Friend.tech’s innovative concept allowed users to invest in influential individuals by purchasing “keys” – tokens granting access to exclusive chat rooms. The project’s popularity initially soared, at one point accounting for more than half of all activity on the Base network. However, recent months saw a sharp decline in user activity.

Since its inception just over a year ago, friend.tech generated nearly $90 million in fees, according to data from 21.co. Half of these fees were allocated to the project’s development team, highlighting the lucrative nature of the venture for its creators.

The project’s demise comes despite attempts to revitalize it. A new version of the app and a token airdrop in May failed to reignite interest. User activity plummeted, with daily new users dropping to single digits and daily generated fees falling from a peak of $2 million to less than $100. This sudden closure has dealt a blow to investors, including venture firms Paradigm and Notation Capital, who had backed friend.tech’s seed round.