Is Friend.tech Dead? | Crypto Daily Digest Aug. 31
After the initial success, the trading volume of Friend.tech dropped 95% over the past week. Some crypto KOLs even declared it dead.
Friend.tech has been declared 'dead' by some market commentators after trading volume and daily trading fees fell dramatically over the past week.
Friend.tech lets X (Twitter) users to issue 'keys' (or shares) on its app to access a closed group chat. The platform has earned over $4.2 million in fees for creators. Data shows transactional activity on the platform has slumped from a peak of $16M on August 21 to jsut over $700,000 on Thursday, a 95% drop.
Nonetheless, on-chain data suggests that the narrative portraying this as another failing decentralized social app might be somewhat exaggerated, as per Arkham's analysis.
Friend.tech has two large wallets, one for fees and the other for Shares. The Shares wallet holds ETH, representing traders' holdings of shares on the platform, while the fees wallet collects transaction fees.
The highest recorded daily balance for the Shares contract occurred on August 23rd, when traders possessed 4.33K ETH worth of shares on friend.tech. By August 30th, the Shares contract held 3.87K ETH in shares. Considering the decrease in ETH's value, this represents only a decline of approximately 10%. While it's true that some traders have exited, it is certainly not accurate to label it as 'dead'.
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