TechFlow reports, 21.co analyst Tom Wan tweeted that friend.tech's treasury (all earned fees) was moved from a single address to a multi-sig address in December, with half of the accumulated fees (7,800 ETH, worth $16.6 million) transferred to Coinbase.
Friend.tech's total value locked (TVL) has dropped by 50%, falling from a peak of 30,000 ETH (worth $50 million) to the current 15,000 ETH (worth $33 million).
Currently, active users on BASE blockchain using friend.tech account for only 1.2% of the network, generating just 1% of daily fees. At its peak, it had 54% of active addresses and contributed 18% of total fees.
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