Friend.tech pronounced ‘dead’ after activity and fees tank

Less than three weeks after its launch, the decentralized social network Friend.tech has already been declared “dead” by critics,  following a recent drop in key metrics such as activity, inflows and volume.

Friend.tech had a buzzy beta version launch on Coinbase’s layer-2 Base on Aug. 11. A week later, its fees surpassed $1 million in 24 hours on Aug. 19 outshining Uniswap and the Bitcoin network.

However, its fees have since cratered. Daily fees peaked at $1.7 million on Aug. 21, but…