{"id":434049,"date":"2023-08-28T17:13:33","date_gmt":"2023-08-28T17:13:33","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=434049"},"modified":"2023-08-28T17:13:33","modified_gmt":"2023-08-28T17:13:33","slug":"friend-techs-short-lived-journey-turmoil-strikes-just-weeks-after-launch","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/friend-techs-short-lived-journey-turmoil-strikes-just-weeks-after-launch","title":{"rendered":"Friend.tech&#8217;s Short-lived Journey: Turmoil Strikes Just Weeks After Launch"},"content":{"rendered":"<p class=\"p3\"><span class=\"s1\">The highly anticipated decentralized social network, Friend.tech, has been pronounced &#8220;dead&#8221; by industry critics three weeks after its launch. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">The platform, which promised to revolutionize private messaging through blockchain technology, suffered a major setback due to a significant drop in overall activity, inflows, and volume. This swift decline has left users and experts questioning the sustainability of its business model.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Friend. Tech&#8217;s journey began with a turbulent beta launch on Coinbase&#8217;s Layer 2 base on August 11 this year. Within a week of its launch, <a href=\"https:\/\/insidebitcoins.com\/news\/deso-platform-friends-tech-earns-close-to-1-5-million-transaction-fees-in-just-24-hours-beats-uniswap-bitcoin\"><span class=\"s2\">the platform&#8217;s overall fee<\/span><\/a> surpassed a remarkable milestone, crossing the $1 million mark and surpassing competitors like Uniswap and the Bitcoin network. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">However, this early success was short-lived, as the platform faced a subsequent fee plunge that has cast a shadow over its future.<\/span><\/p>\n<p class=\"p3\"><span class=\"s3\"><a href=\"https:\/\/defillama.com\/fees\/friend.tech\">DefiLlama data<\/a><\/span><span class=\"s1\"> reveals that the platform&#8217;s daily fees hit an impressive peak of $1.4 million on August 22, only to plummet by an astonishing 87% to around $215,000 by August 25. The downward spiral continues, with the 24-hour revenue at a mere $161,117.<\/span><\/p>\n<figure id=\"attachment_434051\" aria-describedby=\"caption-attachment-434051\" style=\"width: 845px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\" wp-image-434051\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/friendtech-300x109.png\" alt=\"Friend.tech revenue\" width=\"845\" height=\"307\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/friendtech-300x109.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/friendtech-768x279.png 768w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/friendtech.png 825w\" sizes=\"(max-width: 845px) 100vw, 845px\" \/><figcaption id=\"caption-attachment-434051\" class=\"wp-caption-text\">Source: DefiLlama<\/figcaption><\/figure>\n<p class=\"p3\"><span class=\"s1\">Transaction counts on Friend.tech paints a stark picture of its declining popularity. Once boasting almost 525,000 transactions, the platform&#8217;s activity has dwindled to just over 51,000 by August 27\u2014a jaw-dropping decline of over 90%. This prompted many X (Twitter) users to express<span class=\"s2\"> their condolences<\/span> for the network&#8217;s demise.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">RIP Friendtech<\/p>\n<p>August 2023-August 2023\ud83d\udc80 <a href=\"https:\/\/t.co\/Fb0bh23Fyo\">pic.twitter.com\/Fb0bh23Fyo<\/a><\/p>\n<p>&mdash; Beanie (@beaniemaxi) <a 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><\/p>\n<p class=\"p3\"><span class=\"s1\">Notably, buyers and sellers have followed a similar trajectory, with the numbers dropping significantly from a peak of over 58,000 buyers and 27,000 sellers on August 21 to only 10,000 buyers and 7,800 sellers by August 27. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">This sharp contraction in users has been accompanied by an almost 90.5% reduction in inflows, dropping from $16.8 million on August 21 to a mere $1.6 million on August 27.<\/span><\/p>\n<h2 class=\"p5\"><span class=\"s1\">Crypto Community&#8217;s Foreshadowing<\/span><\/h2>\n<p class=\"p3\"><span class=\"s1\">Friend.tech was designed as a platform centered around the buying and selling keys that facilitate private messaging between users. It enables users to buy shares of their friends and influencers. These shares allow them to access personal chats with the chosen user.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">However, the rapid decline has ignited skepticism about the platform&#8217;s viability. Lisandro Rodrigues, the payments risk manager at Coinbase, <span class=\"s2\">highlighted the platform&#8217;s <\/span>demise, attributing it to a combination of greed and poor execution.