In the past week, the trading volume and daily transaction fees of Friend.tech have sharply declined, leading some market commentators to even declare it "dead."
Friend.tech allows Twitter users to issue "keys" (or shares) through its app to access private group chats. The platform has earned creators over $4.2 million in fees. Data shows that trading activity on the platform has dropped from a peak of $16 million on August 21 to just over $700,000 on Thursday, a 95% decrease.
However, according to on-chain data analysis by Arkham, describing Friend.tech as another decentralized social app that rose rapidly and then quickly disappeared may be somewhat exaggerated.
Friend.tech has two large wallets, one for collecting fees and the other for shares. The ETH assets in the Shares wallet represent the shares held by traders on the platform. The fee wallet is used to collect fees.
The highest recorded daily balance in the shares contract occurred on August 23, with traders holding shares worth 4.33K ETH on friend.tech. By August 30, the shares contract held shares worth 3.87K ETH. Considering the drop in ETH price, this is only about a 10% decrease. Therefore, while some traders have indeed exited, Friend.tech is definitely not as dead as suggested.
Today's Market
Source: TokenInsight Gainers and losers
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