🫂Friend Tech Faces Challenges From Copycats and Hackers
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The recently surging social trading application, Friend Tech, is confronting stiff challenges in the form of hackers and copycats.
Researchers estimate that up to 40% of Friend Tech's total value locked could at risk of falling into the hand identity fraudsters — predominantly SIM-swappers — igniting calls for revamped security on the platform.
Yet transaction volumes on Avalanche doubled since the launch of Stars Arena, an Avalanche-based competitor to Friend Tech, two days ago.
Plus, Lido's rising dominance over staked Ethereum is making headlines again, with Glassnode estimating usres have converted 7% of Ether's supply into its liquid staking token, stETH.
✍️ In today’s newsletter:
- SIM Swaps loom large over Friend Tech ecosystem
- Avalanche activity doubles as social trading arrives
- DeFi integrations accelerate Lido's staking dominance
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