Buterin commented on the drop in activity on friend.tech

• Ethereum co-founder Vitalik Buterin weighed in on the decline of friend.tech platform’s main indicators.
• He compared the project to blockchain games and emphasized the importance of fun in such platforms.
• According to Buterin, speculative motives should not be the driving force behind the development and popularity of these platforms.

Vitalik Buterin, co-founder of Ethereum, commented on the significant decrease in the key metrics of friend.tech’s SocialFi project. He suggested that financial speculation could be one of the reasons for the decline.

Agreed WRT Lens and Farcaster, but I think there are broader lessons beyond social + financial speculation = bad.

I suspect it’s too early to write off the concept of a social network deeply tied to money/speculation. Most ideas are tried many times until they work.

— Haseeb ＞|＜ (@hosseeb) February 5, 2024

Buterin cited the Lens Protocol and Farcaster platforms as examples that go against the trend. He made his comment in a response to a tweet from Dragonfly Capital’s managing partner, Hasib Qureshi.

While he agreed with the assessment of Lens Protocol and Farcaster, Buterin stated that it is premature to dismiss the concept of a SocialFi project closely tied to financial speculation.

Earlier reports showed that activity on friend.tech dropped by 95% from its peak in September 2023. Experts believe that poor execution by the team contributed to this decline.