Friend Tech Faces Challenges as User Metrics Hit All-Time Lows

Friend Tech, the decentralized social token-driven app, is currently experiencing a significant decline in its primary data metrics. This sudden downturn is raising concerns within the community, as it could signify potential challenges for the platform’s growth and sustainability.

As of November 1st, 2023, Friend Tech’s primary data has hit all-time lows, with its 24-hour trading volume plummeting to a mere $881,000. This represents a substantial drop from previous figures and raises questions about the platform’s overall health and user engagement. Similarly, the fee capture has also hit the same low of $881,000, indicating a possible decline in the platform’s revenue generation.

Source: Dune

Furthermore, the number of active traders on the Friend Tech platform has dropped to 6,030, marking another low point in the platform’s recent history. These trader numbers haven’t been this low since early September, signaling a concerning trend for the platform’s user base.

One of the most alarming statistics is the daily average of new users in the past three days, which hovers around 560. This figure is far below what Friend Tech has experienced in previous months, and it raises questions about the platform’s ability to attract and retain new users.

Another significant concern is the dwindling proportion of Gas usage in the Base network, which has now dropped to just 3.8%. This metric is of particular importance because it reflects the platform’s overall utility and engagement. The fact that it has reached such a low level is a sign that users are either using the platform less frequently or engaging in fewer transactions.

Additionally, the total value locked (TVL) in Friend Tech has suffered a notable setback, declining by approximately 25.8% from its peak of 30,247 ETH in early October to the current level of 22,431 ETH. This is a substantial decrease in a relatively short period and could signal investor and user uncertainty in the platform’s future.

Friend Tech, a decentralized social token-driven app built on Base, allows creators to monetize their content and expertise by connecting with their online communities through tokenized attention. The platform’s unique feature of using “Keys” to represent a user’s influence and grant access to exclusive private chats, advice, and other perks associated with accounts has been a central part of its appeal.

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