Is the Hype Around Friend.tech Just a Fad?
Friend.tech, the new decentralized social media (DeSo) app, has quickly become one of the most talked-about trends in the crypto world. With over 64,000 new users and more than 24,000 ETH in trading volume since its beta version launch on Aug. 11, the app has garnered attention from crypto enthusiasts and even non-crypto figures like gaming YouTuber Faze Banks and Russian protest group Pussy Riot. However, as the hype continues to build, some experts are warning that Friend.tech may be heading for a burnout.Doubts Surface About Friend.tech's Sustainability
Crypto commentator Yazan has pointed out several concerning factors that have raised doubts about the future of Friend.tech. One issue he highlighted is the unsustainable rate at which share prices have been increasing. He also criticized the app's pricing structure, which he believes can be easily manipulated. The market dynamics surrounding the app have also raised eyebrows, with Yazan suggesting that the high price of 1 ETH to access a private chat room seems disproportionate to the number of holders.Predictions of a BitClout-Style Collapse
Drawing parallels to the fate of BitClout, a previous DeSo app that collapsed in 2021, some experts are pessimistic about Friend.tech's longevity. Legendary, a pseudonymous Web3 marketer, believes that the platform will suffer a similar fate. He argues that the current bear market will ultimately lead to its downfall. This bearish prediction has raised concerns among investors and users alike.An Optimistic Outlook for Friend.tech
Despite the skeptics, others have a more positive outlook for Friend.tech. David Phelps, co-founder of Jokerace and EcoDAO, describes the app's user experience (UX) as the best he has seen in the crypto space. Phelps highlights three main factors that make Friend.tech a breakthrough for crypto: its decentralized nature, automatic fund transfers, and seamless transactions without the need for constant verifications. These UX improvements have been long-awaited in the crypto community and could be a game-changer for the industry.Friend.tech Takes the Crypto World by Storm
Regardless of the mixed predictions about Friend.tech's future, there is no denying its impact on the crypto world. On Aug. 19, the app announced seed round funding from crypto venture capital firm Paradigm, fueling speculation about future airdrops and a potential token launch. Data from DefiLlama shows that Friend.tech has generated $1.42 million in fees in the last 24 hours and $4.2 million since its public launch. With over 724,000 transactions from more than 64,500 unique traders, the app has certainly made its mark.Disclaimer: This article is for informational purposes only and does not constitute financial advice or an endorsement of any project.
