Friend.tech, a Web3 social platform, has made headlines with its recent decision to grant users full control over their tokens. This move, which saw investors waiving their rights to sell tokens, has sparked discussions within the community and raised hopes for a potential revival amidst declining activity on the platform. The platform’s announcement has been met with positivity, with some calling it a “redemption arc” for the project.
On-chain data paints a grim picture of the platform’s recent performance. Daily user activity has seen a significant decline since Friend.tech reached its peak on September 13, with daily transaction counts plummeting by over 99%. Data from Cryptokoryo’s dashboard and Dune analytics further highlight the extent of the downturn, showing a sharp decrease in total protocol fees and cumulative transactions. Despite these challenges, the platform has seen a recent uptick in unique active wallets and transaction volume.
Friend.tech has been actively seeking ways to bounce back from its struggles. The platform’s partnership with Paradigm, which includes seed funding and the development of new tools for social interactions, hints at a potential resurgence. DeFi analyst Miles Deutscher has highlighted the effectiveness of airdrops as a marketing strategy and emphasized the importance of generating buzz to drive platform usage. However, skepticism lingers within the crypto community, with concerns about potential exploitation and pump-and-dump schemes.
Final Thoughts
As Friend.tech navigates through turbulent waters, the platform’s future remains uncertain. The decision to give users full control over their tokens signifies a bold move towards decentralization, but it also raises questions about sustainability and long-term viability. With ongoing developments and partnerships in the pipeline, only time will tell if Friend.tech can stage a successful comeback and regain its former glory in the Web3 space.