Previously, the protocol warned of punitive measures, including confiscating users’ existing points, for those who attempted to fork or imitate the platform.
Although the purpose of these credits remains undisclosed, the statement indicated a special significance starting on August 15, aligning with the app’s official release.
This stance, however, faced severe backlash from the community. Critics deemed it an unfair competitive practice, with many sarcastically noting that the application did not replicate its predecessors.
In an open letter, Friend.tech’s founder expressed regret for the previous stance, acknowledging that it was driven by fear and a zero-sum mindset.
The founder admitted the mistake of discouraging users from exploring other products and emphasized a commitment to embracing collaboration and a positive culture within the crypto community.
Despite an initially promising launch on Coinbase’s Layer 2 Base blockchain, Friend.tech encountered challenges. Key metrics like activity, inflows, and volume experienced a sharp decline within three weeks, leading some critics to label the platform “dead.”
The platform’s innovative approach of allowing influencers to monetize their presence through “keys” linked to their X accounts garnered rapid attention, but subsequent fee fluctuations and a drastic reduction in transactions have raised concerns about its long-term sustainability.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.