Friend.tech pronounced ‘dead’ after activity and fees tank

Friend.tech is focused on purchasing and selling “secrets” that allow the purchaser to send personal messages to the seller, with the platform reportedly taking a 5% cut.Its attracted crypto and non-crypto influencers including UpOnly podcast host Cobie, YouTuber Faze Banks and Russian protest group Pussy Riot.In an Aug. 27 X post, Coinbase payments threat supervisor Lisandro Rodriguez believed that the platform is “dead,” due mainly to “greed and bad execution.” Friend tech is dead because of greed and poor execution. We can see that after the preliminary influencer pump volume has actually fallen off a cliff. Lets dig into how this failure happened pic.twitter.com/WDQncTQJ21— Lisandro (@TheRealLisandro) August 27, 2023

Less than 3 weeks after its launch, the decentralized social media Friend.tech has already been declared “dead” by critics, following a recent drop in crucial metrics such as activity, inflows and volume.Friend.tech had a buzzy beta variation launch on Coinbases layer-2 Base on Aug. 11. A week later, its costs exceeded $1 million in 24 hours on Aug. 19 outshining Uniswap and the Bitcoin network.However, its charges have considering that cratered. 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 on Friend.tech likewise declined over 90% from the nearly 525,000 peak on Aug. 21 with simply over 51,000 transactions on Aug. 27, Dune Analytics data complied by Crypto Koryo reveals, leading numerous on X (Twitter) post acknowledgements for the network.RIP FriendtechAugust 2023-August 2023 pic.twitter.com/Fb0bh23Fyo— Beanie (@beaniemaxi) August 26, 2023

Alongside the fee decrease, purchasers and sellers have actually also tanked, with Aug. 27 seeing around 10,000 buyers and 7,800 sellers compared to the Aug. 21 peak of over 58,000 buyers and 27,000 sellers, per Dune data.Friend.tech buyers (green) and sellers (orange) have both steadily declined since the peak on Aug. 21. Source: DuneDune shows inflows have also taken a dive from the Aug. 21 high of $16.8 million with Friend.tech seeing around $1.6 million on Aug. 27– an almost 90.5% decrease.Protocol inflows peaked on Aug. 21 however have because trended down.