The decline in Friend.tech’s activity, which has reached 94%, clearly signals that the initial excitement may be subsiding.
In Brief
Friend.tech saw an alarming dip in its key metrics, with transaction volume dropping by 94.8%.
BASE is currently facing tough competition from other Layer 2 solutions like Arbitrum and Optimism.
Is Friend.tech truly finished, or could it be on the verge of a revival?
Decentralized social network Friend.tech , experienced a precipitous decline in The platform’s transaction count, new daily users, and income from fees are all experiencing sharp declines. These changes occurred less than three weeks post-launch.
Critics and users on social media, particularly X (formerly known as Twitter), are suggesting that the service has reached its end.
After reaching a high of 20,360 daily new users on August 21, the number drastically fell to only 1,811 by August 27. According to Dune Analytics According to data analytics, the metrics for the project indicate a notable drop in user engagement.
Friend.tech’s generated fees decreased dramatically from $1.7 million on August 21 to just $95,400 by August 27, showing a significant downturn in financial performance.
Transactions involving buyers and sellers on Friend.tech have dwindled down to zero.
— Boxmining (@boxmining) August 28, 2023
GG Friendtech? pic.twitter.com/jmXKu41KDd
BASE is no longer a strong contender against the major Layer 2 networks
The downturn in Friend.tech’s performance is causing BASE to struggle against established Layer 2 competitors such as Arbitrum and Optimism. By August 25, Arbitrum was ahead with 122,110 active addresses daily, outpacing both BASE and Optimism.
Friend.tech’s sudden drop in metrics is a clear indication of a fading speculative frenzy surrounding the platform.
While Friend.tech struggles to gain users As Arbitrum continues to expand its user base, it raises questions about the potential recovery of Friend.tech.
RIP Friendtech
— Beanie (@beaniemaxi) uk
August 2023-August 2023💀 pic.twitter.com/Fb0bh23Fyo
The swift downturn of Friend.tech reveals the transient nature of its early achievements, casting doubt on its long-term viability. With rivals like Arbitrum and Optimism outperforming, the outlook for Friend.tech appears increasingly bleak.
As speculation fades as quickly as it rose, both Friend.tech and BASE are at a pivotal moment needing a major strategic shift to regain their lost traction.
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