Friend.tech had a buzzy beta version launch on Coinbase’s layer-2 Base on Aug. 11. A week later, its fees surpassed $1 million in 24 hours on Aug. 19, outshining Uniswap. However, its fees have since cratered. Daily fees peaked at $1.7 million on Aug. 21, but dropped over 87% to around $215,000 on Aug. 26, according to DefiLlama.
Transactions on Friend.tech also declined over 90% from the nearly 525,000 peak on Aug. 21, with just over 51,000 transactions on Aug. 27, Dune Analytics data.
Alongside the fee decline, buyers and sellers have also tanked, with Aug. 27 seeing around 10,000 buyers and 7,800 sellers, compared to the Aug. 21 peak of over 58,000 buyers and 27,000 sellers, per Dune data.
Friend.tech buyers (green) and sellers (orange) have both steadily declined since the peak on Aug. 21. Source: Dune
Dune shows inflows have also taken a dive from the Aug. 21 high of $16.8 million with Friend.tech seeing around $1.6 million on Aug. 27 — a nearly 90.5% decrease.
Protocol inflows peaked on Aug. 21 but have since trended down. Source: Dune