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Friend.tech’s Revenue Drops by 70% in Two Weeks

August 28, 2023
in Crypto Updates
Reading Time: 9 mins read
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The
cryptocurrency market has as soon as once more witnessed a sudden success and a fair
quicker downfall, with Buddy.tech being the main participant. Inside two weeks,
it turned one of many highest-earning companies within the decentralized finance
sector whereas concurrently stirring up controversy with its enterprise mannequin and
alleged use of bots for hypothesis.

Uncover StealthEX.io – the way forward for cryptocurrency. Swap immediately throughout 1000+ cash, no sign-up, safe, and personal. Dive into the brand new age of crypto!

This
article delves into the rise and fall of Buddy.tech, inspecting the elements
that contributed to its preliminary success and subsequent decline and its
implications for the broader crypto ecosystem.

Buddy.tech,
a blockchain
Blockchain

Blockchain includes a digital community of blocks with a complete ledger of transactions made in a cryptocurrency similar to Bitcoin or different altcoins.One of many signature options of blockchain is that it’s maintained throughout multiple laptop. The ledger will be public or personal (permissioned.) On this sense, blockchain is proof against the manipulation of information making it not solely open however verifiable. As a result of a blockchain is saved throughout a community of computer systems, it is extremely tough to tampe

Blockchain includes a digital community of blocks with a complete ledger of transactions made in a cryptocurrency similar to Bitcoin or different altcoins.One of many signature options of blockchain is that it’s maintained throughout multiple laptop. The ledger will be public or personal (permissioned.) On this sense, blockchain is proof against the manipulation of information making it not solely open however verifiable. As a result of a blockchain is saved throughout a community of computer systems, it is extremely tough to tampe
Learn this Time period
-based platform that debuted on 10 August, skilled a speedy
ascent within the crypto world. The platform permits customers to purchase and promote digital
tokens linked to influencers on X (previously Twitter), offering a singular method to
interact with Web personalities like Cobie, HsakaTrades, {and professional} athletes,
together with Milwaukee Bucks participant Grayson Allen. Inside lower than two weeks of
its launch, the platform’s charges skyrocketed to almost $1.7 million, making it
the highest-earning service supplier in decentralized finance at one level.

Nonetheless,
the platform’s success was short-lived. Charges dropped by practically 70% inside days,
and the variety of new customers plummeted from 20,360 to simply 4,484—a decline of
nearly 80%. Within the meantime, the income fell tenfold, from record-high
$840,000 reported on 21 August to $81,000 reported yesterday (Sunday).

Maintain Studying

The precise
causes for the decline are nonetheless unclear, however a crypto analysis agency Messari
report cited excessive buying and selling charges, sluggish load occasions, and a steep pricing curve as
potential elements.

Buddy.tech
operates on Coinbase’s new blockchain community, Base, and its preliminary success
was a uncommon vivid spot for the chain. Nonetheless, the platform has been suffering from
numerous points, together with a scarcity of a privateness coverage and the position of automated
buying and selling bots in manipulating transactions. These bots have considerably
contributed to the platform’s downturn, as they will purchase tokens earlier than influencers,
forcing them to buy at increased costs.

.@BuildOnBase hit 16 transactions per second yesterday

heaps resulting from @friendtech however nonetheless – unimaginable progress https://t.co/saHlb5cP7q

— Brian Armstrong 🛡️ (@brian_armstrong) August 22, 2023

The
platform has additionally confronted criticism for its token mannequin, which supplies little
incentive for creators to stay engaged after the preliminary sale. This has led
some to liken Buddy.tech’s mannequin to that of nonfungible tokens (NFTs), which
have equally struggled to offer ongoing worth to creators. If Buddy.tech
fails to supply a compelling utility that encourages consumer retention, it dangers
turning into one other fleeting development within the unstable crypto panorama.

Furthermore,
the platform lately renamed its influencer tokens from ‘shares’ to ‘keys’
seemingly in an try to sidestep potential regulatory points. This transfer got here
after authorized specialists famous the doable overlap with the US regulators’ ongoing
crackdown on digital property that could possibly be categorised as securities.

We have renamed Shares to 𝗞𝗲𝘆𝘀. The unique title was a placeholder throughout improvement and we expect Keys higher illustrates their objective as in-app objects used to unlock your pals’ chatrooms pic.twitter.com/phkZky13VL

— buddy.tech (@friendtech) August 21, 2023

Crypto’s Utility Drawback

Buddy.tech’s
challenges are symptomatic of a bigger situation within the crypto area: the wrestle
to offer an actual utility that encourages consumer retention. The platform’s speedy
rise and fall function a cautionary story, highlighting the unstable nature of
crypto tasks that lack a sustainable mannequin.

As Ryan
Wyatt, former president of Polygon Labs, aptly put it, “In its present
kind, you are mainly an unintended Ponzi with first in/first out
as a result of there’s no product function depth to create stickiness or
retention.”

And in it is present kind you are mainly an unintended ponzi w/ first in/first out as a result of there’s no product function depth to create stickiness or retention, so creators will churn shortly, customers might be left exiting creators, and many others.

Loads of work to be accomplished.

— Ryan Wyatt (@Fwiz) August 21, 2023

The cryptocurrency market, in its decade-plus historical past, has witnessed many high-profile successes and much more high-profile failures. Latest examples embrace the collapse of the FTX trade in November 2022 and the Terra ecosystem and its Luna coin in March 2022.

Because of the unstable nature of cryptocurrencies and the pricey crimes occurring on this market, regulators in america have began to scrutinize the actions of crypto firms extra carefully. This has led to authorized motion in opposition to the 2 largest cryptocurrency exchanges on this planet, Binance and Coinbase.

