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As much of crypto enjoys a week in the green, Friend.tech seems to be losing steam.<\/p>\n
The SocialFi app saw $5.81 million leave the platform on Oct. 23, the largest daily outflow since Friend.tech\u2019s launch, according to DeFiLlama. The next day with available data, Oct. 25, saw Friend.tech\u2019s second-largest daily outflow, with another $3.21 million heading for the exits.\u00a0<\/p>\n
The downturn was perhaps accelerated when the platform\u2019s most valuable creator, a profile known as \u2018Vombatus,\u2019 sold 176 of their own keys, worth around $1.5 million. Vombatus\u2019 key price fell<\/a> from around 8.3 $ETH to 1.671 ether (ETH<\/a>) after the sale.<\/p>\n \u201cAt least i got people to talk and use FT for the first time in a few weeks today,\u201d Vombatus wrote<\/a> on X.<\/p>\n Read more:<\/strong> What is SocialFi? Unpacking crypto\u2019s answer to social media<\/a><\/p>\n Vombatus has since set up a profile on New Bitcoin City, a Friend.tech<\/a> spinoff priced in bitcoin (BTC<\/a>). New Bitcoin City has been offering<\/a> boosted airdrops to users migrating from Friend.tech. The nascent platform has seen more than $3 million in net inflows<\/a> in the past two weeks, per DeFiLlama.<\/p>\n As the assets undergirding the projects pump, SocialFi apps are having a mixed week. Friend.tech, Stars Arena and Friend3 were trending downward, per<\/a> DappRadar, while New Bitcoin City and Post.Tech saw growth.\u00a0<\/p>\n Read more:<\/strong> Friend.tech copycats eager to capitalize on social finance craze<\/a><\/p>\n Friend.tech\u2019s total value locked (TVL) stood<\/a> 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<\/a> to a Dune Analytics dashboard.\u00a0<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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