Friend.tech Transfers 7800 ETH to Coinbase, Experiences 50% Decrease in TVL from Historical Peak

WikiBit 2024-01-08 11:37

21.co analyst Tom Wan posted on X platform, indicating that the entire friend.tech treasury (all earning fees) was eventually transferred from an Externally Owned Account (EOA) address to a Multi-Sig address in December. Simultaneously, half of the fee revenue, totaling 7,800 ETH (approximately $16.6 million), was sent to Coinbase.

Currently, the Total Value Locked (TVL) in friend.tech stands at around 15,000 ETH (approximately $33 million), marking a 50% decline from its historical peak of 30,000 ETH (approximately $50 million). Daily minting activity has significantly decreased, with redemption activities surpassing minting activities in most instances.

On the Base chain, only 1.2% of active users are still using friend.tech, contributing only 1% of the daily fee revenue. During its peak, 54% of active addresses on Base used the protocol, contributing to 18% of the total fees.

Disclaimer：

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.