Tom Wan: Friend.tech has already transferred half of the fees, amounting to 7800 ETH, to CEX

According to Tom Wan, an on-chain analyst at 21.co, the parent company of 21Share, revealed on social media that Friend.tech Treasury had transferred its earned fees from EOA address to multi-signature address in December last year. At the same time, it also sent about half of the fee income, approximately 7800 ETH (about $16 million), to Coinbase. Currently, Friend.tech's total lock-up volume is only about 15,000 ETH (approximately $33 million), which has dropped by 50% compared to the historical high point of 30,000 ETH (approximately $50 million). The daily minting activity has also drastically reduced and in most cases redemption times exceed minting times. Only 1.2% of active users on Base chain are still using Friend.tech but contribute only 1% of daily fee income while these two ratio figures were respectively at their peak:54% and18%.