Friend.tech Apologizes To Users For Prior Controversial Warnings

Key Points:

• Friend.tech apologizes for canceling user credits on a forked version due to community backlash.
• The founder admits mistakes driven by fear and competition and commits to fostering collaboration in the crypto community.
• Friend.tech’s innovative influencer monetization model faces declining metrics within three weeks of launch.

Friend.tech, the decentralized social protocol, has issued a public apology for its earlier decision to cancel user credits on the forked version of their platform.

Previously, the protocol warned of punitive measures, including confiscating users’ existing points, for those who attempted to fork or imitate the platform.

Although the purpose of these credits remains undisclosed, the statement indicated a special significance starting on August 15, aligning with the app’s official release.

This stance, however, faced severe backlash from the community. Critics deemed it an unfair competitive practice, with many sarcastically noting that the application did not replicate its predecessors.

In an open letter, Friend.tech’s founder expressed regret for the previous stance, acknowledging that it was driven by fear and a zero-sum mindset.

The founder admitted the mistake of discouraging users from exploring other products and emphasized a commitment to embracing collaboration and a positive culture within the crypto community.

Despite an initially promising launch on Coinbase’s Layer 2 Base blockchain, Friend.tech encountered challenges. Key metrics like activity, inflows, and volume experienced a sharp decline within three weeks, leading some critics tothe platform “dead.”

The platform’s innovative approach of allowing influencers to monetize their presence through “keys” linked to their X accounts garnered rapid attention, but subsequent fee fluctuations and a drastic reduction in transactions have raised concerns about its long-term sustainability.

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