The post Is Friend.Tech Dead? Activity and Fees Continue to Decline Rapidly appeared first on Coinpedia Fintech News
Only days ago, the decentralized social platform Friend.Tech was the talk of the town, spearheading the cryptocurrency media scene. But the current metrics tell a different story.
Data sourced from Dune Analytics shows that Friend.Tech’s daily trading volume has plummeted 94% from its peak, standing at $16.9 million on August 21. Merely a week later, this amount has dwindled down to a meager $953,000.
User Participation Drops Drastically
From a massive pool of 35,000 daily traders, the figure shrank to 6,000 by August 17, marking an 83% decrease. By August 27, the trading fees also took a nosedive from $1.7 million to a mere $95,000.
Several users expressed concerns about issues such as prohibitive trading costs, laggy platform performance, and steep pricing structures. Adding to the woes, bots that sneaked into the system caused an unwanted surge in transactions by
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