The Decline of Friend.tech: A Look at the Numbers
The decentralized social media platform, Friend.tech, has experienced a significant decrease in transaction volume, fee income, and new user sign-ups over the past week.
Key Points:
- Transaction volume on Friend.tech has dropped by 95% from $16.88 million to $883,000 in just one week.
- The platform’s trading volume has seen a 99.99% decline in the past 24 hours, with only $2,760 and 35 traders.
- Fees generated on Friend.tech have plummeted by 100% from an all-time high of $1.7 million to just $275 in 24 hours.
- New user sign-ups have also dwindled, with only three new users joining the platform in the past day.
- The crypto community on X (formerly Twitter) has declared Friend.tech as “dead” due to its failing trading activity.
The Crypto Community’s Perspective
The decline in Friend.tech has led to widespread criticism from the crypto community. Lisandro Rodriguez, a risk manager at Coinbase, attributes the platform’s failure to “greed and poor execution.” He highlights the sharp drop in trading volume after the initial influencer pump.
In addition, concerns about Friend.tech’s privacy issue have been raised. Users cannot permanently delete their accounts, which could potentially lead to legal issues in the United States and the EU.
Hot Take:
The decline of Friend.tech serves as a lesson in the volatile world of decentralized social media platforms. It highlights the importance of sustainable growth, user privacy, and effective execution to avoid becoming the next “dead” project. Future platforms should take note and learn from these mistakes to ensure longevity in this competitive industry.
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