Friend.tech Faces Criticism After Sharp Decline in Activity and #Fees 🔥🔥

- The decentralized #social network Friend.tech faced a significant decline in key metrics less than three weeks after its launch, leading critics to predict its downfall.

- Following a successful beta launch on August 11, the platform's fees surpassed $1 million within 24 hours on August 19, outperforming #Uniswap and the #bitcoin network.

- However, #Friend.tech experienced a sharp drop in metrics like fees, transactions, buyers, and sellers, leading industry observers to express skepticism.

- Lisandro Rodriguez, Coinbase Payments Risk Manager, attributed the decline to "greed and poor execution."

- While the platform attracted notable crypto and non-crypto influencers, it's drawing comparisons to the 2021 DeSo app BitCloud, raising concerns about unsustainable user key price increases and questionable value propositions.