The decentralized social media platform, Friend.tech, has witnessed sharp transaction volume and fee income declines over the past week.
According to data provided by the analytics platform Dune, Friend.tech’s transaction volume dropped to $883,000 on Aug. 27. It is a 95% decline from Aug. 21, when it reached an all-time high (ATH) of $16.88 million.
Moreover, over the past 24 hours, the platform’s trading volume registered a 99.99% decline as the transaction volume currently sits at $2,760 with only 35 traders.
According to Dune’s data, the fees generated on Friend.tech has also seen a deep dive over the past week. Per the analytics platform, the decentralized social media app generated only $275 in fees over the past 24 hours.
This shows a 100% decline since Aug. 21, when the generated fees reached an ATH of $1.7 million.
In addition to that, the number of new users on the social platform has also been constantly decreasing over the past seven days. Per Dune, only three new users joined Friend.tech over the past day.
Crypto community claims Friend.tech is ‘dead’
Following the major declines in the platform’s trading activity, the crypto community on X (formerly Twitter) has declared Friend.tech as “dead.”
The risk manager at Coinbase, Lisandro Rodriguez, stated in a tweet on Aug. 27 that the main reason for Friend.tech’s failure is “greed and poor execution.”
In addition, a defense lawyer with the X (Twitter) handle @DeFiDefenseLaw pointed out Friend.tech’s privacy problem in that users can “never” permanently delete an account.
Another user agreed with the lawyer’s claims, adding that it’s illegal in the U.S. and EU.