{"id":588846,"date":"2023-08-28T05:24:15","date_gmt":"2023-08-28T02:24:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/friend-tech-pronounced-dead-after-activity-and-fees-tank\/"},"modified":"2023-08-28T05:24:15","modified_gmt":"2023-08-28T02:24:15","slug":"friend-tech-pronounced-dead-after-activity-and-fees-tank","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/friend-tech-pronounced-dead-after-activity-and-fees-tank\/","title":{"rendered":"# Friend.tech pronounced &#8216;dead&#8217; after activity and fees tank"},"content":{"rendered":"<p itemprop=\"description\" class=\"post__lead\" data-v-2649fa34> Buyers, sellers, inflows and transactions have all taken significant dives on the Friend.tech platform after its launch just over two weeks ago, prompting some critics to herald its death. <\/p>\n<p><\/p>\n<div class=\"post-content\" data-v-2649fa34>Less than three weeks after its launch, the decentralized <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> network Friend.tech has already been declared &#8220;dead&#8221; by critics,\u00a0 following a recent drop in key metrics such as activity, inflows and volume.<\/p>\n<p>Friend.tech had a buzzy beta version launch on Coinbase\u2019s layer-2 Base on Aug. 11. A week later,\u00a0its fees surpassed $1 million in 24 hours on Aug. 19 outshining Uniswap and the Bitcoin network.<\/p>\n<p>However, its fees have since cratered. Daily fees peaked at $1.7 million on Aug. 21, but dropped over 87% to around $215,000 on Aug. 26 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/defillama.com\/fees\/friend.tech\">according<\/a> to DefiLlama.<\/p>\n<p>Transactions on Friend.tech also declined over 90% from the nearly 525,000 peak on Aug. 21 with just over 51,000 transactions on Aug. 27, Dune Analytics <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dune.com\/cryptokoryo\/friendtech\">data<\/a> complied by Crypto Koryo shows, leading many on X (Twitter) post condolences for the network.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">RIP Friendtech<\/p>\n<p>August 2023-August 2023 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Fb0bh23Fyo\">pic.twitter.com\/Fb0bh23Fyo<\/a><\/p>\n<p>\u2014 Beanie (@beaniemaxi) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/beaniemaxi\/status\/1695543917444288807?ref_src=twsrc%5Etfw\">August 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Friend.tech is centered on buying and selling \u201ckeys\u201d that enable the buyer to send private messages to the seller, with the platform reportedly taking a 5% cut.<\/p>\n<p>It&#8217;s attracted crypto and non-crypto influencers including UpOnly podcast host Cobie, YouTuber Faze Banks and Russian protest group Pussy Riot.<\/p>\n<p>In an Aug. 27 X post, Coinbase payments risk manager Lisandro Rodriguez opined that the platform is &#8220;dead,&#8221; due mainly to &#8220;greed and poor execution.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Friend tech is dead because of greed and poor execution. We can see that after the initial influencer pump volume has fallen off a cliff. Let&#8217;s dig into how this failure came to be  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/WDQncTQJ21\">pic.twitter.com\/WDQncTQJ21<\/a><\/p>\n<p>\u2014 Lisandro (@TheRealLisandro) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheRealLisandro\/status\/1695598059491582405?ref_src=twsrc%5Etfw\">August 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Alongside the fee decline, buyers and sellers have also tanked, with Aug. 27 seeing around 10,000 buyers and 7,800 sellers compared to the Aug. 21 peak of over 58,000 buyers and 27,000 sellers, per Dune <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dune.com\/queries\/2844757\/4753548\">data<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-08\/1396b892-e4f7-40bf-a25a-d1e0bfad46cb.png\"><figcaption style=\"text-align: center;\"><em>Friend.tech buyers (green) and sellers (orange) have both steadily declined since the peak on Aug. 21. Source: Dune<\/em><\/figcaption><\/figure>\n<p>Dune shows <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dune.com\/queries\/2945400\/4883840\">inflows<\/a> have also taken a dive from the Aug. 21 high of $16.8 million with Friend.tech seeing around $1.6 million on Aug. 27 \u2014 a nearly 90.5% decrease.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-08\/0c242822-5855-4445-9161-6e348f028c74.png\"><figcaption style=\"text-align: center;\"><em>Protocol inflows peaked on Aug. 21 but have since trended down. Source: Dune<\/em><\/figcaption><\/figure>\n<p>Before the decline over the past week, some community members had already shared their bearish predictions for the platform.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Pepecoin \u2014 Insider trading claims surface amid token theft<\/em><\/strong><strong><em> <\/em><\/strong><\/p>\n<p>Last week, crypto commentator Yazan told Cointelegraph of factors that led him to believe Friend.tech had between six to eight weeks before it would see a decline in user key prices and activity.<\/p>\n<p>Yazan said the user key price increases were unsustainable and questioned why so many would pay upwards of 1 Ether (ETH) \u201cto be able to see a private chat.\u201d<\/p>\n<p>The platform has drawn parallels to the 2021 DeSo <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> BitCloud with pseudonymous Web3 marketer Legendary<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Legendary_NFT\/status\/1693199945212555307\"> <\/a>saying he believes Friend.tech \u201cwill collapse as BitClout did.\u201d<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Journeys: Herv\u00e9 Larren on Bitcoin, Apes and the psychology of \u2018blue-chip\u2019 NFTs<\/em><\/strong><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/friendtech-pronounced-dead-inflows-activity-declines\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buyers, sellers, inflows and transactions have all taken significant dives on the Friend.tech platform after its launch just over two weeks ago, prompting some critics to herald its death. Less than three weeks after its launch, the decentralized social network Friend.tech has already been declared &#8220;dead&#8221; by critics,\u00a0 following a recent drop in key metrics&#8230;<\/p>\n","protected":false},"author":1,"featured_media":588847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDgvNjJhYTMzNWQtNTY4YS00NjE0LWE3ZGEtYmJlOWM5ZDNmMDk4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74355,4976],"class_list":["post-588846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-adoption","tag-social-media"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/588846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=588846"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/588846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/588847"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=588846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=588846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=588846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}