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

2025-09-05 10:38:18 Classification：Virtual Currency read(27924)

21.co analyst Tom Wan posted on Officials ordered to resolutely crack down on virtual currency mining to achieve zeroX 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.

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