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News

friend.tech Threatens Existing Points Forfeiture If Users Use Copy Apps

August 29, 2023 - Around 2 mins mins to read

Key Points:

  • friend.tech warns users’ points may be confiscated if they participate in similar apps.
  • The statement received a negative response from the community because of unfair competition practices.
  • The app’s daily revenue has dropped by more than 95%, from a peak of $840,000 on August 21 to just $80,500 on Aug.
Social networking app Web3 friend.tech announced that users may have their existing points confiscated if they participate in forks or apps that clone their platform.
friend.tech Threatens Existing Points Forfeiture If Users Use Copy Apps

According to the official announcement, decentralized social protocol friend.tech has warned that it will punish users who choose to fork or imitate the platform by confiscating users’ existing points on the platform.

https://twitter.com/friendtech/status/1696280326027558994

While the team has yet to share what the final score will be used for, only mentioning August 15, it “will have a special purpose when the app moves into official release”.

Therefore, this network statement quickly received negative feedback from the community. They believe that “threatening” users is an unfair competition action of the platform. Many comments are also sarcastic that the application does not copy previous applications.

While friend.tech did not mention any particular competitors, several X users in the response pointed to an app called Shares. This new app is scheduled to launch in public beta on August 31.

According to DefiLlama, daily fees peaked at $1.7 million on August 21, but dropped more than 90% to around $161,000 on August 27. The app’s daily revenue is down more than 95%, from peaked at $840,000 on August 21 to just $80,500 on August 27.

friend.tech Threatens Existing Points Forfeiture If Users Use Copy Apps
Source: DefiLlama

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News

friend.tech Threatens Existing Points Forfeiture If Users Use Copy Apps

Key Points:

  • friend.tech warns users’ points may be confiscated if they participate in similar apps.
  • The statement received a negative response from the community because of unfair competition practices.
  • The app’s daily revenue has dropped by more than 95%, from a peak of $840,000 on August 21 to just $80,500 on Aug.
Social networking app Web3 friend.tech announced that users may have their existing points confiscated if they participate in forks or apps that clone their platform.
friend.tech Threatens Existing Points Forfeiture If Users Use Copy Apps

According to the official announcement, decentralized social protocol friend.tech has warned that it will punish users who choose to fork or imitate the platform by confiscating users’ existing points on the platform.

https://twitter.com/friendtech/status/1696280326027558994

While the team has yet to share what the final score will be used for, only mentioning August 15, it “will have a special purpose when the app moves into official release”.

Therefore, this network statement quickly received negative feedback from the community. They believe that “threatening” users is an unfair competition action of the platform. Many comments are also sarcastic that the application does not copy previous applications.

While friend.tech did not mention any particular competitors, several X users in the response pointed to an app called Shares. This new app is scheduled to launch in public beta on August 31.

According to DefiLlama, daily fees peaked at $1.7 million on August 21, but dropped more than 90% to around $161,000 on August 27. The app’s daily revenue is down more than 95%, from peaked at $840,000 on August 21 to just $80,500 on August 27.

friend.tech Threatens Existing Points Forfeiture If Users Use Copy Apps
Source: DefiLlama

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.