Good has discovered itself in dire straits, prompting critics to pronounce its untimely demise. The social media platform, which initially garnered consideration for its explosive progress, has been hit arduous by a pointy decline in essential metrics, leaving many to query its viability in an more and more aggressive panorama. 

The swift rise and fall of Good is not only a story of fleeting success, but in addition sheds gentle on the challenges confronted by decentralized networks within the realm of cryptocurrencies.

Good Early Triumphs Masked By Escalating Woes

Good launched into its journey with a buzz-worthy beta model launch on Coinbase’s layer-2 Base on August 11. Only a week later, the platform was making waves as its transaction charges surged previous the million-dollar mark in simply solely 24 hours, surpassing established gamers like Uniswap and even the Bitcoin community. The euphoria, nevertheless, was short-lived.

Within the wake of its preliminary success, Good’s fortunes started to crumble. Every day transaction charges, which had reached a peak of $1.7 million on August twenty first, plummeted by greater than 87%, dwindling to a mere $215,000 by August twenty sixth, as reported by DefiLlama

The decline was mirrored in transaction volumes, with numbers dropping over 90%, from a excessive of almost 525,000 transactions on August 21 to barely greater than 51,000 on August 27, knowledge compiled by Crypto Koryo utilizing Dune Analytics, reveals.

Good each day transaction charges and income. Supply: Defillama

Bots: From Boon To Bane

The very bots that had as soon as pushed Good’s transaction frenzy at the moment are being held accountable for its downfall, in keeping with Tom Wan of These automated buying and selling bots, in keeping with a Bloomberg report, are designed to use speedy worth actions, which have been manipulating the order of transactions. 

This nefarious follow has enabled the bots to preempt influencer-initiated transactions, buying belongings at rock-bottom costs earlier than creators have an opportunity, forcing them to accumulate their very own belongings at inflated charges. Such manipulation has inevitably discouraged content material creators and customers, casting a shadow over the platform’s future.

Bitcoin drops to the $25K degree as we speak. Chart:

Unsure Horizon

Good’s trajectory, as soon as hailed as a triumph on the earth of decentralized social networks, now stands as a cautionary story of the challenges dealing with rising crypto platforms. As critics draw parallels to the demise of the 2021 DeSo app BitCloud, the destiny of Good hangs within the stability. 

Whether or not the platform can navigate the stormy waters, recalibrate its methods, and regain the belief of its group stays to be seen, serving as a stark reminder of the volatility inherent within the decentralized panorama.

In an area outlined by innovation and unpredictability, Good’s rise and fall underscores the necessity for cautious consideration, transparency, and vigilance as decentralized platforms proceed to reshape the digital panorama.

Featured picture from Freepik


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