A few months ago, Friend.tech was at the forefront of the social finance (socialfi) movement, capturing widespread attention and acclaim.

However, by October 2023, the platform saw a significant downturn in user interaction and financial performance.

Data from defillama.com highlighted a substantial drop in revenue, marking a swift change in fortunes for what was once socialfi's shining star.

The decline in both user engagement and revenue underscores the volatile nature of the SocialFi sector and serves as a cautionary tale for similar platforms in this innovative but unpredictable space.