The
cryptocurrency market has once again witnessed a sudden success and an even
faster downfall, with Friend.tech being the leading player. Within two weeks,
it became one of the highest-earning services in the decentralized finance
sector while simultaneously stirring up controversy with its business model and
alleged use of bots for speculation.
This
article delves into the rise and fall of Friend.tech, examining the factors
that contributed to its initial success and subsequent decline and its
implications for the broader crypto ecosystem.
Friend.tech,
a blockchain -based platform that debuted on 10 August, experienced a rapid
ascent in the crypto world. The platform allows users to buy and sell digital
tokens linked to influencers on X (formerly Twitter), providing a unique way to
engage with Internet personalities like Cobie, HsakaTrades, and professional athletes,
including Milwaukee Bucks player Grayson Allen. Within less than two weeks of
its launch, the platform’s fees skyrocketed to nearly $1.7 million, making it
the highest-earning service provider in decentralized finance at one point.
However,
the platform’s success was short-lived. Fees dropped by nearly 70% within days,
and the number of new users plummeted from 20,360 to just…
