

https://t.co/xi7zwPyy9p bringing new people onchain
Extremely bullish https://t.co/iWlNKtcRvV
— sassal.eth 🦇🔊 (@sassal0x) August 21, 2023
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-10.06%Reading
The hype around Friend.tech, the buzzy crypto app on the Base blockchain, appears to have been short-lived.
The app's daily revenues have dropped by over 95%, from a peak of $840,000 on August 21 to just $80,500 yesterday, according to data from DeFiLlama.
Friend.tech lets Twitter users tokenize their accounts and then sell “keys” on the platform to interested buyers. Keyholders then gain access to a private chat group controlled by the account owner.
The app had risen as high as second in daily revenues, surpassing market leaders such as Lido, Uniswap, and even layer-1 blockchains like Bitcoin.
This morning, however, Friend.tech dropped out of the top ten list entirely.
The number of hourly active users dropped from a peak above 4,700 on August 21 to less than 600 active users per hour this morning, according to CryptoKoryo’s Dune dashboard.
The number of fresh users interacting with the dApp has also slowed down after witnessing a dramatic increase last week.
Friend.tech recently saw an influx of OnlyFans accounts, which increased optimism around the app in its ability to attract people outside of crypto.
https://t.co/xi7zwPyy9p bringing new people onchain
Extremely bullish https://t.co/iWlNKtcRvV
— sassal.eth 🦇🔊 (@sassal0x) August 21, 2023
However, the application’s economic model has come under scrutiny for several reasons.
The price of keys increases proportionally with the number of tokens sold and existing holders.
Keys’ trading prices for top Friend.tech accounts such as crypto influencer Cobie, Inversebrah, 0xSisyphus, and online gamer Faze Bank dropped significantly since last week.
Lyft has partnered with Bee Maps, a decentralized mapping platform built on Hivemapper infrastructure, to support its internal mapping efforts, the company has confirmed to Decrypt. The rideshare firm began working with Bee Maps in 2024 and is using the platform’s street-level mapping data to help improve routing and navigation as it expands its autonomous vehicle strategy. Bee Maps publicly announced the relationship in a blog post on Wednesday, describing Lyft as a customer of its crypto-incen...
The Blockchain Association, one of the crypto lobby’s most prominent players, announced its new CEO Wednesday: outgoing CFTC commissioner Summer Mersinger. In order to take the vacant position, Mersinger will forgo most of her second term at the commodities regulator, which would have lasted until mid-2028. The attorney, a Republican, was first nominated to a GOP vacancy on the Commission by former president Joe Biden in 2021. In her tenure, Mersinger has vocally backed the crypto industry and...
JPMorgan Chase has completed its first transaction on a public blockchain—a sign of the financial powerhouse's deepening involvement with the Web3 world. The global bank on Wednesday settled a transaction involving tokenized U.S. Treasuries on Ondo Finance, using Chainlink to connect between private and public networks, according to a joint statement from the companies. The experiment marks the latest development in JPMorgan's decentralized finance project called Kinexys—a platform that aims to...