BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Friend.tech Platform Pronounced “Dead” Amid Declining Metrics

BlockNews Team by BlockNews Team
August 29, 2023
in Business, Crypto, Technology
friend.tech
Share on TwitterShare on Reddit
  • The buzz surrounding the social networking app Friend.tech has experienced a dramatic decline in network activity and profile sales.
  • Friend. Tech’s daily trading volume has declined 94% since its peak, as has the number of daily traders.
  • Other data, such as transactions, MEV bots, and new traders, have also fallen by more than 90% since last week.

Friends.tech is currently experiencing hard times, prompting some to predict its extinction. The social media network, which attracted attention due to its spectacular expansion, has been hard struck by a significant decrease in key indicators, leading many to question its future in an increasingly competitive landscape.

The rapid rise and collapse of Friend.tech is not only a story of transient triumph, but it also sheds light on the issues that decentralized networks face in the crypto space.

Friend.tech Early Victories Overshadowed by Growing Difficulties

On August 11, Friend.tech began its adventure by releasing a buzz-worthy beta edition on Coinbase’s layer-2 Base. A week later, the platform generated headlines when its transaction fees surpassed the million-dollar barrier in less than 24 hours, surpassing major competitors such as Uniswap and even the Bitcoin network. The excitement was, however, short-lived.

Following its initial popularity, Friend.tech’s fortunes began to deteriorate. Daily transaction costs, which peaked at $1.7 million on August 21, had dropped by more than 87% by August 26 to a measly $215,000, according to DefiLlama.

Friend.tech’s decline was quickly reflected in transaction volumes, which fell by more than 90% from a peak of about 525,000 on August 21 to barely more than 51,000 on August 27, according to data provided by Crypto Koryo using Dune Analytics.

Lisandro Rodriguez, Coinbase’s payments risk manager, tweeted that the platform is “dead” due to “greed and poor execution.”

Bots: From Grace to Bane

According to Tom Wan of 21.co, the bots that once drove Friend.tech’s transaction frenzy are now being blamed for its demise. According to a report by Bloomberg, these automated trading bots are meant to exploit quick price changes, which have been distorting transaction orders.

This malicious behavior has allowed bots to preempt influencer-initiated transactions, purchasing assets at rock-bottom prices before creators can, pushing them to acquire their own assets at inflated costs. Such manipulation has undoubtedly deterred content creators and users, threatening the platform’s future.

Uncertain Horizon

Friend.tech’s journey, once lauded as a triumph in decentralized social network space, is now a cautionary tale of the difficulties nascent crypto platforms face. As critics draw comparisons to the demise of the 2021 DeSo app BitCloud, Friend.tech’s fate is in doubt.

There is still a lot to see on whether the platform can navigate the turbulent waters, re-calibrate its strategies, and reclaim the trust of its community, acting as a humbling reminder of the volatility inherent in the decentralized landscape.

Conclusion

Friend.tech‘s growth and fall highlight the importance of careful deliberation, transparency, and attention in a world defined by innovation and unpredictability as decentralized platforms continue to transform the digital landscape.

Tags: BotsFriend.tech
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Uniswap-logo
Business

Uniswap Seeks Funding Approval to Bolster Development and Research Initiatives

September 30, 2023
Ripple Logo on Phone
Business

Ripple Retracts Fortress Trust Acquisition, Keeps Future Collaborations Open

September 30, 2023
Eth logo
Crypto

Ethereum Futures ETFs Could Start Trading Next Week — Bloomberg Analyst

September 30, 2023
Paysafe logo on Billboard
Business

Binance Loses Key European Banking Partner Paysafe, Urges Shift to USDT

September 30, 2023
Around the Block
Crypto

Around The Block: Sept 29 Week in News

September 30, 2023
Bitcoin-Coin
Business

Bitcoin Insurance Company AnchorWatch Secures $3 Million to Bring Multisig Mainstream

September 29, 2023
Load More
Next Post
Laos Crypto

Cryptocurrency Mining Faces Power Cut in Laos Due to Ongoing Drought

1040-Form-With-Bitcoin

Cryptocurrency Community Voice Concern Over New IRS Tax Rules on Digital Assets

Russia-Crypto

Sanctioned Russian Banks Delisted by OKX and ByBit

Related News

Bitcoin

Bitcoin Hash Rate Hits New All-Time High – Implications For The Industry

October 8, 2022
metaverse

US Lawmaker Behind Crypto Mining Legislation Urges Zuck not to Offer Metaverse to Teenagers

March 8, 2023
Coinbase-Website

Coinbase Gets Political With In-App Politician Scorecard

September 29, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter Instagram TikTok
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Uniswap Seeks Funding Approval to Bolster Development and Research Initiatives September 30, 2023
  • Ripple Retracts Fortress Trust Acquisition, Keeps Future Collaborations Open September 30, 2023
  • Ethereum Futures ETFs Could Start Trading Next Week — Bloomberg Analyst September 30, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?