Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ETHEREUM NEWS»Friend Tech went from viral success to virtual ghost town.
ETHEREUM NEWS

Friend Tech went from viral success to virtual ghost town.

By Crypto FlexsJanuary 30, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Friend Tech went from viral success to virtual ghost town.
Share
Facebook Twitter LinkedIn Pinterest Email

Friend.Tech, a decentralized social media protocol, gained attention last year but has noticeably fallen off the radar recently.

CryptoSlateused Dune Analytics data compiled by 21.co and discovered a worrying trend: the platform’s failure to attract new users and apathy towards its existing user base. On January 28, the platform had just 19 new users who had engaged in at least one transaction, a stark contrast to its peak of over 70,000 users in September.

Cryptokoryo’s separate dashboard highlights the extent of the recession. On the same day, Friend.Tech recorded only 5,544 transactions, representing a stunning 99% decline from its peak volume of nearly 540,000.

Friend.Tech Deals (Source: Dune Analytics)

In addition to the decline, DeFillama’s data shows consistent negative outflows throughout this month.

Data shows that Friend.Tech experienced positive USD flows with $313,000 flowing into the platform on January 16 alone. However, on other days, more than $5 million was leaked, bringing the total value of assets locked on the platform down significantly to $30 million.

Friend TechFriend Tech
Friend.Tech USD Flow and TVL (Source: DeFillama)

Moreover, this decline is also reflected in the fees generated by the network, which have plummeted from an average of nearly $1 million per day to just $50,000 over the past two days.

‘The greatest low light’

There could be a number of reasons for Friend.Tech’s declining numbers. However, problems began when several users suffered SIM-SWAP attacks due to poor security on the platform. CryptoSlate Users of the platform reported that at least $20 million in assets were vulnerable to these attacks.

Although efforts were made quickly to address the security issues, the incident reflected the platform’s challenges in keeping pace with bug fixes and implementing required policies for its rapidly expanding user base.

The platform’s viral success has spawned imitators like Stars Arena on other blockchain networks, including Avalanche. DeFillama data shows that these protocols are also struggling with adoption and use.

Teng Yan, head of NFT research at Delphi Digital, called Friend.Tech’s setback the “biggest recession” of last year. He highlighted the project’s potential to take cryptocurrency mainstream, but criticized the team’s execution.

“(Friend.tech) could have been the best consumer app to bring cryptocurrency to the mainstream. An on-chain reputation layer built on top of an existing social graph. It’s a good idea, but the execution is poor,” Yan added.

friend. Viral growth of technology

Friend.Tech has introduced an innovative way for users to monetize their popularity in the cryptocurrency space, allowing users to buy and sell “keys”. This key allowed buyers to send private messages to sellers.

As a result, several high-profile figures from the cryptocurrency world and the broader entertainment industry have used Friend.Tech to connect to their communities, with the platform driving transactions on Base, the layer 2 network on which it is based.

Despite this initial success, the blockchain-based social network faced rapid decline, losing 95% of its activity within a month of launch. However, there was a resurgence in September with daily trading volume approaching $10 million. At its peak, the protocol boasted a TVL exceeding 30,000 ETH ($50 million), surpassing giants such as Uniswap and the Bitcoin Network in terms of fee generation.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Integrated security classes can accelerate the adoption of institutional passwords.

September 4, 2025

Next chapter of ecosystem support program

August 31, 2025

Kindly, MD’s $ 5B Bitcoin Play comes as DATS raises fear of wider Altcoin fluidity.

August 27, 2025
Add A Comment

Comments are closed.

Recent Posts

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025
Most Popular

Benjamin Cowen,

November 19, 2024

Cardano Price Prediction: Evaluating the Impact of $0.88 on ADA’s Trajectory

December 24, 2024

Can liquid staking tokens be pegged due to market volatility?

October 19, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.