Vitalik Buterin Calls Friend.Tech Bad DeFi Amid Its Fall In 4 Months
Freind.Tech, a decentralized social media platform built on Coinbase’s Layer-2 platform ‘Base’, has experienced a significant slowdown within four months of its launch. The platform’s rapid transformation from a crypto darling to a deserted project is attributed to its bonding curve, prompting a broader reflection on the lessons learned and the redesign of bonding curves in the crypto space.
Ethereum co-founder Vitalik Buterin criticized the platform for using financial speculation as a substitute for fun, stating that blockchain games should be fun as games. During its peak, Freind.Tech had over $50 million in total value locked.
However, DeFiLlama data shows a 50% drop in the last four months, dropping to $26.46 million as of date. Buterin remains confident about decentralized social apps like Farcaster and WRT Lens, which empower users to control their data and allow developers to build permissionless apps on the network.
(With inputs from Shikha Singh)
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