Friend.tech has been a major catalyst behind the initial explosion of Coinbase’s layer 2 network, Base. The decentralized social network, however, has seen a significant drop since September with several metrics hovering around all-time lows.
According to the latest data compiled by Dune Analytics, the number of new users on Friend.tech was recorded at 682 on November 2, compared to its peak of over 70,037 on October 15.
- Friend.tech created a stir with the launch of its beta version on Base on August 11. Just a week later, it managed to outperform both the DEX giant Uniswap and the bitcoin network.
- But activity on the platform has declined since then. Currently, the trading volume is down to $505.49k from an ATH of $20.4m about three weeks ago.
- Dune analysis data suggest that there were fewer than 4,000 traders on the platform at the time of writing, down from a whopping 73.79 thousand just two weeks earlier.
- Fees generated by Friend-tech fell to $50,000 on November 2, well below its peak of $2 million.
- For its part, the proportion of Gas consumption in the Base network decreased to 6.5%.
- Friend.tech‘s TVL has also fallen by approximately 25%, from $51.68 million to $40.47 million over the past month.
- Friend.tech, once heralded as a pioneer in the SocialFi space, has faced stiff competition as new alternatives emerged.
- Last November, several well-known users, such as nft influencer Pranksy and user Vombatus, who was once in possession of the platform’s most valuable key, opted to sell their assets on Friend.tech and move to NBC.
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