Friend.tech: Is the Crypto Fad Fizzling Out?
Social app Friend.tech, once hailed as the latest crypto sensation, is facing criticism as its revenue activity declines. Here are the key points to consider:
- Friend.tech became the largest crypto platform by revenue earlier this month, earning over $4.2 million in ether fees for creators.
- However, transactional activity on the platform has dropped by 95% since its peak on August 21.
- Despite this, user activity remains steady with a significant number of returning users and a doubling of total users in the past week.
- New users have declined, indicating that initial demand has been met.
- Friend.tech developers claim high user engagement, with over 75% of key holders using the app the day after and over 50% still using it after a week.
Friend.tech’s rapid growth, fueled by popular personalities from various fields, has been noteworthy even by crypto standards. However, concerns are mounting as revenue activity decreases.
Hot Take:
While Friend.tech may be experiencing a decline in transactional activity, its user engagement and steady number of returning users indicate that the platform still holds value. It remains to be seen whether the current dip is a temporary setback or a sign of a larger problem.
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