The Main Reasons Why Friend.tech Was Declared Dead

The decentralized application (dApp) built on Base, which quickly emerged as a top trend in the crypto space – Friend.tech – seems to be losing steam in terms of trading volume and overall activity.

These factors, alongside the platform’s structure, have become a reason for some X (Twitter) users to proclaim it “dead.”

• Lisandro Rodriguez, who serves as Payments Risk Manager at Coinbase, believes Friend.tech’s assumed demise is mainly driven by “greed and poor execution” coming from its team management.
• Another factor that Rodrigues outlined is the structure of the decentralized platform, which enables the community to purchase specially designed keys for their favorite creators. However, every buy/sell order affects supply and demand.
• Coinbase’s employee also thinks that creators “saw an easy way to pump their bags” and started “shilling their profiles, causing folks to rush to the platform and buy keys.”

“Influencers took home that bag and those early enough to the party dumped on folks who were late to the game. Lots of people made money but as we know, if there’s a winner there must be a loser.”

• Rodrigues argued that the subsequent launch of bots did not help the situation. Users created such features to purchase new X (Twitter) addresses, raising hopes that Friend.tech accounts would buy low and sell high. Nonetheless, this led to the creation of numerous fake profiles from both social platforms.
• Lastly, he described the application as “very clunky and not open to everyone” while access is restricted to a certain amount of people.
• Another X user who sent condolences to Friend.tech is Beanie. They posted a Dune chart, showing the peak of transactions on the platform at the beginning of last week and the diminishing ones in the days after.

  Friend.tech Transactions, Source: Dune

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