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Friend.tech warns of potential consequences for users utilizing copycat apps

Friend.tech warns of potential consequences for users utilizing copycat apps

In a move that has sparked intense criticism, friend.tech, the decentralized social media app for crypto enthusiasts, has warned users that they will lose their existing points if they choose to switch to “forks and copies” of the platform. The announcement, made on Twitter by the official friend.tech X account, stated that loyal users who opt for alternative versions of the app will be automatically excluded from earning Points and will forfeit their current points. While friend.tech did not mention any specific competitors, some users pointed to a new DeSo application called Shares as a potential alternative. Shares is set to launch its public beta on August 31.

Friend.tech has been distributing “reward points” to its beta testers on a weekly basis, with a total distribution of 100 million points over a six-month period. The purpose of these points has not yet been revealed, but speculation suggests they could have governance or financial significance for users. Some believe that a native token airdrop may be on the horizon due to the seed round investment from Paradigm.

The announcement by friend.tech has been met with backlash from the crypto community, with many criticizing the app for its anti-competitive stance. Pseudonymous trader CryptoKaleo called the move “completely against everything this industry stands for.”

Since its public launch on August 11, friend.tech has experienced a decline in key metrics such as activity, inflows, and volume. Transaction numbers have dropped by over 90% from their peak on August 21, according to data from Dune Analytics.

Summary:

– Friend.tech warns users that switching to forks and copies of the platform will result in the loss of existing points.

– The announcement comes amidst criticism and backlash from the crypto community.

– Friend.tech has been distributing reward points to beta testers, with their purpose yet to be revealed.

– The decline in key metrics suggests a decrease in user activity on the platform since its launch.

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