Social finance platform Friend Tech is hoping to increase user engagement by releasing a teaser trailer for version 2 of its application. The trailer, which featured a K-pop song and a hint of what’s to come in spring 2024, did not provide any specific details about the upgrade.
Friend Tech Frenzy Fades
However, the excitement surrounding Friend Tech has dwindled significantly since its peak in mid-September. Daily transactions on the platform have reached all-time lows, with just 2,351 transactions recorded on December 17. This marks a drastic decline of 99% from its peak of over 530,000 transactions on September 13.
In addition, protocol inflow and fees have also plummeted. Protocol inflow dropped from $20 million in mid-September to just $320,000 on December 18, while fees decreased by over 98% from $1 million to $16,000 during the same period.
A Decline in Active Buyers and Sellers
The number of active buyers and sellers of social media profiles on Friend Tech has followed suit. In October, there were more than 40,000 active buyers, but that number has now dwindled to just 317.
A Haven For Scammers and Bots
Friend Tech has also been plagued by scammers and bot activity, which may be discouraging new users from joining the platform. Reports of phishing attacks and SIM swapping have surfaced, with scammers gaining access to personal information and draining wallets due to low-security measures.
Hot Take: Friend Tech Struggles to Maintain User Activity and Engagement
Despite dropping a teaser trailer for version 2, Friend Tech has experienced a significant decline in user activity, transactions, and fees. The platform’s daily transactions have hit record lows, protocol inflow and fees have plummeted, and the number of active buyers and sellers has drastically decreased. Additionally, the presence of scammers and bots has further hindered user engagement. Friend Tech will need to address these issues in order to revive interest and attract new participants.
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