Friend.Tech Loses Steam: Buterin's Ongoing Enthusiasm for Farcaster and Lens Stays Unwavering

Author : Dency Emily | Published On : 07 Feb 2024

Friend.Tech, once hailed as a rising star in the decentralized social media space, has seen a sharp decline in user engagement, with its total value locked (TVL) plummeting by 50% to $26.46 million. This downward trend has sparked concerns within the crypto community about the viability of crypto social media platforms.

Dragonfly Capital founder, Haseeb Qureshi, expressed his reservations about Friend.Tech's downfall, stating that the platform went from being a crypto darling to abandonment in just four months. Qureshi raised questions about the bonding curve design of Friend.Tech and its potential impact on the broader landscape of crypto social media. Despite the setbacks, Qureshi believes it is premature to dismiss the concept of a social network intertwined with financial elements, emphasizing the importance of learning and redesigning bonding curves for sustainability.

The adaptive bonding curve, a mathematical concept behind Friend.Tech's user-issued tokens called "Creator Chips," is now under scrutiny. Qureshi's call for recommended reading and examples on redesigning bonding curves reflects a broader conversation within the crypto space on the need for improved design and risk assessment in decentralized finance applications. While Friend.Tech serves as a cautionary tale, Ethereum co-founder Vitalik Buterin's endorsement of Farcaster and Lens indicates a continued exploration of decentralized social media solutions.