Friend.tech, a decentralized social media platform on cryptocurrency exchange Coinbase’s Ethereum layer-2 chain Base, saw its daily revenue, fees and active buyers fall by more than 90% from its peak.
See related article: Weekly Market Wrap: Bitcoin’s summer volatility, Coinbase’s new stake and anticipations on the Fed moves cryptocurrencies
Fast facts
- Active buyers on Friend.tech declined to 229 on Monday, a 94% nosedive from 3,979 buyers on Aug. 21, according to Dune Analytics, a blockchain data platform.
- Daily fees on Friend.tech fell 90.4% to US$161,120 on Sunday from its peak of US$1.68 million also on Aug. 21, according to DeFillama. The platform’s revenue also fell to US$80,560 on Sunday, a 90.4% drop from US$840,890 on Aug. 21.
- Launched Aug. 11, Friend.tech transforms a user’s X (formerly Twitter) followers into a monetizable asset by letting fans and friends buy “keys” for exclusive access to content creators. As of last week, the platform was widely discussed as a social finance platform with unique profit opportunities for creators and was used by crypto influencers, celebrities and professional athletes.
- “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,” tweeted Coinbase Risk Manager Lisandro Rodriguez on Sunday.
- Friend.tech has generated over US$4.04 million in protocol fees since its launch, according to data from Dune.
See related article: DeFi revenue remains resilient despite Curve Finance hack
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://forkast.news/headlines/friend-tech-daily-fees-buyers-drop-over-90/
- :has
- :is
- 11
- a
- access
- According
- active
- After
- also
- and
- article
- AS
- asset
- athletes
- Aug
- base
- because
- blockchain
- blockchain data
- buy
- buyers
- by
- CAN
- celebrities
- chain
- coinbase
- Coinbase’s
- content
- content creators
- creators
- crypto
- crypto influencers
- cryptocurrency
- Cryptocurrency Exchange
- curve
- Curve Finance
- daily
- data
- Data Platform
- dead
- decentralized
- Decentralized Social
- Despite
- discussed
- Drop
- ethereum
- exchange
- Exclusive
- exclusive access
- execution
- Fall
- Fallen
- fans
- Fed
- Fees
- finance
- followers
- For
- formerly
- friend
- friends
- from
- generated
- Greed
- HTTPS
- in
- influencer
- influencers
- initial
- into
- ITS
- Last
- launch
- letting
- manager
- Market
- market wrap
- Media
- million
- Monday
- more
- moves
- New
- of
- off
- on
- opportunities
- over
- Peak
- platform
- Platforms
- plato
- Plato Data Intelligence
- PlatoData
- poor
- professional
- Profit
- protocol
- pump
- related
- remains
- resilient
- revenue
- Risk
- saw
- see
- since
- Social
- Social Finance
- social media
- stake
- summer
- sunday
- tech
- than
- that
- The
- the Fed
- to
- transforms
- unique
- used
- Volatility
- volume
- was
- we
- week
- widely
- with
- wrap
- X
- zephyrnet