Lower than three weeks after its launch, the decentralized social community Good friend.tech has already been declared “useless” by critics following a current drop in key metrics corresponding to exercise, inflows and quantity.

Good friend.tech had a buzzy beta model launch on Coinbase’s layer-2 Base on Aug. 11. Every week later, its fees surpassed $1 million in 24 hours on Aug. 19, outshining Uniswap and the Bitcoin community.

Nevertheless, its charges have since cratered. Every day charges peaked at $1.7 million on Aug. 21, however dropped over 87% to round $215,000 on Aug. 26, according to DefiLlama.

Transactions on Good friend.tech additionally declined over 90% from the practically 525,000 peak on Aug. 21, with simply over 51,000 transactions on Aug. 27, Dune Analytics information complied by Crypto Koryo shows, main many on X (Twitter) to submit condolences for the community.

Good friend.tech is centered on shopping for and promoting “keys” that allow the customer to ship non-public messages to the vendor, with the platform reportedly taking a 5% minimize.

It is attracted crypto and non-crypto influencers together with UpOnly podcast host Cobie, YouTuber Faze Banks and Russian protest group Pussy Riot.

In an Aug. 27 X submit, Coinbase funds danger supervisor Lisandro Rodriguez opined that the platform is “useless,” as a result of “greed and poor execution.”

Alongside the charge decline, consumers and sellers have additionally tanked, with Aug. 27 seeing round 10,000 consumers and seven,800 sellers in comparison with the Aug. 21 peak of over 58,000 consumers and 27,000 sellers, per Dune data.

Good friend.tech consumers (inexperienced) and sellers (orange) have each steadily declined for the reason that peak on Aug. 21. Supply: Dune

Dune reveals inflows have additionally taken a dive from the Aug. 21 excessive of $16.8 million with Good friend.tech seeing round $1.6 million on Aug. 27 — an almost 90.5% lower.

Protocol inflows peaked on Aug. 21 however have since trended down. Supply: Dune

Earlier than the decline over the previous week, some neighborhood members had already shared their bearish predictions for the platform.

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Final week, crypto commentator Yazan instructed Cointelegraph of things that led him to consider Good friend.tech had between six to eight weeks earlier than it will see a decline in consumer key costs and exercise.

Yazan mentioned the consumer key worth will increase had been unsustainable and questioned why so many would pay upwards of 1 Ether (ETH) “to have the ability to see a personal chat.”

The platform has drawn parallels to the 2021 DeSo app BitCloud, with pseudonymous Web3 marketer Legendary saying he believes Good friend.tech “will collapse as BitClout did.”

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