Decentralized social platform Friend.tech experiences a decline in earnings and daily users
The latest data from DeFiLlama reveals that Friend.tech’s earnings have dropped significantly, with fees being over 70% lower compared to its peak. Additionally, the number of daily added users has also decreased by almost 80%. Friend.tech, which was once the highest revenue-generating entity in decentralized finance, gained 100,000 users in just a few days. However, reduced fees and revenues suggest that the platform may be losing its appeal.
Main breakdowns of key points:
- Friend.tech’s earnings have dropped by more than 70%, with a significant decrease in fees.
- The platform has experienced an almost 80% decrease in its number of daily added users.
- Users have reported complaints regarding high trading fees, slow load times, and steep token pricing.
- Friend.tech initially saw an influx of content creators from OnlyFans after enabling the sending of photos.
- The platform currently ranks tenth in terms of generated fees and revenue.
Despite its initial success, Friend.tech is now attracting criticism and facing challenges. Bots on the platform are manipulating transactions and forcing creators to pay higher fees for keys. Additionally, reports of scraping have raised concerns about data privacy and security breaches. While Friend.tech was praised by industry leaders such as Brian Armstrong and Jeremy Allaire, it is now experiencing a decline in popularity and user satisfaction.
Hot Take:
The rapid decline in Friend.tech’s earnings and daily users raises questions about the platform’s sustainability and value proposition. The complaints from users about high fees, slow load times, and pricing issues indicate a need for improvements in user experience. Friend.tech will need to address these challenges and regain user trust to remain competitive in the decentralized social platform market.
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