This is evident from data from analysis company Dune Analytics, the decentralized social network Friend. tech reached a major milestone by surpassing $50 million in total locked-in value (TVL) on October 1.
Turning point in Friend Tech TVL
After reaching the specified TVL level in the cryptocurrency unit, the platform’s token saw a drop of $2 million, but rapid growth since the token’s launch has continued an increase in Friend. the use of technology. At the time of writing, the protocol’s TVL was $48.21 million. According to data from Dune Analytics, Friend. tech has a cumulative user count of 315,858 and has completed at least one transaction on the decentralized social network since its launch on August 10.
Cumulative costs obtained from user activity on Friend. tech has cost more than $35 million since its founding. With increased issuance and redemption activity last month, Friend. tech earns an average daily compensation of $1.1 million as of September 8. Additionally, as of September 14, fees generated have reached an all-time high of $2 million. Friend. tech takes half of these fees as revenue and has generated 11,000 ETH in protocol revenue since launch.
However, according to data from Dune Analytics, so far the proceeds have been sent to an external account (EOA) and no expenditure has been recorded from this account. While friend. technology has seen increasing adoption since its launch in August, but has not yet attracted new users.
Altcoin Report from Analytics Company
Data obtained from Dune Analytics showed that the daily number of new users, who visited the protocol and completed at least one transaction, has decreased since September 19. Additionally, the decentralized social network gained 5,619 new users as of October 3. The number of new users reached 17,000 on September 19, representing a 67% drop in new demand over the past three weeks.
With the decline in the number of new users on the platform, new issuance also slowed down. This percentage has fallen by 63% since September 13. Furthermore, daily transaction volume within the protocol also fell on the same day and has since fallen by 10%. Likewise, the daily transactions count on Friend. technology has also fallen 48% since September 18.