Bitcloud(BTDX)

A mere three weeks post-launch, decentralized social platform Friend.tech is facing intense scrutiny as key performance metrics have dwindled, leading many to pronounce it as a "dead" platform. Having launched its beta version on Coinbase’s layer-2 Base on Aug. 11, Friend.tech initially generated significant buzz, especially after its fees eclipsed both Uniswap and the Bitcoin network, reaching over $1 million within a day on Aug. 19. Despite this, the initial momentum seems to have been short-lived, while also trouncing speculations that info from its users was leaked. Comparisons have also been made between Friend.tech and the 2021 DeSo app BitCloud. Web3 marketer Legendary predicts a similar fate for Friend.tech, anticipating that it "will collapse as BitClout did." Aggregated blockchain data reveals a significant drop in daily fees, which hit a high of $1.7 million on Aug. 21 and subsequently plunged by over 87%, settling around $215,000 by Aug. 26. Concurrently, transaction activity on the platform saw an over 90% decrease, falling from a high of nearly 525,000 on Aug. 21 to just over 51,000 on Aug. 27, as indicated by data from Dune Analytics compiled by Crypto Koryo. Social media, particularly X (formerly Twitter), is awash with commentary on the network's drastic decline. One such tweet by @beaniemaxi reads, "RIP Friendtech. August 2023-August 2023." RIP FriendtechAugust 2023-August 2023

A mere three weeks post-launch, decentralized social platform Friend.tech is facing intense scrutiny as key performance metrics have dwindled, leading many to pronounce it as a "dead" platform. Having launched its beta version on Coinbase’s layer-2 Base on Aug. 11, Friend.tech initially generated significant buzz, especially after its fees eclipsed both Uniswap and the Bitcoin network, reaching over $1 million within a day on Aug. 19. Despite this, the initial momentum seems to have been short-lived, while also trouncing speculations that info from its users was leaked. Comparisons have also been made between Friend.tech and the 2021 DeSo app BitCloud. Web3 marketer Legendary predicts a similar fate for Friend.tech, anticipating that it "will collapse as BitClout did." Aggregated blockchain data reveals a significant drop in daily fees, which hit a high of $1.7 million on Aug. 21 and subsequently plunged by over 87%, settling around $215,000 by Aug. 26. Concurrently, transaction activity on the platform saw an over 90% decrease, falling from a high of nearly 525,000 on Aug. 21 to just over 51,000 on Aug. 27, as indicated by data from Dune Analytics compiled by Crypto Koryo. Social media, particularly X (formerly Twitter), is awash with commentary on the network's drastic decline. One such tweet by @beaniemaxi reads, "RIP Friendtech. August 2023-August 2023." RIP FriendtechAugust 2023-August 2023