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.
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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.
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