Friend.tech moved almost 50% of its fees to Coinbase as TVL slashed by half
According to Tom Wan, an on-chain analyst at 21.co, Friend.tech’s daily activities related to key minting have seen a decline, with minimal minting on most days. In an X thread on Jan. 7, Wan revealed that the decentralized social network transferred nearly half of its earned fees, totaling 7,800 ETH (equivalent to $16.6 million), to a centralized cryptocurrency exchange, Coinbase. 1/ @friendtech treasury (All Earned Fees) finally moved from an EOA Address to a Multi-Sig one in Dec. In the meantime, they also sent half of their earned fees, which is 7,800 ETH ($16.6M), to Coinbase pic.twitter.com/UoISqyUGGV — Tom Wan (@tomwanhh) January 7, 2024 The latest move comes as Friend.tech experiences a substantial decline in assets locked in the project. At its peak, the total value of assets locked in Friend.tech’s smart contract reached 30,000 ETH (around $50 million) but has since dropped by 50% to its current standing of 15,000 ETH (around $33 million). You mi...