Decentralized social network Friend.tech faces criticism just weeks after its launch, as key metrics like activity, inflows, and volume plummet. The platform, which launched on Coinbase's layer-2 Base on Aug. 11, saw its fees surpass $1 million in 24 hours on Aug. 19. However, daily fees have since dropped over 87% to around $215,000 on Aug. 26. Transactions also declined over 90% from their peak on Aug. 21. The platform, which focuses on buying and selling "keys" for private messaging, has attracted influencers from both crypto and non-crypto spaces. Critics blame "greed and poor execution" for the platform's decline.