The Fading Hype of Friend.Tech
The social media dApp Friend.Tech, which gained significant attention in the crypto industry, has experienced a decline in network activity.
Key Points:
- Friend.Tech, also known as “SocialFi” or “DeSo,” allowed users to buy and sell shares of Twitter accounts and social media profiles.
- The platform has seen a slump in activity, with buyers and sellers leaving and a decrease in social media profile sales.
- Daily trading volume on Friend.Tech has dropped by 94% since its peak, and the number of daily traders has declined by 83%.
- All metrics on the platform, including transactions and new traders, have decreased by more than 80% in the past week.
- User complaints about high trading fees, slow load times, and steep pricing curves have been reported.
Affected Base Transactions and Activity
The decline in Friend.Tech has also impacted the Coinbase layer-2 network Base, with a significant drop in transactions and activity.
Hot Take:
The fading hype of Friend.Tech highlights the challenges faced by social media dApps in maintaining user engagement and addressing technical issues. The decline in network activity and user complaints indicate the need for improvements in functionality and user experience. Additionally, the potential involvement of OnlyFans in the crypto space raises questions about the motivations behind the creation of speculative games and the impact on the overall industry.
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