DeFi

Base

when

Decentralized Social

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/decentralized-social-media-platform-friend-tech-faces-slowdown-after-initial-hype/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Decentralized Social Media Platform Friend.Tech Faces Slowdown After Initial Hype</a> 
Coinbase’s Layer 2 platform Base has a new decentralized social media platform built on top of it called Friend.Tech, which is facing a significant slowdown after initially garnering a lot of attention. In the four months following its launch, interest in the social media platform has significantly decreased, and the downward trend continues.
<h2 style="text-align: justify" id="strong-friend-tech-labeled-as-a-poor-defi-project-strong">Friend.Tech Labeled as a Poor DeFi Project</h2>
The founder of Dragonfly, Haseeb, recently expressed his astonishment at the rapid transformation of Friend.tech into a deserted project in just four months. The prevailing opinion is that the yield curve of Friend.tech played a significant role in its collapse.
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-311142" src="https://coin-turk.com/wp-content/uploads/2024/02/friendtech-defi.jpeg" alt="" width="1280" height="618">
Responding to this observation, <a href="https://en.coin-turk.com/ethereums-bull-flag-breakout-signals-potential-uptrend/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum</a> co-founder Vitalik Buterin reiterated his often-expressed view that “a bad GameFi project replaced <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">financial</a> speculation with fun. Blockchain games should be as enjoyable as games.”
It is worth recalling that when interest in Friend.Tech peaked, the total value locked (TVL) in the protocol exceeded $50 million. According to DeFiLlama’s data, the platform’s TVL has been declining since then, with a 50% drop over the last four months to $26.46 million.
<h2 style="text-align: justify" id="strong-buterin-hopeful-for-farcaster-and-wrt-lens-strong">Buterin Hopeful for Farcaster and WRT Lens</h2>
On the other hand, Buterin continues to place his trust in certain decentralized social applications like Farcaster and WRT Lens for the future of the crypto social world, expecting substantial growth. Farcaster is known for giving users control over their data while also allowing developers to create applications on the network without oversight. Interestingly, Buterin’s comments came as the daily active user count on the Farcaster protocol’s social media application Warpcast increased by over 400% following the introduction of frames.
Frames on Warpcast now enable users to mint NFTs, transact, claim tokens, read external blog posts, and participate in polls, all within the app, eliminating the need for transaction signing or navigating elsewhere. This development was launched on January 27.
Furthermore, the Farcaster network saw a significant increase in daily active users, from about 5,000 on January 28 to over 24,700 on February 3, according to Dune Analytics. Moreover, the daily new “broadcast” volume skyrocketed to over 2 million on February 3, an extraordinary increase of 1,000% from the previous week’s roughly 200,000.
Similar to Farcaster, WRT Lens is a decentralized, composable social graph. The protocol stands out for empowering developers to create next-generation social media applications.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/decentralized-social-media-platform-friend-tech-faces-slowdown-after-initial-hype/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Decentralized Social Media Platform Friend.Tech Faces Slowdown After Initial Hype</a></h5>

Decentralized Social Media Platform Friend.Tech Faces Slowdown After Initial Hype

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