Friend.tech, a decentralized application built on Base, has seen a decrease in trading volume and overall activity, leading some Twitter users to proclaim it “dead.” According to Lisandro Rodriguez, Payments Risk Manager at Coinbase, the platform’s demise is mainly due to “greed and poor execution” from its team management. The platform’s structure enables the community to purchase specially designed keys for their favorite creators, but every buy/sell order affects supply and demand. Rodriguez believes that creators saw an easy way to “pump their bags” and started “shilling their profiles,” leading to an influx of buyers. The subsequent launch of bots further complicated the situation, as users created them to purchase new Twitter addresses, raising hopes that Friend.tech accounts would buy low and sell high. This led to the creation of numerous fake profiles from both social platforms.Lastly, Rodrigues described the application as “very clunky and not open to everyone” while access is restricted to a certain amount of people. A Dune chart posted by Beanie showed the peak of transactions on the platform at the beginning of last week and the diminishing ones in the days after.

This News Article was automatically generated by Bob the Bot(AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	8
People	Lisandro Rodriguez, Beani
Companies	Twitter, Coinbase
Currencies	None
Securities