Decentralized social media protocol Friend.Tech captured attention last year but has noticeably faded from the radar recently.
CryptoSlate, using Dune Analytics data compiled by 21.co, discovered a concerning trend – the platform’s failure to attract new users, coupled with indifference from its existing user base. On Jan. 28, the platform garnered a mere 19 new users engaged in at least one transaction, a stark contrast to its peak of over 70,000 users in September.
A separate dashboard by Cryptokoryo sheds light on the extent of the downturn. On the same date, Friend.Tech recorded only 5,544 transactions, signaling a staggering 99% decrease from its peak volume of almost 540,000.
Friend.Tech Transactions (Source: Dune Analytics)
Adding to the downward spiral, DeFillama’s data reveals a consistent negative outflow throughout this month.
Per the data, Friend.Tech experienced positive USD flow only on Jan. 16, with $313,000 entering the platform. However, more than $5 million flo
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