Friend.Tech Token Reaches All-Time Low as Two Other Metrics Plummet

Friend.Tech's native FRIEND token, total value locked, and protocol revenue have all fallen to or near all-time lows, after the project dropped plans to launch its own blockchain. On Friday, FRIEND slid to 17.7 cents before settling at 20 cents, down 79.2% over 30 days, with market cap at $18 million according to CoinGecko. Total value locked shrank more than 31%, from 2,650 ETH one month ago to 1,820 ETH at presstime, and weekly revenue since June 16 has been under $20,000, per DefiLlama. Nansen identifies Jeffrey "Machi Big Brother" Huang as holding 8.7 million FRIEND tokens.