TL;DR
- Farcaster loses 60% of its users in one month.
- Friend.tech is experiencing a significant decline in activity.
- Lens Protocol shows notable growth and success in monetization.
In the world of SocialFi apps, the landscape is changing rapidly, with some giants losing ground while others find innovative ways to stay relevant.
One of the most notable cases is that of Farcaster, whose activity has experienced a drastic drop.
Within a month, the number of daily active users plummeted by 60%, going from more than 40,000 to just 16,000.
This decline is surprising, especially amid a cryptocurrency bull market and when SocialFi apps are expected to be a growing trend.
The introduction of new features such as Frames initially generated excitement, but this seems to have quickly faded.
Another case worth mentioning is that of Friend.tech, which was once a rising star in the world of SocialFi apps.
After a successful launch, its activity has decreased significantly.
Although there was a brief uptick when they announced a community-owned points system, it was not enough to revitalize the platform.
Now, its use has declined considerably, and it appears to have lost the momentum it once had.
However, it’s not all bad news in the world of SocialFi apps
Lens Protocol has managed to stay above water, even after going permissionless.
Its activity has increased significantly, almost tripling in a single day after this change.
Furthermore, it has achieved impressive monetization of the protocol, suggesting that it is finding effective ways to stay relevant and attractive to users.
The SocialFi app landscape is dynamic and constantly changing.
While some platforms struggle to stay relevant, others find innovative ways to stay afloat.
This underscores the competitive and evolving nature of this space, where the ability to quickly adapt to user needs and wants is crucial to long-term success.
