The total value locked (TVL) on the decentralized social finance (SocialFi) application Friend.tech fell 19% in a few days as user adoption slows down.
Friend.tech, which launched in August, is built on Base, an Ethereum (ETH) scaling solution supported by the Coinbase crypto exchange.
The application allows users to tokenize themselves by selling shares or “keys” to their followers.
According to blockchain data platform Dune Analytics, Friend.tech’s total value locked slumped from $42.26 million on November 17th to $34.03 million on November 20th – a drop of around 19.5%.
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
The decentralized social network’s total value locked hit an all-time high