🫂Friend Tech Faces Challenges From Copycats and Hackers

GM Defiers!

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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