Friend.tech fees drop 70% following $1.7m peak
Earnings on the decentralized social platform Friend.tech plummeted in tandem with its number of daily users. According to the latest data from DeFiLlama, Friend.tech’s earnings started to fall, with more than 70% lower fees by the end of the week compared to its peak. The number of daily added users also fell, marking an almost 80% decrease. Friend.tech fees | Source: DefiLlama At the height of its popularity, Friend.tech was the highest revenue-generating entity in decentralized finance (defi). It gained as many as 100,000 users in a few days. A variety of sports, business, and social media personalities, including Grayson Allen, Garry Tan, Cobie, and HsakaTrades, were among the first creators on the platform. You might also like: What is Friend.tech, social platform earning over $1m in fees While the social media project created ripples in the digital asset trading community earlier in the month, some analysts suggest the reduced fees and revenues may be a sign it is...