Friend.tech daily fees and buyers drop by over 90%

By Forkast August 28, 2023 In Uncategorized

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.

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.

Author profile

Zoltan Vardai

Zoltan is a writer at Forkast with a deep passion for storytelling and blockchain. Prior to joining the team, he worked as a marketing and content writer, focused on software and technology. Zoltan holds a master’s degree from the Ludwig Maximilian University of Munich and is interested in the future of global financial decentralization.

zoltan.vardai@forkast.studio @ZVardai

Editor profile

Yohan Yun

Yohan is an Assignment Editor at Forkast and has worked as an assistant reporter covering stories in Asia for media publications such as Bloomberg BNA and Forbes, on topics related to Korea-US FTA, technology, environment, 2017 tax legislation amendments.

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yohan.yun@forkast.news @hyoseopyun Yohan Yun

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