On-Chain Insights: Friend.tech Witnesses 19% Drop in Total Value Locked Over the Weekend, User Growth Remains Unchanged

Friend.tech, the decentralized social finance platform launched on Ethereum scaling solution Base, witnessed a notable 19% decline in total value locked (TVL) over a few days, dropping from $42.26 million on November 17th to $34.03 million on November 20th. 

This dip, indicative of a slowing user adoption, contrasts with Friend.tech’s peak TVL of $51.68 million on October 2nd. Despite initially attracting thousands of new users daily, recent weeks have seen a plateau in growth, with just 140 new users recorded on November 20th following the TVL drop. Notably, Friend.tech has removed approximately 600,000 identified bot accounts as part of ongoing efforts to enhance platform authenticity. The cumulative user count since the platform’s August launch now stands at slightly over 839,000, marking a period of adjustment and refinement for the decentralized social network.

Clever Robot News Desk 22^nd November 2023