Friend.tech, a decentralized social media platform on cryptocurrency exchange Coinbase’s Ethereum layer-2 chain Base, saw its daily revenue, fees and active buyers fall by more than 90% from its peak.See related article: Weekly Market Wrap: Bitcoin’s summer volatility, Coinbase’s new stake and anticipations on the Fed moves cryptocurrenciesFast factsActive buyers on Friend.tech declined to 229 on Monday, a 94% nosedive from 3,979 buyers on Aug. 21, according to Dune Analytics, a blockchain data platform.Daily fees on Friend.tech fell 90.4% to US$161,120 on Sunday from its peak of US$1.68 million also on Aug. 21, according to DeFillama. The platform’s revenue also fell to US$80,560 on Sunday, a 90.4% drop from US$840,890 on Aug. 21.Launched Aug. 11, Friend.tech transforms a user’s X (formerly Twitter) followers into a monetizable asset by letting fans and friends buy “keys” for exclusive access to content creators. As of last week, the platform was widely discussed as a social finance platform with unique profit opportunities for creators and was used by crypto influencers, celebrities and professional athletes. “Friend tech is dead because of greed and poor execution. We can see that after the initial influencer pump volume has fallen off a cliff,” tweeted Coinbase Risk Manager Lisandro Rodriguez on Sunday. Friend.tech has generated over US$4.04 million in protocol fees since its launch, according to data from Dune.See related article: DeFi revenue remains resilient despite Curve Finance hack@media only screen and (min-width:0px) and (min-height:0px){div[id^=bsa-zone_1681981039491-9_123456]{min-width:300px;min-height:50px}}@media only screen and (min-width:640px) and (min-height:0px){div[id^=bsa-zone_1681981039491-9_123456]{min-width:300px;min-height:250px}}