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Network defects. SocialFi applications have managed to garner widespread excitement among crypto natives at numerous points throughout the past year, but its buzziest brands seem to be fading into obscurity. Will crypto ever get a sustainable SocialFi application?
The first major wave of SocialFi excitement this cycle was captured by friend.tech, a crypto-enabled private chat room on the Base Layer 2. By offering users a clear pathway to qualify for a future airdrop through one of the earliest implementations of a points program and directly incentivizing influencers to shill the platform via a 5% token swap fee paid out in ETH, friend.tech succeeded in fostering impressive amounts of initial adoption.
Unfortunately, the platform’s hype peaked in mid-September. Many metrics never re-obtained their highs from this period and not even the arrival of its FRIEND airdrop or V2 refresh could revive any semblance of momentum. Daily active users have approached the lower bound, and on Monday, friend.tech recorded a meager 611 transactions, the lowest on record and a far cry from its 540k daily transaction all-time high.
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