Friend.tech Transfers 7800 ETH to Coinbase, Experiences 50% Decrease in TVL from Historical Peak

21.co analyst Tom Wan posted on X platform, indicating that the entire friend.tech treasury (all earning fees) was eventually transferred from an Externally Owned Account (EOA) address to a Multi-Sig address in December. Simultaneously, half of the fee revenue, totaling 7,800 ETH (approximately $16.6 million), was sent to Coinbase.

Currently, the Total Value Locked (TVL) in friend.tech stands at around 15,000 ETH (approximately $33 million), marking a 50% decline from its historical peak of 30,000 ETH (approximately $50 million). Daily minting activity has significantly decreased, with redemption activities surpassing minting activities in most instances.

On the Base chain, only 1.2% of active users are still using friend.tech, contributing only 1% of the daily fee revenue. During its peak, 54% of active addresses on Base used the protocol, contributing to 18% of the total fees.