Friend.Tech Faces Record Outflows as Top User Departs
While a substantial portion of the cryptocurrency market revels in a week marked by positive performance, Friend.Tech, a prominent player in the SocialFi sphere, appears to be encountering a rather abrupt and noteworthy shift in its dynamics.
On 23 October, a remarkable $5.81 million made its exit from the platform, constituting the most substantial daily outflow Friend.Tech has witnessed since its inception, as reported by DeFiLlama.
The trend continued on the following day, 25 October, as the platform recorded its second-largest daily outflow, with an additional $3.21 million bidding adieu.
The downturn seemed to gain momentum when the platform's most influential creator, operating under the pseudonym 'Vombatus,' divested 176 of their own keys, amounting to roughly $1.5 million in value.
This transaction led to a notable decline in the key price, plummeting from approximately 8.3 ETH to 1.671 ETH after the sale.
Vombatus remarked on X (formerly known as Twitter):
"At least I got people to talk and use FT for the first time in a few weeks today."
Friend.Tech Spinoff: New Bitcoin City
Subsequently, Vombatus established a profile on New Bitcoin City, a Friend.Tech spinoff priced in bitcoin (BTC).
Notably, New Bitcoin City has been incentivising users migrating from Friend.Tech with enhanced airdrop offerings. In the past two weeks, the nascent platform has seen an influx of more than $3 million, as reported by DeFiLlama.
The fortunes of SocialFi apps remain diverse amidst the backdrop of this market turbulence.
Friend.Tech, Stars Arena, and Friend3 are evidently experiencing a period of regression, as per observations from DappRadar.
In contrast, New Bitcoin City and Post.Tech are demonstrating growth and resilience.
More news about friend.tech
- Oct 29, 2023 11:02 pmThe total income of friend.tech protocol reaches 14,000 ETHDune statistics show that the total revenue of the friend.tech protocol reached 14,000 ETH, and a total of 11,784,720 transactions occurred. According to DefiLlama data, friend.tech’s protocol revenue in the past 24 hours was US$146,000.
- Sep 26, 2023 9:40 amfriend.tech TVL exceeds US$40 millionOdaily Planet Daily News DeFiLlama data shows that friend.tech TVL exceeded US$40 million and is currently at US$40.06 million. According to previous news, friend.tech TVL exceeded US$10 million on September 8, US$20 million on September 11, and US$30 million on September 14.
- Sep 14, 2023 10:43 amfriend.tech TVL exceeds US$30 millionOdaily Planet Daily News DeFiLlama data shows that friend.tech TVL exceeded US$30 million and currently reaches US$32.14 million. According to previous news, friend.tech TVL exceeded US$10 million on September 8 and exceeded US$20 million on September 11.
- Sep 11, 2023 12:01 amfriend.tech TVL exceeds US$20 millionOdaily Planet Daily News According to DeFiLlama data, friend.tech TVL exceeded US$20 million, reaching US$20.27 million.
- Aug 22, 2023 8:26 amfriend.tech Lianchuang: The explosion of DApp has exceeded the team's expectations, and the team is currently focusing on expanding the infrastructure of friend.techOdaily Planet Daily News friend.tech co-founder Racer said in an interview with Decrypt: "We initially released the application to start load testing, but we didn't expect it to explode and spread quickly, so the team is currently urgently repairing it. Some deficiencies, we want to take a breather and get excited about a lot of things we can do after that." Additionally, Racer added, the team is currently focused on scaling friend.tech's infrastructure, fixing bugs, and setting basic policies for the site. How to maintain friend.tech's growth or keep it safe from mounting legal problems will have to wait until the site stabilizes first. (Decrypt)
- Aug 21, 2023 7:23 pmfriend.tech is suspected of having a data breach and being able to buy and sell shares from the contract without an invitation codeOdaily Planet Daily News Spot on Chain tweeted that friend.tech has developed rapidly recently. For example, it only took 11 days to generate 2,953 ETH (about 5 million US dollars) in fee income. The total value of the current user share reaches 4435 ETH (approximately $7.4 million). However, the project also has some problems, including data leakage through the API, and the ability to buy and sell shares from the contract without an invitation code. From the perspective of the contract code, the invitation code and the application have no effect on the contract. Users can directly trade on Etherscan by linking MetaMask.
- Aug 19, 2023 2:12 amfriend.tech completed the seed round investment with the participation of ParadigmOdaily Planet Daily News friend.tech tweeted that friend.tech has completed the seed round of investment that Paradigm participated in. Earlier this year, friend.tech also partnered with Paradigm to build new online social interaction tools.
- Aug 15, 2023 8:52 amfriend.tech will airdrop reward points to test usersOdaily Planet Daily News The decentralized social platform friend.tech announced that it will start airdropping reward points to app test users starting Friday. These points will be collected off-chain during the beta and will have special uses after the official launch of the app. Over the next six months, 100 million points will be distributed to beta test users.
- Aug 12, 2023 12:58 pmThe number of friend.tech buyer addresses has exceeded 10,000Odaily Planet Daily News Dune Analytics data shows that the total number of friend.tech buyer addresses on the Base chain has exceeded 10,000, reaching 11,554 at the time of writing this article, and the current transaction total is 5,315 ETH (according to the current price, it is close to 10 million US dollars) . In addition, friend.eth currently has 132,472 transactions on the Base chain. According to news yesterday, the decentralized social platform friend.tech tweeted that the app and server are now running normally.
- Aug 11, 2023 3:17 pmDecentralized social platform friend.tech App and servers have resumed normal operationOdaily Planet Daily News The decentralized social platform friend.tech tweeted that the app and server are now running normally. Previously friend.tech founder Racer said that the platform is re-indexing data.
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