Bluesky
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MAJOR RECENT CRYPTO FUNDRAISING EVENTS
#OneTrading #Bluesky #CryptoQuant #Superstate #Web3Go #StartaleLabs #Hook #Brahma
#OneTrading #Bluesky #CryptoQuant #Superstate #Web3Go #StartaleLabs #Hook #Brahma
Less than three weeks after its launch, the trading activity on the new #Web3 social network Friend.Tech has sharply declined, leading many in the community to declare the project's "death." According to DeFi #Llama, on August 21, fees on the protocol reached a peak of $1.7 million, but by August 26, they had plummeted by over 87% to $215,000.
The number of transactions on Friend.Tech has also dropped by more than 90%, going from 525,000 to 51,000, according to Dune's dashboard.
The number of active buyers and sellers has also seen a sharp decline, going from a peak of 5,500 users to just 550 at the current moment. Additionally, the influx of funds has decreased from $16.8 million to $1.6 million, a nearly 90.5% decrease.
Friend.Tech was launched on August 10 on the Ethereum Layer 2 network Base, supported by Coinbase. It is a decentralized social platform integrated with X (formerly Twitter), allowing users to tokenize their profiles. According to Coinbase's risk manager Lisandro Rodriguez, the platform is "dead" due to "greed and poor execution." He also highlighted issues with bots and rampant fraud.
"By the way, #Friend.Tech's technology was actually a cool idea to give people the ability to interact with celebrities. It was a way to create an inner circle where a user could buy access and communicate with their favorite creators. However, the platform's structure ultimately led to its downfall," added the Coinbase representative.
It's worth noting that in July, the #Bluesky project, a decentralized alternative to #X supported by Jack Dorsey, the co-founder and former CEO of the social network, closed a seed funding round of $8 million.
The number of transactions on Friend.Tech has also dropped by more than 90%, going from 525,000 to 51,000, according to Dune's dashboard.
The number of active buyers and sellers has also seen a sharp decline, going from a peak of 5,500 users to just 550 at the current moment. Additionally, the influx of funds has decreased from $16.8 million to $1.6 million, a nearly 90.5% decrease.
Friend.Tech was launched on August 10 on the Ethereum Layer 2 network Base, supported by Coinbase. It is a decentralized social platform integrated with X (formerly Twitter), allowing users to tokenize their profiles. According to Coinbase's risk manager Lisandro Rodriguez, the platform is "dead" due to "greed and poor execution." He also highlighted issues with bots and rampant fraud.
"By the way, #Friend.Tech's technology was actually a cool idea to give people the ability to interact with celebrities. It was a way to create an inner circle where a user could buy access and communicate with their favorite creators. However, the platform's structure ultimately led to its downfall," added the Coinbase representative.
It's worth noting that in July, the #Bluesky project, a decentralized alternative to #X supported by Jack Dorsey, the co-founder and former CEO of the social network, closed a seed funding round of $8 million.
📣🔞 Bluesky, the decentralized social media initiative supported by Jack Dorsey (founder of X), has unveiled 'NSFW categories', enabling users to tag and filter harmful content. This feature empowers users to label posts with warning categories like 'sensational', 'nudity', and 'pornography' for effective content control. Bluesky aims to address concerns over hate speech and provocative content within its community. #Bluesky #DecentralizedSocialMedia #ContentFiltering #UserSafety