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

Less than 3 weeks after its launch, the decentralized social media network Friend.tech has actually already been stated “dead” by critics following a recent drop in key metrics such as activity, inflows and volume.Friend.tech had a buzzy beta version launch on Coinbases layer-2 Base on Aug. 11. A week later, its costs exceeded $1 million in 24 hours on Aug. 19, outperforming Uniswap and the Bitcoin network.However, its costs have actually because cratered. Daily costs peaked at $1.7 million on Aug. 21, however dropped over 87% to around $215,000 on Aug. 26, according to DefiLlama.Transactions on Friend.tech likewise decreased over 90% from the nearly 525,000 peak on Aug. 21, with just over 51,000 transactions on Aug. 27, Dune Analytics data complied by Crypto Koryo shows, leading numerous on X (Twitter) to publish acknowledgements for the network.RIP FriendtechAugust 2023-August 2023 pic.twitter.com/Fb0bh23Fyo— Beanie (@beaniemaxi) August 26, 2023

Alongside the cost decrease, purchasers and sellers have likewise tanked, with Aug. 27 seeing around 10,000 purchasers and 7,800 sellers, compared to the Aug. 21 peak of over 58,000 buyers and 27,000 sellers, per Dune data.Friend.tech purchasers (green) and sellers (orange) have both gradually declined considering that the peak on Aug. 21. Source: DuneDune shows inflows have actually likewise 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 but have actually considering that trended down.

Friend.tech is focused on purchasing and selling “keys” that enable the buyer to send out private messages to the seller, with the platform reportedly taking a 5% cut.Its drawn in crypto and non-crypto influencers consisting of UpOnly podcast host Cobie, YouTuber Faze Banks and Russian demonstration group Pussy Riot.In an Aug. 27 X post, Coinbase payments danger manager Lisandro Rodriguez opined that the platform is “dead” due to “greed and poor execution. Lets dig into how this failure came to be pic.twitter.com/WDQncTQJ21— Lisandro (@TheRealLisandro) August 27, 2023