According to Blockworks, Friend.tech, a SocialFi app, experienced its largest daily outflow on October 23, with $5.81 million leaving the platform. This was followed by the second-largest daily outflow on October 25, with another $3.21 million exiting. The downturn may have been accelerated when the platform's most valuable creator, a profile known as 'Vombatus,' sold 176 of their own keys, worth around $1.5 million. Vombatus' key price fell from around 8.3 ETH to 1.671 ether (ETH) after the sale.
Vombatus has since set up a profile on New Bitcoin City, a Friend.tech spinoff priced in bitcoin (BTC). New Bitcoin City has been offering boosted airdrops to users migrating from Friend.tech and has seen more than $3 million in net inflows in the past two weeks, according to DeFiLlama. As the assets undergirding the projects pump, SocialFi apps are having a mixed week. Friend.tech, Stars Arena, and Friend3 were trending downward, per DappRadar, while New Bitcoin City and Post.Tech saw growth.
Friend.tech's total value locked (TVL) stood just shy of $40 million on Wednesday. The app still accounts for some 86.8% of the dollar volume among top SocialFi projects after Avalanche-based Stars Arena suffered an exploit, according to a Dune Analytics dashboard.