Critics have declared decentralized social network Friend.tech "dead" following a drop in key metrics such as activity, inflows, and volume. The platform had a buzzy beta version launch on Coinbase's layer-2 Base, with fees surpassing $1 million in 24 hours on Aug. 19, but have since cratered. Transactions on Friend.tech have also declined over 90% from the peak on Aug. 21, leading many to post condolences for the network on Twitter. The platform is centered on buying and selling "keys" that enable private messaging, with the platform reportedly taking a 5% cut.