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

Nibiru Raises $12M for Its Developer-Focused Layer-1 Blockchain

Japan Airlines and Hakuhodo to launch NFT collection

Ethereum Rally: Crypto Analysts Outline 3 Key Drivers For Price

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

Ethereum's Robust Support and Massive Withdrawals Signal Bullish Momentum

Shiba Inu: Can You Earn $1 Million Investing in SHIB Before 2024?

Join our free newsletter for daily crypto updates!