Promise

Strong

Impact

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/decline-in-popularity-for-decentralized-platform-friend-tech-despite-strong-launch" rel="noopener noreferrer nofollow">Decline in Popularity for Decentralized Platform Friend.Tech Despite Strong Launch</a><br></p>
<p style="text-align: justify">Coinbase’s new Layer 2 platform, Base, is experiencing a decline in user engagement for its built-in social media entity, Friend.Tech. Once buzzing with activity, the platform is now witnessing a steep drop in user interest, mere months after its introduction. The dwindling trend in user base and engagement has become a concerning factor for the once-hyped decentralized application.</p>
<h2 id="diminishing-returns-and-criticism-impact-friend-tech-s-trajectory">Diminishing Returns and Criticism Impact Friend.Tech’s Trajectory</h2>
<p style="text-align: justify">Dragonfly’s front-runner, Haseeb, has pointed out the surprisingly quick downfall of Friend.Tech, which went from bustling to barren in a four-month span. A consensus seems to be that the platform’s financial model, with its yield curve, was integral to its downfall. <a href="https://en.bitcoinhaber.net/ethereum-foundations-otc-crypto-maneuver-raises-questions" rel="noopener noreferrer nofollow">Ethereum</a>’s co-creator, Vitalik Buterin, weighed in by criticizing poorly constructed blockchain games that sacrifice fun for financial speculation. He insists that blockchain games should be as engaging as traditional video games.</p>
<p style="text-align: justify">At the height of Friend.Tech’s popularity, it boasted over $50 million in total value locked (TVL) within its confines. However, recent stats show a halving of that value, plummeting to approximately $26.46 million, confirming a significant loss of traction and possibly investor confidence.</p>
<h2 id="buterin-sees-promise-in-other-decentralized-networks">Buterin Sees Promise in Other Decentralized Networks</h2>
<p style="text-align: justify">Despite Friend.Tech’s setbacks, Buterin remains optimistic about other decentralized social platforms like Farcaster and WRT Lens, anticipating their growth in the crypto-social space. Farcaster, in particular, offers users sovereignty over their data and provides developers with a flexible framework to build applications unencumbered by regulatory constraints.</p>
<p style="text-align: justify">Farcaster’s Warpcast application recently enhanced user interactions by enabling NFT minting, transactions, token claims, external blog reading, and polling, all from within the app. This addition has led to a surge in daily active users, with counts soaring from 5,000 to over 24,700 in just a few days, alongside a daily broadcast volume increasing tenfold, according to Dune Analytics. WRT Lens, similar to Farcaster, also focuses on giving developers the tools to craft innovative social media apps, redefining the landscape for decentralized social media.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/decline-in-popularity-for-decentralized-platform-friend-tech-despite-strong-launch" rel="noopener noreferrer nofollow">Decline in Popularity for Decentralized Platform Friend.Tech Despite Strong Launch</a></h5>

Decline in Popularity for Decentralized Platform Friend.Tech Despite Strong Launch

Table of Contents

BH NEWS

Other articles published on Feb 5, 2024

Stablecoin Market Rallies with Record High USDT Valuation

Trust Wallet becomes first Web3 wallet with international security and privacy certifications

Here Is Why This Crypto Analyst Believes ETH Is Going to $25K This Year

Ethereum Prepares for Testnet Update: Investors Eye Critical Thresholds

Bitcoin Surpasses $43,500 as US Markets React to Chinese Stock Turmoil

Kodiak Finance Raises $2M Seed Round

Join our free newsletter for daily crypto updates!