{"id":83642,"date":"2023-08-28T11:19:09","date_gmt":"2023-08-28T08:19:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83642"},"modified":"2025-09-12T12:24:13","modified_gmt":"2025-09-12T09:24:13","slug":"community-notes-the-death-of-friend-tech","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/community-notes-the-death-of-friend-tech\/","title":{"rendered":"Community notes the ‘death’ of Friend.Tech"},"content":{"rendered":"

Less than three weeks after launch, activity metrics for the new Web3<\/a>-social network Friend.Tech have sharply declined. Market participants said the project was ‘dead’.<\/p>\n

\"Snimok-ekrana-2023-08-28-v-10.29.56\"
Data: X<\/a>.<\/figcaption><\/figure>\n

According to DeFi Llama<\/a>, on August 21 fees in the protocol peaked at $1.7 million, but by August 26 had fallen by more than 87% \u2014 to $215,000.<\/p>\n

The number of transactions on Friend.Tech also fell by more than 90% \u2014 from 525,000 to 51,000, according to the Dune dashboard<\/a>.<\/p>\n

The number of active buyers and sellers also dropped sharply \u2014 from a peak of 5,500 users to 550 at present.<\/p>\n

\"1396b892-e4f7-40bf-a25a-d1e0bfad46cb\"
Buyers and sellers of Friend.Tech. Data: Dune.<\/figcaption><\/figure>\n

Additionally, inflows of funds declined from $16.8 million to $1.6 million \u2014 almost 90.5%.<\/p>\n

\"0c242822-5855-4445-9161-6e348f028c74\"
Funds inflows for Friend.Tech. Data: Dune.<\/figcaption><\/figure>\n

Friend.Tech launched on 10 August on the Ethereum-based layer-2<\/a> Base, supported by Coinbase. It is a decentralized social platform integrated with X (formerly Twitter), which allows tokenising participant profiles.<\/p>\n

According to Coinbase risk manager Lisandro Rodriguez, the platform is ‘dead’ due to ‘greed and poor execution’. He also highlighted bot issues and widespread fraud.<\/p>\n

\"Snimok-ekrana-2023-08-28-v-10.47.41-1\"
Data: X<\/a>.<\/figcaption><\/figure>\n
\n

\u2018The technology behind Friend.Tech was indeed a clever idea for giving people the opportunity to interact with celebrities. It was a way to create an inner circle where a user could buy access and converse with their favourite authors. However, the platform’s structure ultimately led to its decline,\u2019 added a Coinbase spokesperson.<\/p>\n<\/blockquote>\n

In July, Bluesky \u2014 a decentralized alternative to X, supported by co-founder and former CEO of the social network Jack Dorsey \u2014 closed<\/a> a seed round of financing totaling $8 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Less than three weeks after launch, activity metrics for the new Web3 social network Friend.Tech sharply declined. Market participants said the project was ‘dead’.<\/p>\n","protected":false},"author":1,"featured_media":83643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1524,465],"class_list":["post-83642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-friend-tech","tag-social-media"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=83642"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83642\/revisions"}],"predecessor-version":[{"id":83644,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83642\/revisions\/83644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/83643"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=83642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=83642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=83642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}