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Solely days in the past, the decentralized social platform Good friend.Tech was the discuss of the city, spearheading the cryptocurrency media scene. However the present metrics inform a unique story.
Knowledge sourced from Dune Analytics exhibits that Good friend.Tech’s every day buying and selling quantity has plummeted 94% from its peak, standing at $16.9 million on August 21. Merely every week later, this quantity has dwindled all the way down to a meager $953,000.
Person Participation Drops Drastically
From an enormous pool of 35,000 every day merchants, the determine shrank to six,000 by August 17, marking an 83% lower. By August 27, the buying and selling charges additionally took a nosedive from $1.7 million to a mere $95,000.
A number of customers expressed considerations about points corresponding to prohibitive buying and selling prices, laggy platform efficiency, and steep pricing constructions. Including to the woes, bots that sneaked into the system induced an undesirable surge in transactions by getting forward of real trades.
Critics Weigh In on Good friend.Tech’s Future
Not lengthy after its inception, critics labeled Good friend.Tech as “out of date,” attributing this sharp decline to decreases in platform exercise, capital influxes, and buying and selling volumes. The platform, which had its much-anticipated beta model launched through Coinbase’s layer-2 Base on August 11, had a formidable begin.
By August 19, inside every week, it surpassed heavyweights like Uniswap and even the Bitcoin community with charges exceeding $1 million in a day. Sadly, this success was short-lived. By August 26, the every day charges had been diminished by 87%, standing round $215,000, as per DefiLlama’s data.
Transaction Tremors
Transaction actions skilled a drastic fall as nicely. August 21 noticed a booming 525,000 transactions, which nosedived to simply above 51,000 by August 27, resulting in a number of posts on social platforms lamenting the platform’s downfall.
Good friend.Tech facilities on a singular idea of buying and selling keys. These keys grant patrons entry to non-public conversations with sellers, with the platform pocketing a 5% payment. Lisandro Rodriguez, Coinbase’s funds danger supervisor, lately commented on the platform’s downfall, hinting at inner challenges and flawed implementation as possible causes.
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