Base

<div class="cryptonews"> 
 <p class="is-style-lead">Friend.tech, a decentralized social media on the Base blockchain, has announced punitive measures against <a rel="dofollow" title="users" href="https://thebittimes.com/tag/users.html">users</a> who opt for forks or copycat versions of its platform.</p> 
 <p>The official Friend.tech X account had tweeted on Aug. 28 that <a rel="dofollow" title="users" href="https://thebittimes.com/tag/users.html">users</a> migrating to forked or copycat versions would automatically be disqualified from earning “reward points.” They would also lose any points they had previously accumulated. However, the tweet has since been deleted.</p> 
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  <img decoding="async" src="https://cdn.thebittimes.com/images/2023/08/29/4300f49c881723eb283b00c6f2a01512.webp" alt="Friend.tech imposes penalties on fork users amid revenue slump&nbsp; - 1" class="wp-image-14189273" style="width: 100%;height:474px" width="441" height="474">
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   Deleted tweet from Friend.tech on Aug. 28.
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 <p>The platform has been airdropping these reward points to its beta testers weekly, with plans to distribute 100 million points over six months.&nbsp;</p> 
 <p>However, the team has been cryptic about the ultimate utility of these points, stating that they “will have a special purpose” once the app is officially launched.&nbsp;</p> 
 <p>Speculations are rife, with some expecting these points to be converted into governance tokens for the Friend.tech platform, while others see potential financial benefits for <a rel="dofollow" title="users" href="https://thebittimes.com/tag/users.html">users</a>.</p> 
 <div class="cn-block-related-link"> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Friend.tech targeted by phishing scam as its volumes grow 
 </div> 
 <h2 class="wp-block-heading" id="friend-tech-hit-with-financial-woes">Friend.tech hit with financial woes</h2> 
 <p>The announcement comes at a time when Friend.tech is facing financial difficulties. According to data from DeFiLlama, the app’s daily revenues have plummeted by over 85%, from a peak of $840,000 on Aug. 21 to just $112,400 yesterday.</p> 
 <p>As crypto.news reported earlier, the app’s daily transaction volume has recorded a <a rel="dofollow" title="slump" href="https://thebittimes.com/tag/slump.html">slump</a> of over 95%, from an all-time high (ATH) of $16.88 million on Aug. 21 to just $883,000 on Aug. 27.</p> 
 <p>The number of active users has also significantly declined, dropping from over 4,700 to less than 600 per hour. This has led to Friend.tech falling out of the top ten list in terms of daily revenues, a list where it once surpassed market leaders like Lido and Uniswap.</p> 
 <p>The number of fresh <a rel="dofollow" title="users" href="https://thebittimes.com/tag/users.html">users</a> interacting with the dApp has also slowed after witnessing a dramatic increase last week.</p> 
 <p>Despite these challenges, the platform recently saw an influx of OnlyFans accounts, boosting optimism about its ability to attract a broader audience.</p> 
 <p>Additionally, Friend.tech has garnered a seed round investment from Paradigm, fuelling speculation that a native token airdrop could be in the pipeline.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Friend.tech activity plunges, crypto community calls it ‘dead’ 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/friend-tech-imposes-penalties-on-fork-users-amid-revenue-slump-tbt60788.html">https://thebittimes.com/friend-tech-imposes-penalties-on-fork-users-amid-revenue-slump-tbt60788.html</a></p>

Friend.tech imposes penalties on fork users amid revenue slump

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