{"id":549118,"date":"2023-08-28T12:00:30","date_gmt":"2023-08-28T12:00:30","guid":{"rendered":"https:\/\/ktsl888.com\/?p=549118"},"modified":"2023-08-28T11:49:46","modified_gmt":"2023-08-28T11:49:46","slug":"friend-tech-crashes-94","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/defi\/friend-tech-crashes-94\/","title":{"rendered":"Friend.tech Activity Crashes 94%, Is This The End?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Decentralized social networks have always faced significant challenges to gain mainstream adoption. Such is the apparent case of Friend.tech, a new decentralized app that enjoyed explosive growth earlier this month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Just barely two weeks after its launch, Friend.tech saw its <\/span><a href=\"https:\/\/bitcoinist.com\/friendtech-fees-bitcoin\/#:~:text=Within%20two%20weeks%20of%20its,the%20app%20begins%20to%20wane.\" rel=\"nofollow\"><span style=\"font-weight: 400\">trading fees grow to rival top cryptocurrencies<\/span><\/a><span style=\"font-weight: 400\"> like Bitcoin and Tron. However, the euphoria is starting to subside, as activity and trading fees on the social media app have crashed by 94%.\u00a0<\/span><\/p>\n<h2>Friend.tech Records Massive Fall In Trading Activity<\/h2>\n<p><span style=\"font-weight: 400\">Friend.tech&#8217;s model had raised concerns from some crypto investors, with some arguing about its long-term viability. Their criticism has been proven to be accurate as the situation at Friend.tech has started to deteriorate.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/shiba-inu\/shibarium-shiba-inu-bone\/\">Shibarium Launch Proves Positive As Shiba Inu-Based BONE Celebrates New Milestone<\/a><\/div>\n<p><span style=\"font-weight: 400\">Friend.tech allows users to buy and sell shares of influential accounts and social media profiles, and the platform reportedly registered over 35,000 and 4,400 ETH ($8.1 million) in trading volume in its first 24 hours.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, <\/span><a href=\"https:\/\/dune.com\/queries\/2844757\/4753548\" rel=\"nofollow\"><span style=\"font-weight: 400\">data from Dune Analytics<\/span><\/a><span style=\"font-weight: 400\"> show that trading volume has fallen since then, with less than $200,000 in fees generated in the past 24 hours. Trading activity has also been down from over 35,000 to less than 6,000 users. This has been reflected in trading costs, as revenue has decreased by more than 94% since the exchange first opened its doors.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Friendtech buyers and sellers tanking to 0<\/p>\n<p>GG Friendtech? <a href=\"https:\/\/t.co\/jmXKu41KDd\" rel=\"nofollow\">pic.twitter.com\/jmXKu41KDd<\/a><\/p>\n<p>\u2014 Boxmining (@boxmining) <a href=\"https:\/\/twitter.com\/boxmining\/status\/10918570?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 28, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Friend.tech\u2019s business model relied heavily on charging users a 10% fee for every buy and sell of shares. Friend.tech surpassed Bitcoin in terms of trading fees, recording almost $1.4 million in revenue during the height of the platform&#8217;s trading activity. However, data from DeFiLlama shows that trading fees are now at $160,000 in the past 24 hours.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">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 \ud83d\udc47\ud83c\udffe <a href=\"https:\/\/t.co\/WDQncTQJ21\" rel=\"nofollow\">pic.twitter.com\/WDQncTQJ21<\/a><\/p>\n<p>\u2014 Lisandro (@TheRealLisandro) <a href=\"https:\/\/twitter.com\/TheRealLisandro\/status\/91582405?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 27, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Friend.tech also incorporates Maximal Extractable Value (MEV) bots, which are automated trading bots designed to exploit rapid price movements. Although these bots have generated <\/span><a href=\"https:\/\/bitcoinist.com\/friend-tech-frenzy-mev-bots-pocket-over-2-million\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">over $2 million in profits<\/span><\/a><span style=\"font-weight: 400\">, they have been credited with discouraging content creators and users.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/cardano\/base-cardano-tvl\/\">Base Chain TVL Surpasses Cardano As Interest Swells<\/a><\/div>\n<h2>The Plight Of Decentralized Social Media Platforms<\/h2>\n<p><a href=\"https:\/\/ktsl888.com\/news\/company\/record-recreate-and-resonate-welcoming-social-platforms-into-the-blockchain-world\/\"><span style=\"font-weight: 400\">Decentralized social media<\/span><\/a><span style=\"font-weight: 400\"> have been touted to be the future of the internet. However, platforms have been faced with many challenges and have struggled to gain a firm footing in the market. One of the challenges is the expansion of the user base. Overcoming these challenges will be key to disrupting the status quo and achieving the promise of decentralized social media.