Crypto News: The Struggles of SocialFi Platforms in 2024
Crypto News: SocialFi Platforms Struggle in 2024
Decentralized social media platforms like Farcaster, Lens, and Friend.Tech once heralded as game-changers are now resembling ghost towns. This downturn marks a stark contrast to the initial SocialFi excitement.
Market Shift: Declining Engagement
- Farcaster saw a dramatic drop from over 15,000 new users to just 545 in less than seven months.
- Daily active users (DAUs) decreased from approximately 104,000 in early July to 60,000.
- Lens Protocol suffered a similar fate with user registrations declining from over 37,000 in February to a mere 142 by September.
- DAUs for Lens also fell from a high of 42,281 to just 8,368.
This trend illustrates a significant issue within the crypto ecosystem. Despite heavy investments from leading firms like Andreessen Horowitz, user engagement has faltered. Many enthusiasts point out that these platforms fail to provide significant improvements over existing Web2 alternatives, which has led to diminishing interest.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.