This once popular project is now in decline: Is Coinbase, the main second-layer catalyst, going bankrupt?

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AUO Technology It is the main catalyst for the explosion of Coinbase’s second-tier network Base. However, the decentralized social network has experienced a significant decline since September, with multiple indicators hovering near all-time lows.

Friend.tech had 682 new users as of Nov. 2, compared with a peak of more than 70,037 on Oct. 15, according to the latest data compiled by Dune Analytics.

  • Friend.tech launched a beta version on Base on August 11, and it made a splash. After just one week, its performance surpassed DEX giant Uniswap and the Bitcoin network.
  • But activity on the platform has waned. Currently, trading volume has dropped to $505,490 from $20.4 million about three weeks ago.
  • Dune analysis data programme As of this writing, there are fewer than 4,000 traders on the platform, up from a whopping 73,790 traders two weeks ago.
  • On November 2, fees incurred by Friend-tech dropped to $50,000, well below their peak of $2 million.
  • At the same time, the Base network’s Gas usage has dropped to 6.5%.
  • Friend.tech’s TVL has also dropped by about 25% over the past month, from $51.68 million to $40.47 million.
  • Friend.tech was once hailed as a pioneer in the SocialFi space, but it faces stiff competition as newer alternatives emerge.
  • In November last year, several well-known users, including NFT influencer Pranksy and user Vombatus, who once owned the most valuable “key” to the platform, chose to sell their assets on Friend.tech and switch to NBC.

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