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Friend.tech pronounced 'dead' after activity and fees tank

Published 08/27/2023, 10:24 PM
Updated 08/28/2023, 12:00 AM
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Less than three weeks after its launch, the decentralized social network Friend.tech has already been declared "dead” by critics following a recent drop in key metrics such as activity, inflows and volume.

Friend.tech had a buzzy beta version launch on Coinbase’s layer-2 Base on Aug. 11. A week later, its fees surpassed $1 million in 24 hours on Aug. 19, outshining Uniswap and the Bitcoin network.

Friend.tech buyers (green) and sellers (orange) have both steadily declined since the peak on Aug. 21. Source: Dune
Protocol inflows peaked on Aug. 21 but have since trended down. Source: Dune

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