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Friend.tech has a TVL of $6.4 million and has generated fees of over $7.8 million to date. But while Friend.tech is still operating, critics have likened its imminent failure to the fall of <\/span><a href=\"https:\/\/bitcoinist.com\/robert-breedlove-breaks-his-silence-about-the-bitclout-fiasco\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">BitClout<\/span><\/a><span style=\"font-weight: 400\">, another decentralized social media app.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/yGo3aNkH\/\" alt=\"Crypto total market cap chart from Tradingview.com (Friend.tech)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">Total market cap struggles at $1.026 trillion | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from BeInCrypto, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Decentralized social networks have always faced significant challenges to gain mainstream adoption. Such is the apparent case of Friend.tech, a new decentralized app that enjoyed explosive growth earlier this month.\u00a0 Just barely two weeks after its launch, Friend.tech saw its trading fees grow to rival top cryptocurrencies like Bitcoin and Tron. However, the euphoria is starting to subside, as activity and trading fees on the social media app have crashed by 94%.\u00a0 Friend.tech Records Massive Fall In Trading Activity Friend.tech&#8217;s model had raised concerns from some crypto investors, with some arguing about its long-term viability. Their criticism has been proven to be accurate as the situation at Friend.tech has started to deteriorate.\u00a0 Related Reading: Shibarium Launch Proves Positive As Shiba Inu-Based BONE Celebrates New Milestone Friend.tech allows users to buy and sell shares of influential accounts and social media profiles, and the platform reportedly registered over 35,000 and 4,400 ETH ($8.1 million) in trading volume in its first 24 hours.\u00a0 However, data from Dune Analytics show that trading volume has fallen since then, with less than $200,000 in fees generated in the past 24 hours. Trading activity has also been down from over 35,000 to less than 6,000 users. This has been reflected in trading costs, as revenue has decreased by more than 94% since the exchange first opened its doors. Friendtech buyers and sellers tanking to 0 GG Friendtech? pic.twitter.com\/jmXKu41KDd \u2014 Boxmining (@boxmining) August 28, 2023 Friend.tech\u2019s business model relied heavily on charging users a 10% fee for every buy and sell of shares. Friend.tech surpassed Bitcoin in terms of trading fees, recording almost $1.4 million in revenue during the height of the platform&#8217;s trading activity. However, data from DeFiLlama shows that trading fees are now at $160,000 in the past 24 hours. 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 \ud83d\udc47\ud83c\udffe pic.twitter.com\/WDQncTQJ21 \u2014 Lisandro (@TheRealLisandro) August 27, 2023 Friend.tech also incorporates Maximal Extractable Value (MEV) bots, which are automated trading bots designed to exploit rapid price movements. Although these bots have generated over $2 million in profits, they have been credited with discouraging content creators and users. Related Reading: Base Chain TVL Surpasses Cardano As Interest Swells The Plight Of Decentralized Social Media Platforms Decentralized social media have been touted to be the future of the internet. However, platforms have been faced with many challenges and have struggled to gain a firm footing in the market. One of the challenges is the expansion of the user base. Overcoming these challenges will be key to disrupting the status quo and achieving the promise of decentralized social media.\u00a0 At the time of writing, Friend.tech has a TVL of $6.4 million and has generated fees of over $7.8 million to date. But while Friend.tech is still operating, critics have likened its imminent failure to the fall of BitClout, another decentralized social media app. Total market cap struggles at $1.026 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from BeInCrypto, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":549131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[54512,8323,1946,89239,89240],"class_list":["post-549118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-defi","tag-eth","tag-ethereum","tag-friend-tech","tag-friend-tech-fees"],"acf":[],"yoast_head":"\n<title>Friend.tech Activity Crashes 94%, Is This The End?<\/title>\n<meta name=\"description\" content=\"Just barely two weeks after its launch, 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