According to CoinDesk, social app Friend.tech, which recently became the largest crypto platform by revenue activity, has experienced a 95% drop in buying and selling volumes. The platform allows former Twitter personalities to issue 'keys' for access to closed group chats and has earned over $4.2 million worth of ether in fees for creators. Built on Base, Coinbase's new layer-2 network, Friend.tech saw transactional activity fall from a peak of $16 million on August 21 to just over $700,000 as of Thursday. However, analytics firm Arkham tweeted that some exit narratives may be exaggerated, as users continue to hold 3,870 ETH worth of keys, a 10% drop over the past week. Cumulative volumes grew from $80 million to $85 million this week, but new users have steadily dropped, suggesting most demand was met in the initial days. Friend.tech developers claim over 75% of key holders use their app 'the next day' and over 50% 'still use it after a week.'