Ethereum

Impact

Base

Decentralized Social

Rise

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/decentralized-social-medias-rise-and-dip-coinbases-base-platform-and-buterins-endorsement-of-new-projects" rel="noopener noreferrer nofollow">Decentralized Social Media’s Rise and Dip: Coinbase’s Base Platform and Buterin’s Endorsement of New Projects</a><br></p>
<p style="text-align: justify">Coinbase’s Layer 2 network Base recently introduced the decentralized social media venture Friend.Tech, which saw a surge in early interest. However, within a span of just four months, the platform’s popularity has waned considerably, with indications of an ongoing decline.</p>
<h2 id="dragonfly-s-critique-and-the-impact-on-friend-tech">Dragonfly’s Critique and the Impact on Friend.Tech</h2>
<p style="text-align: justify">Dragonfly’s founding member Haseeb has voiced concerns over the swift decline of Friend.Tech, attributing its failure largely to a collapse in its yield curve. The platform’s fall from grace is underscored by its total value locked (TVL), which plummeted by 50% in four months from a high of $50 million to a current $26.46 million.</p>
<h2 id="ethereum-co-founder-advocates-for-enjoyable-blockchain-gaming">Ethereum Co-Founder Advocates for Enjoyable Blockchain Gaming</h2>
<p style="text-align: justify">In response, <a href="https://en.bitcoinhaber.net/expert-crypto-analyst-credibull-presents-new-optimistic-ethereum-forecasts" rel="noopener noreferrer nofollow">Ethereum</a>‘s co-founder Vitalik Buterin highlighted the pitfalls of replacing gaming fun with financial speculation. He emphasized that blockchain games should prioritize entertainment value over speculative financial mechanics. Despite the downturn, Buterin remains optimistic about the potential of decentralized social applications Farcaster and WRT Lens, which he believes could shape the future trajectory of social media in the cryptocurrency realm.</p>
<p style="text-align: justify">Farcaster’s Warpcast app recently updated its features to allow users more interactivity, including minting NFTs and participation in polls, leading to a 400% surge in daily active users. The network itself reported a remarkable increase in user engagement, jumping from 5,000 daily active users to over 24,700 within a week.</p>
<p style="text-align: justify">WRT Lens is another platform gaining traction in the decentralized social media space, enabling developers to build innovative applications. Both Farcaster and WRT Lens are being recognized for their user-centric design and developer-friendly infrastructure, showcasing a resilient segment in the decentralized application market despite Friend.Tech’s downturn.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/decentralized-social-medias-rise-and-dip-coinbases-base-platform-and-buterins-endorsement-of-new-projects" rel="noopener noreferrer nofollow">Decentralized Social Media’s Rise and Dip: Coinbase’s Base Platform and Buterin’s Endorsement of New Projects</a></h5>

Decentralized Social Media’s Rise and Dip: Coinbase’s Base Platform and Buterin’s Endorsement of New Projects

Table of Contents

BH NEWS

Other articles published on Feb 5, 2024

Shaping the Future of Web 3: Forward Protocol’s Pioneering Role

DeeStream (DST) Rising as New Favorite – Analysts Predict Dogecoin (DOGE) and Shiba Inu (SHIB) – ...

Analysts Point to Ascension as Whale Succeeds in Finding the Tops Moves $75 Million Ethereum to B...

El Salvador’s President Nayib Bukele Wins Reelection with Strong Support

Jupiter Exchange Allocates 75% of Fees to Fund DAO Operations

LUNC Price Rally Is Far From Over Following Falling Wedge Breakout, Analyst Says

Join our free newsletter for daily crypto updates!