Based on Tom Wan, an on-chain analyst at 21.co, Good friend.tech’s every day actions associated 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 community transferred practically half of its earned charges, totaling 7,800 ETH (equal to $16.6 million), to a centralized cryptocurrency change, Coinbase.
The newest transfer comes as Good friend.tech experiences a considerable decline in property locked within the challenge. At its peak, the whole worth of property locked in Good friend.tech’s good contract reached 30,000 ETH (round $50 million) however has since dropped by 50% to its present standing of 15,000 ETH (round $33 million).
Wan identified that the customers’ exodus additionally coincides with every day actions associated to key minting witnessing a decline, with minimal minting and the next frequency of redemptions on most days.
As of press time, barely a couple of % of lively customers on Coinbase’s Base blockchain are utilizing Good friend.tech, representing a notable distinction to the height interval when practically 55% of lively addresses on Base have been utilizing the challenge, contributing to 18% of the whole charges generated throughout that point. Based on data from DefiLlama, the whole charges generated on Good friend.tech has been falling since September 2023, reaching new lows at 10 ETH per day on common.
Launched in August 2023, Good friend.tech is a Base-based social community software, the place customers can monetize their content material or experience. In its essence, the startup is a marketplace for friends, a decentralized platform the place customers tokenize their social connections, granting privileges comparable to non-public messaging and interplay rights.