The
cryptocurrency market has as soon as once more witnessed a sudden success and a fair
quicker downfall, with Buddy.tech being the main participant. Inside two weeks,
it turned one of many highest-earning companies within the decentralized finance
sector whereas concurrently stirring up controversy with its enterprise mannequin and
alleged use of bots for hypothesis.

This
article delves into the rise and fall of Buddy.tech, inspecting the elements
that contributed to its preliminary success and subsequent decline and its
implications for the broader crypto ecosystem.

Uncover StealthEX.io – the way forward for cryptocurrency. Swap immediately throughout 1000+ cash, no sign-up, safe, and personal. Dive into the brand new age of crypto!

Buddy.tech,
a blockchain
Blockchain

Blockchain includes a digital community of blocks with a complete ledger of transactions made in a cryptocurrency similar to Bitcoin or different altcoins.One of many signature options of blockchain is that it’s maintained throughout multiple laptop. The ledger will be public or personal (permissioned.) On this sense, blockchain is proof against the manipulation of information making it not solely open however verifiable. As a result of a blockchain is saved throughout a community of computer systems, it is extremely tough to tampe

Blockchain includes a digital community of blocks with a complete ledger of transactions made in a cryptocurrency similar to Bitcoin or different altcoins.One of many signature options of blockchain is that it’s maintained throughout multiple laptop. The ledger will be public or personal (permissioned.) On this sense, blockchain is proof against the manipulation of information making it not solely open however verifiable. As a result of a blockchain is saved throughout a community of computer systems, it is extremely tough to tampe
Learn this Time period
-based platform that debuted on 10 August, skilled a speedy
ascent within the crypto world. The platform permits customers to purchase and promote digital
tokens linked to influencers on X (previously Twitter), offering a singular method to
interact with Web personalities like Cobie, HsakaTrades, {and professional} athletes,
together with Milwaukee Bucks participant Grayson Allen. Inside lower than two weeks of
its launch, the platform’s charges skyrocketed to almost $1.7 million, making it
the highest-earning service supplier in decentralized finance at one level.

Nonetheless,
the platform’s success was short-lived. Charges dropped by practically 70% inside days,
and the variety of new customers plummeted from 20,360 to simply 4,484—a decline of
nearly 80%. Within the meantime, the income fell tenfold, from record-high
$840,000 reported on 21 August to $81,000 reported yesterday (Sunday).

Maintain Studying

The precise
causes for the decline are nonetheless unclear, however a crypto analysis agency Messari
report cited excessive buying and selling charges, sluggish load occasions, and a steep pricing curve as
potential elements.

Buddy.tech
operates on Coinbase’s new blockchain community, Base, and its preliminary success
was a uncommon vivid spot for the chain. Nonetheless, the platform has been suffering from
numerous points, together with a scarcity of a privateness coverage and the position of automated
buying and selling bots in manipulating transactions. These bots have considerably
contributed to the platform’s downturn, as they will purchase tokens earlier than influencers,
forcing them to buy at increased costs.

.@BuildOnBase hit 16 transactions per second yesterday

heaps resulting from @friendtech however nonetheless – unimaginable progress https://t.co/saHlb5cP7q

— Brian Armstrong 🛡️ (@brian_armstrong) August 22, 2023

The
platform has additionally confronted criticism for its token mannequin, which supplies little
incentive for creators to stay engaged after the preliminary sale. This has led
some to liken Buddy.tech’s mannequin to that of nonfungible tokens (NFTs), which
have equally struggled to offer ongoing worth to creators. If Buddy.tech
fails to supply a compelling utility that encourages consumer retention, it dangers
turning into one other fleeting development within the unstable crypto panorama.

Furthermore,
the platform lately renamed its influencer tokens from ‘shares’ to ‘keys’
seemingly in an try to sidestep potential regulatory points. This transfer got here
after authorized specialists famous the doable overlap with the US regulators’ ongoing
crackdown on digital property that could possibly be categorised as securities.

We have renamed Shares to 𝗞𝗲𝘆𝘀. The unique title was a placeholder throughout improvement and we expect Keys higher illustrates their objective as in-app objects used to unlock your pals’ chatrooms pic.twitter.com/phkZky13VL

— buddy.tech (@friendtech) August 21, 2023

Crypto’s Utility Drawback

Buddy.tech’s
challenges are symptomatic of a bigger situation within the crypto area: the wrestle
to offer an actual utility that encourages consumer retention. The platform’s speedy
rise and fall function a cautionary story, highlighting the unstable nature of
crypto tasks that lack a sustainable mannequin.

As Ryan
Wyatt, former president of Polygon Labs, aptly put it, “In its present
kind, you are mainly an unintended Ponzi with first in/first out
as a result of there’s no product function depth to create stickiness or
retention.”

And in it is present kind you are mainly an unintended ponzi w/ first in/first out as a result of there’s no product function depth to create stickiness or retention, so creators will churn shortly, customers might be left exiting creators, and many others.

Loads of work to be accomplished.

— Ryan Wyatt (@Fwiz) August 21, 2023

The cryptocurrency market, in its decade-plus historical past, has witnessed many high-profile successes and much more high-profile failures. Latest examples embrace the collapse of the FTX trade in November 2022 and the Terra ecosystem and its Luna coin in March 2022.

Because of the unstable nature of cryptocurrencies and the pricey crimes occurring on this market, regulators in america have began to scrutinize the actions of crypto firms extra carefully. This has led to authorized motion in opposition to the 2 largest cryptocurrency exchanges on this planet, Binance and Coinbase.



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    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
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Copyright © 2023 Crypto Now 24.
Crypto Now 24 is not responsible for the content of external sites.