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News

Data On friend.tech Platform Is Seeing A Strong Decline From Record Levels

August 30, 2023 - Around 2 mins mins to read

Key Points:

  • The data on the friend.tech platform is in sharp decline compared to previous records.
  • Active key holders are down more than 50% from 42,869 on Aug.
  • Average network usage time also plummeted from 127 minutes per day to just 38 minutes per day.
According to data released by decentralized social protocol friend.tech, there were 21,055 active key holders on August 28, down about 50.88% from 42,869 on August 21.

Data on August 28 shows that daily retention of key holders on the platform exceeds 75% and weekly retention exceeds 50%, both of which have been declining since August 15. On August 28, key holders spent an average of 38 minutes on the platform, compared with 127 minutes on August 20.

Friend.tech is trying a new twist on the decentralized social network by allowing users to tokenize themselves and sell shares as “keys” to fans and followers. Those who buy these shares will then become shareholders and can interact directly with the creator.

Overall activity on the app running as an invite-only public beta since August 10 has plummeted as the total number of transactions on the app is down more than 90% from its peak of nearly 525,000 on August 10. August 21, with just under 50,000 transactions on August 28.

Data On friend.tech Platform Is Seeing A Strong Decline From Record Levels
Source: Dune

Besides, the app has also received a lot of criticism and caused its founder to apologize for issuing a warning to confiscate all points on the application if their users participate in copycat applications. This led the community to think that this was an unfair competitive action while friend.tech received comments that there were similarities with the DeSo BitCloud application in 2021.

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

Data On friend.tech Platform Is Seeing A Strong Decline From Record Levels

Key Points:

  • The data on the friend.tech platform is in sharp decline compared to previous records.
  • Active key holders are down more than 50% from 42,869 on Aug.
  • Average network usage time also plummeted from 127 minutes per day to just 38 minutes per day.
According to data released by decentralized social protocol friend.tech, there were 21,055 active key holders on August 28, down about 50.88% from 42,869 on August 21.

Data on August 28 shows that daily retention of key holders on the platform exceeds 75% and weekly retention exceeds 50%, both of which have been declining since August 15. On August 28, key holders spent an average of 38 minutes on the platform, compared with 127 minutes on August 20.

Friend.tech is trying a new twist on the decentralized social network by allowing users to tokenize themselves and sell shares as “keys” to fans and followers. Those who buy these shares will then become shareholders and can interact directly with the creator.

Overall activity on the app running as an invite-only public beta since August 10 has plummeted as the total number of transactions on the app is down more than 90% from its peak of nearly 525,000 on August 10. August 21, with just under 50,000 transactions on August 28.

Data On friend.tech Platform Is Seeing A Strong Decline From Record Levels
Source: Dune

Besides, the app has also received a lot of criticism and caused its founder to apologize for issuing a warning to confiscate all points on the application if their users participate in copycat applications. This led the community to think that this was an unfair competitive action while friend.tech received comments that there were similarities with the DeSo BitCloud application in 2021.

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.