Crypto’s latest decentralized social media (DeSo) app buddy.tech has been met with intense criticism over a call to punish customers who decide in to forks or copycat variations of its tokenized social media platform.
“To ensure loyal customers are rewarded pretty throughout our beta, customers transferring to forks and copies will robotically decide out of incomes Factors and forfeit present factors,” wrote the official buddy.tech X account in an Aug. 28 tweet.
We anticipate @friendtech clones and different kinds of copies will emerge.
To ensure loyal customers are rewarded pretty throughout our beta, customers transferring to forks and copies will robotically decide out of incomes Factors and forfeit present factors. They are going to be capable to use the app usually pic.twitter.com/C1rTEQQr17
— buddy.tech (@friendtech) August 28, 2023
Whereas Good friend.tech didn’t make point out to any particular opponents, and variety of X customers within the reply pointed to a brand new DeSo or “SocialFi” software referred to as Shares which is scheduled to go reside to public beta on Aug. 31.
Shares #roadmap for the next week.
We’ll be sharing every day dev logs on Medium about updates. We began constructing the $SHARES platform’s backend a few weeks in the past, and began with our frontend this weekend – thus far, it has been an enormous progress! pic.twitter.com/oLEYMlhIcF
— shares.finance (@SharesFinance) August 21, 2023
Good friend.tech has been airdropping “reward factors” to its beta testers each week, which is able to whole a distribution of 100 million factors over 6 months.
The staff has not but shared what the factors will likely be in the end used for, solely mentioning on Aug. 15 it “could have a particular function when the app enters official launch standing.”
We simply did our first Friday Factors Airdrop to 44k customers.
– 100M factors will likely be distributed through the six month beta interval
– Airdrops occur on Fridays
– Factors are recorded off-chain
– Factors could have a particular function as soon as the beta interval ends
— buddy.tech (@friendtech) August 18, 2023
Some anticipate it to translate to tokens to buddy.tech governance, whereas others imagine it may have some monetary significance for customers. Others imagine that because of the seed spherical funding from Paradigm, there’ll seemingly be a buddy.tech native token airdrop sooner or later.
Good friend.tech’s announcement didn’t go down properly with members of the crypto group.
Throughout the first hour of the announcement being posted — it attracted a whole lot of unfavorable feedback and reposts that derided the app for its anti-competitive transfer.
“Threatening / penalizing customers for trialing different platforms is totally towards all the pieces this trade stands for,” wrote pseudonymous dealer CryptoKaleo in response to the announcement.
“This can be a prime instance of how to not deal with competitors in Web3 lol — excited to learn the apology in a couple of hours” stated one other.
The announcement comes lower than three weeks after its public launch of Aug. 11. In the meantime, Good friend.tech has seen a drop in key metrics reminiscent of exercise, inflows and quantity over the previous few days.
On the time of publication transactions on Good friend.tech have declined greater than 90% from its peak of practically 525,000 transactions on Aug. 21, with lower than 50,000 cumulative transactions on Aug. 28, in response to knowledge from Dune Analytics.