8 months ago
Just a fewer months back, societal concern (socialfi) platforms were the speech of the town, with Friend.tech starring the complaint amidst surging popularity. Yet, arsenic the curtains closed connected October 2023, this once-celebrated socialfi level witnessed a crisp diminution successful idiosyncratic engagement, and information from defillama.com revealed a steep autumn successful its revenue.
From Crypto Craze to Quiet Decline
During the tallness of the socialfi buzz successful mid-August, crypto enthusiasts couldn’t halt discussing platforms similar Friend.tech, a decentralized web driven by societal tokens. Friend.tech introduced a caller conception allowing users to acquisition and merchantability “keys” to initiate conversations with others, fundamentally letting individuals capitalize connected their societal influence. By Aug. 21, 2023, Friend.tech boasted an awesome tally of 1.51 cardinal transactions and $840K successful gross wrong a 24-hour span.
Come mid-September 2023, regular transactions connected Friend.tech fluctuated betwixt 250,000 and implicit 500,000. Yet, the level began to acquisition a marked downturn successful enactment and gross post-Oct. 29, 2023. Transactions nosedived by nearly 90%, and revenue tumbled from a mid-September highest of $1.14 cardinal to nether $60,000 by February 3, 2024. According to defillama.com, the full worth locked (TVL) successful Friend.tech besides saw a reduction, dropping from $52 cardinal to a contiguous $28.33 million.
Nowadays, mentions of Friend.tech connected societal media platforms similar X are fewer and acold between, prevention for discussions connected its accelerated decline. Haseeb Qureshi, the managing spouse astatine the cross-border crypto task money Dragonfly, lamented connected X, “Wow. Friend.tech truly went from crypto darling to desertion successful astir 4 months.” Besides Friend.tech, the Arbitrum blockchain mimic, Post.tech, excessively has been facing a similar slump successful activity.
A glimpse astatine Google Trends further reveals that involvement successful Friend.tech has been waning since the process extremity of August. The hunt word “Friend.tech” deed its zenith with a people of 100 during the week of Aug. 20 to Aug. 26, 2023. Currently, the hunt involvement for “Friend.tech” connected Google Trends hovers astatine a specified 3 retired of 100. Despite the planetary downturn successful interest, the apical 5 regions inactive showing curiosity successful the socialfi level see China, Nigeria, Singapore, Switzerland, and Portugal.
Why bash you deliberation involvement successful Friend.tech has declined? Share your thoughts and opinions astir this taxable successful the comments conception below.
English (US) 