
In an Aug 27 X post , Coinbase payments risk manager Lisandro Rodriguez opined that the platform is “dead” due to “greed and poor execution.”
Alongside fee decline buyers & sellers have tanked with around 10k buyers & 7800 sellers recorded for Aug 27 compared wth 58k buyers & 27k sellers peak for August 21 data compiled by Dune analytics reveals . Further inflows have also taken dive from 16$ million peak for August 21 with 1$ million seen for August 27 – indicating 90% decrease.