FriendTech Surpasses $20 Million Milestone in Record Time

In a remarkable feat of financial prowess, the development team behind the social protocol FriendTech has achieved a staggering revenue milestone. Since its launch in August, the platform has emerged as a powerhouse in the crypto world, setting records along the way.

Unveiling FriendTech: A Revolution in Social Interaction

Launched just a few months ago, they provide a unique space for users to connect their Twitter accounts, opening the door to an innovative marketplace. This marketplace enables the purchase and sale of influencer profile tokens, aptly named “keys,” using Ethereum (ETH) on the Base network—a Coinbase-backed Layer 2 solution. These keys grant users exclusive communication privileges with their chosen influencers.

FriendTech: Leading the Charge in Revenue

FriendTech’s meteoric rise doesn’t stop there. Recent data from DeFiLlama reveals that the project holds the title of the largest revenue-generating app on Base. Additionally, it claims the second-largest spot in the entire crypto landscape. If the current trajectory continues, FriendTech is poised to achieve an annualized revenue of a staggering $180 million.

Revenue Beyond Expectations

With an impressive track record, they have managed to generate almost $40 million in overall fees from its users. This revenue stream is a result of a 10% tax on the trading volume of social tokens. Half of this sum goes to the project’s team as revenue, while the other half is distributed among users whose keys are traded.

Staying Ahead in the SocialFi Niche

Despite the emergence of several FriendTech clone apps, the project maintains its position as the top player in the SocialFi niche. Daily volume statistics prove its dominance. However, recent data from The Block indicates a decline in the number of unique users since late September.

Founder’s Success Story

Beyond the platform’s astonishing $20 million in revenue, the pseudonymous FriendTech founder known as ‘0xRacer’ has seen individual success. On-chain data aggregated on Dune reports that ‘0xRacer’ has amassed more than $440,000 from the platform independently.

FriendTech’s Security Challenges

While FriendTech’s financial success has been undeniable, it hasn’t been without its challenges. The platform recently faced security issues, prompting swift action. After a series of SIM swap attacks on users, the project took action. They introduced an option for users to switch from phone numbers to emails. This change aimed to enhance security.

Unfortunately, the security measures were not implemented in time to prevent two SIM swap incidents on October 3, resulting in an alleged loss of 42 ETH (equivalent to $70,000). More recently, four FriendTech users fell victim to similar attacks, with attackers gaining approximately $385,000.

FriendTech’s remarkable journey continues, demonstrating both the potential for innovation in the crypto space and the importance of robust security measures in this rapidly evolving landscape.