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\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&#39;s dig into how this failure came to be \ud83d\udc47\ud83c\udffe <a href=\"https:\/\/t.co\/WDQncTQJ21\">pic.twitter.com\/WDQncTQJ21<\/a><\/p>\n<p>&mdash; Lisandro (@TheRealLisandro) <a 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 class=\"p3\"><span class=\"s1\">The criticisms didn&#8217;t stop with Rodrigues. The writing may have been on the wall even before the recent plunge. Members of the crypto community had voiced concerns over Friend. Tech&#8217;s sustainability and predicted a downfall in user key prices and activity.\u00a0<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Yazan, a prominent crypto commentator, expressed skepticism about the feasibility of individuals paying substantial sums to access private chats. <span class=\"s2\">He questioned the profitability <\/span>of content creators benefiting from group chats that reportedly malfunction, further compounded by the platform&#8217;s limitation on direct replies to users. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">The way prices are set on the platform is being criticized for seeming unreasonable and having the potential for exploitation. Moreover, there are allegations of abrupt and artificial surges followed by sharp declines in value.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Let me tell you one thing.<\/p>\n<p>Something isn\u2019t right about <a href=\"https:\/\/twitter.com\/friendtech?ref_src=twsrc%5Etfw\">@friendtech<\/a>.<\/p>\n<p>\ud83d\udea9 Creators making money from a group chat that doesn\u2019t even work when you can\u2019t even reply directly to people?<\/p>\n<p>\ud83d\udea9 The way pricing works is ridiculous and can be easily taken advantage of.<\/p>\n<p>\ud83d\udea9 Pumps and dumps. <a href=\"https:\/\/t.co\/TJqcktEM6P\">pic.twitter.com\/TJqcktEM6P<\/a><\/p>\n<p>&mdash; Yazan (@YazanXBT) <a href=\"https:\/\/twitter.com\/YazanXBT\/status\/1693086023058694222?ref_src=twsrc%5Etfw\">August 20, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p3\"><span class=\"s1\">Yazan&#8217;s sentiments were echoed by several analysts who argued that the unsustainable increase in user key prices, charging more than a single Tether for private messages, was fundamentally flawed.<\/span><\/p>\n<h2 class=\"p5\"><span class=\"s1\">Parallels to BitCloud: A Grim Omen<\/span><\/h2>\n<p class=\"p3\"><span class=\"s1\">As the turbulence unfolded, comparisons between Friend.tech and the DeSo app BitCloud became more apparent. Industry insiders have voiced concerns that Friend.tech might suffer a fate similar to Bitcloud&#8217;s eventual collapse.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">This turn of events comes after the <a href=\"https:\/\/twitter.com\/friendtech\/status\/1692588652172640666?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1692588652172640666%7Ctwgr%5Ec10032a9e4e9086f3285e5ab3e2a00339c2359b0%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Ffriendtech-social-media-app-how-long-will-it-last\"><span class=\"s2\">company disclosed publicly<\/span><\/a> on August 19 that it had secured initial funding from the crypto venture capital company Paradigm. This led to widespread speculation about the possibility of a future airdrop and the potential launch of tokens.<\/span><\/p>\n<h3 class=\"p3\"><span class=\"s1\"><b>Related Articles<\/b><\/span><\/h3>\n<ul class=\"ul1\">\n<li class=\"li6\"><span class=\"s4\"><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/best-cryptocurrency-to-buy\"><span class=\"s5\">Best Crypto to Buy Now<\/span><\/a><\/span><span class=\"s6\"><br \/>\n<\/span><\/li>\n<li class=\"li6\"><span class=\"s4\"><a href=\"https:\/\/insidebitcoins.com\/news\/balancer-loses-900k-in-defi-hack\"><span class=\"s5\">Balancer Loses $900k in DeFi Hack<\/span><\/a><\/span><span class=\"s6\"><br \/>\n<\/span><\/li>\n<li class=\"li6\"><span class=\"s4\"><a href=\"https:\/\/insidebitcoins.com\/news\/as-pepes-value-drops-traders-shift-to-new-meme-coin-sonik-with-presale-nearing-500k-could-sonik-skyrocket-by-50x\"><span class=\"s5\">As PEPE&#8217;s Value Drops, Traders Shift to New Meme Coin Sonik. With Presale Nearing $500k, Could $SONIK Skyrocket by 50x?<\/span><\/a><\/span><span class=\"s6\"><br \/>\n<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">The highly anticipated decentralized social network, Friend.tech, has been pronounced &#8220;dead&#8221; by industry critics three weeks after its launch. The platform, which promised to revolutionize <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/friend-techs-short-lived-journey-turmoil-strikes-just-weeks-after-launch\" title=\"Friend.tech&#8217;s Short-lived Journey: Turmoil Strikes Just Weeks After Launch\">[&#8230;]<\/a><\/div>","protected":false},"author":1942,"featured_media":434056,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-434049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Friend.tech&#039;s Short-lived Journey: Turmoil Strikes Just Weeks After Launch<\/title>\n<meta name=\"description\" content=\"The highly anticipated decentralized social network, Friend.tech, has been pronounced &quot;dead&quot; by industry critics three weeks after its launch. 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