Friend.tech crosses $50 mln in TVL – Here’s why the move matters

by ChainChirp
0 comment


  • Good friend.tech’s TVL lately rallied above $50 million.
  • The final month has seen a decline in new demand for the protocol. 

Decentralized social community Good friend.tech reached a serious milestone on 1 October, crossing $50 million in complete worth locked (TVL), information from Dune Analytics confirmed. 

Whereas TVL has since dropped by $2 million, the fast progress within the platform’s asset base because it launched confirmed that Good friend.tech continues to see elevated utilization. At press time, the protocol’s TVL was $48.21 million.

Supply: Dune Analytics

State of Good friend.tech

In response to information from Dune Analytics, Good friend.tech has a cumulative consumer rely of 315,858 which have at the least accomplished one commerce on the decentralized social community because it went reside on Base on 10 August. 

Every time a creator’s secret is minted or redeemed on the protocol, a ten% charge is levied. Since genesis, the cumulative charges generated from consumer exercise on Good friend.tech have exceeded $35 million. 

With elevated minting and redeeming actions within the final month, Good friend.tech has generated a mean every day charge of $1.1 million since 8 September. Actually, by 14 September, charges generated climbed to an all-time excessive of $2 million. 

Supply: Dune Analytics

Good friend.tech takes half of those charges as income, producing 11,000 ETH ($18 million) in protocol income because it was launched.

Curiously, the income has to this point been despatched to an externally owned account (EOA), from which no spending has since been recorded, information from Dune Analytics confirmed. 

Supply: Dune Analytics

New demand craters?

Whereas Good friend.tech has loved elevated adoption because it went reside in August, it has but to draw new customers within the final month.

See also  PEPE, DOGE, SHIB See Fierce Competition From New FETH Token

Information sourced from Dune Analytics confirmed that the every day rely of recent customers who visited the protocol and accomplished at the least one commerce has plummeted since 19 September.

For context, as of three October, the decentralized social community gained 5,619 new customers. On 19 September, it noticed a brand new consumer rely of 17,000, representing a 67% decline in new demand up to now three weeks. 

With a fall in new customers on the platform, the minting of recent keys has slowed as properly. This has decreased by 63% since 13 September. 

Furthermore, every day buying and selling quantity throughout the protocol launched into a descent on the identical day and has since dropped by 10%. Likewise, the every day variety of merchants on Good friend.tech has fallen by 48% since 18 September.

Supply: Dune Analytics

Whereas every day consumer exercise on Good friend.tech has trended downward since mid-September, there has but to be a notable improve within the every day redemption of keys.

This implies that, regardless of customers minting fewer keys up to now three weeks, they’re holding onto their current keys, anticipating better earnings sooner or later.

Supply: Dune Analytics

Source link

You may also like

Leave a Comment