The battle for SocialFi supremacy continues to rage, and while Friendtech may have kicked off the latest boom, its position atop the sector is showing signs of weakening.<\/p>\n
Over the last two days, many prominent users, including NFT influencer Pranksy and Vombatus<\/a>, a colourful figure whose key was formerly the most expensive on the platform, sold the majority of their assets on Friendtech and moved over to New Bitcoin City (NBC), another SocialFi platform that runs on a bespoke Layer 2 built atop the Bitcoin blockchain.<\/p>\n NBC has seen around $1M in inflows over the past day, pushing its total value locked (TVL) above $3M, according to DeFiLlama<\/a>. Meanwhile, Friendtech has seen outflows<\/a> of around $2M in the past two days.<\/p>\n Vombatus sold 176 of his own keys for over 850 ETH ($1.5M) without warning, dropping the price by 75%. While he retains 150 keys, the move triggered a cascade as other users sought to protect their portfolios from further drawdowns.<\/p>\n Over the past few weeks, the preferred strategy for farming Friendtech points has been to exchange keys with other users with an informal understanding not to sell each other\u2019s keys. This is referred to as (3,3) or (fren,fren).<\/p>\n Once popularized by OlympusDAO, the selloff over the past two days has again highlighted the flaws in the strategy, as whoever sells first often comes out ahead.<\/p>\n \u201cIt appears that ETH was more important than any imaginary 3,3 reputation,\u201d NFT enthusiast Otto Suwen<\/a> told The Defiant.<\/p>\n Others blame the development team, led by Racer<\/a>, for a lack of clarity on the future direction of the app and for taking too long to deliver seemingly simple features that would enhance the user experience.<\/p>\n \u201cFT team can do a better job sharing their vision for the app so these moments are easier to bear for the ecosystem they’re trying to create,\u201d wrote 0xbreadguy<\/a>.<\/p>\n Perhaps in response to community pressure, Racer posted an update on X, saying that the team will prioritize ‘usability and fun,’ after focusing on security over the past weeks.<\/p>\n The Defiant reached out to some active Friendtech users seeking insights into the situation. <\/p>\n Most aren\u2019t too concerned about the exodus to NBC but want to see new features and improved communication from the developers.<\/p>\n \u201cTime to be decisive if you want to stay or leave, and act on that,\u201d said Lutherin<\/a>, a self-proclaimed Friendtech addict.<\/p>\n \u201cMany are using NBC as an excuse, they’re leaving to chase the shitcoin pump,\u201d opined BigHead<\/a>.<\/p>\n \u201cThey are not here to farm the airdrop or create content, they are only interested in fees on their own keys. As soon as the volume drops, they move to a new fork and call everyone there. But they won’t trap me,\u201d said retired Blur farmer minysmoral<\/a>, when asked about prominent accounts abandoning the platform.<\/p>\n![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F1b73925e2f38d9fb98f49d840841616d2c9ada40-363x149.jpg&w=828&q=75\")
<\/figure>\nRise and Fall of (3,3)<\/h2>\n
Lack Of Progress<\/h2>\n
![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Ff72fdb79fab5c7fcf714045c8d47daff33e129f6-945x519.jpg&w=828&q=75\")
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