Coin

<ul class="news-points">
 <li>Fractionalized NFT platform Friend.tech experienced a 7.8% single-day TVL drop.</li>
 <li>Friend.tech user Hanwei Chang liquidated 43 fractional tokens, making a profit of around $232,000.</li>
 <li>Chang’s selling pressure caused token prices to crash, enabling him to repurchase 15 tokens at a lower price.</li>
</ul>
The 7.8% single-day TVL drop of fractionalized NFT platform Friend.tech appears driven partially by concerns about maneuvers from user Hanwei Chang, according to analyst Tom Wan.
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 The TVL of <a href="https://twitter.com/friendtech?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@friendtech</a> dropped 7.8% in a single day What happened? The new features in our <a href="https://twitter.com/DuneAnalytics?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@DuneAnalytics</a> dashboard will show you what causes the drop (0/6) <a href="https://t.co/JizJZtsSPs" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/JizJZtsSPs</a>— Tom Wan (@tomwanhh) <a href="https://twitter.com/tomwanhh/status/1709838116805345776?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 5, 2023</a>
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Wan utilized Dune Analytics, a blockchain data tool, to find out Chang was liquidating 43 of his own fractional tokens for around $232,000 in profits. This selling pressure crashed prices, allowing Chang to rebuy 15 tokens at a lower price.
October 4 represented the largest daily withdrawal volume since launch, totaling $3.5 million. Platform reserves remain around $17 million. Wan shared that recently, Friend.tech upgraded its login options in an effort to counter potential SI…
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/friend-tech-tvl-drops-7-8-in-one-day-alongside-mass-withdrawals/">Friend.Tech TVL Drops 7.8% in One Day Alongside Mass Withdrawals</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

Friend.Tech TVL Drops 7.8% in One Day Alongside Mass Withdrawals

Coin Edition

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