Friend.tech is the main catalyst behind the explosion of Coinbase’s Layer-2 network called Base. However, the decentralized social network has seen a significant decline since September, with several metrics hovering near all-time lows.
According to the latest data compiled by Dune Analytics, the number of new users on Friend.tech was recorded at 682 people as of November 2nd, compared to a peak of over 70,037 users on October 15th.
Friend.tech made a splash when it launched its beta version on Base on August 11th. Just a week later, it surpassed both the giant DEX Uniswap and the Bitcoin network in performance.
But activity on this platform has been dwindling. Currently, the trading volume has dropped to $505.49 thousand from an all-time high of $20.4 million about three weeks ago.
Dune Analytics data shows that there are fewer than 4,000 traders on the platform at the time of writing, down from a massive 73,790 just two weeks prior.
The fees generated by Friend-tech have also dropped to $50 thousand on November 2nd, much lower than the peak of $2 million.
Meanwhile, the Gas usage rate on the Base network has dropped to 6.5%.
Friend.tech’s TVL (Total Value Locked) has also decreased by approximately 25% from $51.68 million to $40.47 million in the past month.
Once considered a pioneer in the SocialFi space, Friend.tech has faced fierce competition as newer alternatives emerged.
In November of last year, some influential users, such as Pranksy, who has influence in the NFT space, and Vombatus, who once owned the most valuable “key” on the platform, chose to sell off their assets on Friend.tech and switch to NBC.