Friend Tech’s user activity has dropped by 99% since its peak
Social finance platform FriendTech is trying to spark a surge in user engagement by dropping a teaser trailer for version 2. But the once popular crypto DeSo app has crashed due to user activity, transactions and payments.
Socialfy friend token dApp Friend.Tech published a K-pop song for V2 trailer on December 19th.
Friend Tech Frenchy faded
The trailer, which was nothing more than a blue-tinted song, ended with a teaser saying Friend Tech v2, Spring 2024. There were no other details on what the update would offer.
However, the real story is the decline in activity on the platform since its peak in mid-September. The number of daily transactions on Friend Tech recently hit a new low. There were 2,351 transactions on December 17, according to Dune Analytics.
Moreover, the transaction figure has fallen 99 percent from its peak of 530,000 on September 13.
Protocol flow fell from $20 million in mid-September to just $320,000 on December 18. The protocol fee chart is similar, with more than 98% falling from $1 million to $16,000 in the same period.
The number of active buyers and sellers on social media profiles is also tracked. In October, there were more than 40,000 active buyers. Today, this number has reduced to just 317.
Read more: How to monetize your social media influence on Friend.tech
The grim statistics are confirmed on the 21.co Dune dashboard, which reports a 28% drop in total prices since the beginning of October.
The number of new users dropped from more than 40,000 a day in mid-October to just 60 on December 17.
A haven for scammers and bots
Moreover, the platform is crowded with scammers and bot activities, which is preventing new participants.
In early October, many users reported several attacks involving phishing and SIM swapping. Fraudsters have obtained personal information from Friends Tech users on X (Twitter), including phone numbers.
They used this data to leak wallets due to low security measures protecting account information on X.
FriendTech is a social app built on Base and launched in August that allows users to earn through engagement by linking their X profile to a wallet address.
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