Friend.tech Total Value Locked Plummets 19% in One Weekend As New User Count Stays Flat: On-Chain Data - The Daily Hodl
The total value locked (TVL) on the decentralized social finance (SocialFi) application Friend.tech fell 19% in a few days as user adoption slows down. ...
- The total value locked (TVL) on the decentralized social finance application Friend.tech has dropped by 19% in a few days.
- Friend.tech, built on the Ethereum scaling solution Base, allows users to tokenize themselves by selling shares or "keys" to their followers.
- According to blockchain data platform Dune Analytics, Friend.tech's TVL decreased from $42.26 million on November 17th to $34.03 million on November 20th.
- The number of new users added daily on Friend.tech has flattened, with only 140 new users recorded on November 20th.
- The decentralized social network has been removing bots from the platform, with around 600,000 bot accounts already removed.
The article highlights a decline in TVL and user growth on the decentralized social finance application Friend.tech, which may indicate a slowdown in user adoption. However, efforts to remove bots from the platform are also mentioned, suggesting a positive step towards improving user experience and authenticity.