Decentralized social media platform Freind.Tech, constructed on prime of Coinbase’s Layer-2 platform ‘Base’, is witnessing a significant slowdown inside simply 4 months of making a significant market frenzy. Nevertheless, inside 4 months of its launch, the craze surrounding this social media platform has died down fairly rapidly.
Vitalik Buterin refers to Buddy.Tech as Dangerous DeFi
In a latest commentary, Haseeb, the founding father of Dragonfly, expressed his shock at Buddy.tech’s fast transformation from a crypto darling to an deserted mission in simply 4 months. The prevailing sentiment means that Buddy.tech’s bonding curve performed an important position in its demise, prompting broader reflection on classes discovered and subsequent redesign of bonding curves within the crypto house.
Because of: Haseeb
Responding to this remark, Vitalik Buterin, co-founder of Ethereum, weighed in on the dialogue, saying: “Dangerous gaming fi makes use of monetary hypothesis as an alternative to enjoyable. Blockchain video games needs to be enjoyable as video games,” in an approximation of a sentiment he has shared a number of instances.
Throughout the peak of the Freind.Tech craze, the platform clocked over $50 million in complete worth. Nevertheless, in response to DeFiLlama information, TVL has since declined, falling 50% to $26.46 million previously 4 months.
Buterin stays optimistic about Farcaster and Lens
Though Vitalik Buterin doesn’t have many optimistic views about the way forward for social crypto, he stays assured in some decentralized social apps equivalent to Farcaster and WRT Lens.
Farcaster is a decentralized social app protocol that enables customers to handle their information, whereas additionally giving builders the power to construct apps on the community with out permission. Curiously, Buterin’s feedback come because the Farcaster protocol data 400% of every day lively customers following the introduction of “frames” on its social media software Warpcast.
With Frames on Warpcast, customers can now create NFTs, transact, declare tokens, learn exterior weblog posts, and take part in surveys – all inside the app itself, eliminating the necessity to signal or navigate away from a transaction. This addition was carried out on January 27.
The Farcaster community additionally noticed important progress in every day lively customers, from roughly 5,000 on January 28 to over 24,700 on February 3, primarily based on information from Dune Analytics. Moreover, the variety of new every day “casts” skyrocketed to over 2 million on February 3, marking a rare 1,000% enhance over the roughly 200,000 recorded the earlier week on January 28.
Courtesy: Dune Analytics
Like Farcaster, Lens is a decentralized, composable social graph, permitting builders to create the following technology of social media purposes.