Friend.tech sees record outflows as top user jumps ship

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Blockworks2023/10/25 19:03

By:Blockworks

The SocialFi app appears to be losing steam even as crypto enjoys its best week in over a year

As much of crypto enjoys a week in the green, Friend.tech seems to be losing steam.

The SocialFi app saw $5.81 million leave the platform on Oct. 23, the largest daily outflow since Friend.tech’s launch, according to DeFiLlama. The next day with available data, Oct. 25, saw Friend.tech’s second-largest daily outflow, with another $3.21 million heading for the exits.

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The downturn was perhaps accelerated when the platform’s most valuable creator, a profile known as ‘Vombatus,’ sold 176 of their own keys, worth around $1.5 million. Vombatus’ key price fell from around 8.3 $ETH to 1.671 ether ( ETH ) after the sale.

“At least i got people to talk and use FT for the first time in a few weeks today,” Vombatus wrote on X.

Read more: What is SocialFi? Unpacking crypto’s answer to social media

Vombatus has since set up a profile on New Bitcoin City, a Friend.tech spinoff priced in bitcoin ( BTC ). New Bitcoin City has been offering boosted airdrops to users migrating from Friend.tech. The nascent platform has seen more than $3 million in net inflows in the past two weeks, per DeFiLlama.

As the assets undergirding the projects pump, SocialFi apps are having a mixed week. Friend.tech, Stars Arena and Friend3 were trending downward, per DappRadar, while New Bitcoin City and Post.Tech saw growth.

Read more: Friend.tech copycats eager to capitalize on social finance craze

Friend.tech’s total value locked (TVL) stood just shy of $40 million on Wednesday. The app still accounts for some 86.8% of the dollar volume among top SocialFi projects after Avalanche-based Stars Arena suffered an exploit, according to a Dune Analytics dashboard.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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