News

Friend Tech Data Hits All-Time Lows, TVL Plummets to 22,431 ETH

Key Points:

  • Trading volume and fee capture plunge to $881k, marking significant declines.
  • Daily average new users dip to approximately 560, as Gas usage hits historical lows.
  • Total Value Locked (TVL) nosedives by 25.8% to 22,431 ETH from October’s peak.
Friend Tech data has recently encountered a downward trajectory, with its primary data hitting all-time lows.

According to recent reports, the platform’s trading volume and fee capture on November 1st plummeted to $881k, marking a significant decline from its previous levels, reminiscent of the lows observed in early September. Additionally, the number of active traders on the platform stands at 6.03k, further underscoring the notable decrease in user engagement and market activity.

In conjunction with the dwindling trading metrics, Friend Tech data’s daily average of new users over the past three days has dwindled to approximately 560, signaling a concerning trend in user acquisition and platform adoption. Moreover, the proportion of Gas usage within the Base network has dwindled to 3.8%, mirroring historical lows and emphasizing the waning utilization of the platform’s underlying infrastructure.

TVL Plummets and User Engagement Declines

Amidst these challenging developments, Friend Tech data’s Total Value Locked (TVL) has witnessed a substantial decline of approximately 25.8%, plummeting to 22,431 ETH from its peak of 30,247 ETH recorded in early October. This significant drop in TVL not only reflects the decreased confidence and participation of investors within the Friend Tech ecosystem but also raises questions about the platform’s overall market position and long-term sustainability.

Friend Tech data grapples with these unprecedented challenges, industry experts and stakeholders are closely monitoring the platform’s strategic response and mitigation efforts to address the underlying factors contributing to the current downturn. The dynamic and competitive nature of the cryptocurrency landscape underscores the importance of proactive measures and strategic adjustments to navigate market fluctuations and ensure the long-term viability and resilience of cryptocurrency platforms in an increasingly dynamic and evolving digital economy.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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