Friend.Tech User Drops Keys Worth $1.5M on Ethereum to Switch to Bitcoin-Based Alternative

In the ever-changing world of SocialFi, where the battle for supremacy is never-ending, a friend.tech user made waves on Monday by dumping 850 Ether (ETH) worth of keys.

This move turns into a rival platform for a social app based on the Bitcoin blockchain.

NBC grows as a friend. Tech looks at the flow of costs

This development comes at a critical juncture for Friend.Tech, which while initially leading the way in the social media space, is now facing stiff competition as new opportunities emerge, with apps like the new Bitcoin City quickly gaining ground.

In the past two days, several prominent users, including NFT influencer Pranksy and user Wombatus, once the platform's most valuable key holder, decided to dump their assets on Friend.Tech and move to NBC.

Shame shill… @NewBitcoinCity I love the best of all the SocFi apps right now and the vibes are fun. I think we'll see where New Meta and NBC are the leaders in the SocFi space.

— Vombatus (@Vombatus_eth) October 19, 2023

According to wallet data, Wombatus, who goes by the same name on both platforms, pocketed nearly $1.5 million after selling 176 keys. Notably, Wombatus still owns 150 keys.

The mass migration to NBC has brought drastic changes in the landscape. NBC experienced a flood of nearly $1 million in the previous day, with total value locked (TVL) exceeding $3 million, according to DeFillama — meanwhile, Friend.Tech has seen a total of around $2 million withdrawn over the past two days.

Friend.Tech poses growing threats as new opportunities arise.

Friend.Tech, known for allowing users to access closed group chats with a key, has seen rapid growth since launching in August. Within three weeks, it generated millions in revenue from more than 100,000 users, prompting imitations on other networks as new opportunities arose. As such, Friend.Tech's initial wave of growth has stalled. Platforms like NBC are seen as formidable competitors.

New Bitcoin City, a Bitcoin-based gaming and trading platform, launched in early August. It hosts a variety of casual, board and strategy games available on web and mobile platforms. The platform also features a marketplace and auction house for Fungible Tokens (NFTs).

The developer of New Bitcoin City known as @punk3700 has expressed his desire to expand the use of Bitcoin beyond currency and venture into Art, AI and DeFi.

While Bitcoin has limited use in decentralized finance (DeFi) applications, primarily through tokenized versions on other chains such as Ethereum or Solana, the latest “Bitcoin Commentary” (BRC-20) standards have enabled developers to issue tokens and build DeFi applications. Bitcoin. This has resulted in Bitcoin-based digital artworks and meme coins in recent months.