Friend.tech, a decentralized social application that has become popular in the Chinese-speaking community recently, welcomed the launch of Big Brother Maji yesterday, triggering a frantic rush in the entire community. His Key broke through 4 ETH in less than 10 seconds and achieved an astonishing increase. As the Friend.tech craze continues to spread, investors need to beware of the risks of short-term pursuit of higher prices.
According to data shared by researcher Tom Wan, after Friend.tech received seed round investment from Paradigm, a well-known venture capital firm in Web3, its lock-in volume (TVL) can be said to have grown exponentially. However, on October 4, the platform ushered in The net outflow of 2,100 ETH was also the largest daily withdrawal amount since launch, and the single-day TVL fell by 7.8%. Tom Wan further analyzed the reasons for the decline in TVL. It mainly comes from the fact that Hanwei Chang, a large investor, has sold 43 of his own keys, making a total profit of 140 ETH (about 232,000 US dollars). This has also caused the price of his own keys to plummet, from each 3.89 ETH dropped to 2.64 ETH. However, Tom Wan also emphasized that the idle funds on the platform still remain at around 10,510 ETH (approximately US$17 million), which means that large investors have only taken profits, but have not yet withdrawn funds from the Friend.tech platform. They may enter the market again at any time, and the market is active again. The odds are still very high. On the other hand, the popularity of Friend.tech has also led to the emergence of many similar projects on various chains, the most eye-catching of which is the social platform Stars Arena launched on the Avalanche EVM C-Chain chain.
Unlike Friend.tech, which requires an invitation code, Stars Arena only needs to bind a Twitter account to Stars Arena to trade personal tokens (Tickets) on the platform.
As of the time of writing, Stars Arena’s TVL is approximately US$1.45 million, second only to Friend.tech among social platforms. At present, Avalanche official and Avalanche founder Emin Gün Sirer are participating, and other big players in Friend.tech have also entered #BTC
According to data shared by researcher Tom Wan, after Friend.tech received seed round investment from Paradigm, a well-known venture capital firm in Web3, its lock-in volume (TVL) can be said to have grown exponentially. However, on October 4, the platform ushered in The net outflow of 2,100 ETH was also the largest daily withdrawal amount since launch, and the single-day TVL fell by 7.8%. Tom Wan further analyzed the reasons for the decline in TVL. It mainly comes from the fact that Hanwei Chang, a large investor, has sold 43 of his own keys, making a total profit of 140 ETH (about 232,000 US dollars). This has also caused the price of his own keys to plummet, from each 3.89 ETH dropped to 2.64 ETH. However, Tom Wan also emphasized that the idle funds on the platform still remain at around 10,510 ETH (approximately US$17 million), which means that large investors have only taken profits, but have not yet withdrawn funds from the Friend.tech platform. They may enter the market again at any time, and the market is active again. The odds are still very high. On the other hand, the popularity of Friend.tech has also led to the emergence of many similar projects on various chains, the most eye-catching of which is the social platform Stars Arena launched on the Avalanche EVM C-Chain chain.
Unlike Friend.tech, which requires an invitation code, Stars Arena only needs to bind a Twitter account to Stars Arena to trade personal tokens (Tickets) on the platform.
As of the time of writing, Stars Arena’s TVL is approximately US$1.45 million, second only to Friend.tech among social platforms. At present, Avalanche official and Avalanche founder Emin Gün Sirer are participating, and other big players in Friend.tech have also entered #BTC