Friend.tech developers have raised nearly $20 million since early August.
The development team behind friend.tech has raised nearly $20 million in revenue since launching in August.
According to data from DeFillama, Friend.tech is currently the largest revenue-generating app on Base and the second largest in the entire crypto space.
The platform is projected to generate $180 million in annual revenue at its current rate.
The platform has generated nearly $40 million in user fees to date.
These fees are generated by taxing around 10% of the trading volume of Social Tokens.
Half of the total fee collected is allocated to the project team as revenue and the other half is distributed to users who trade their keys.
Friend.tech serves as a platform for users to link their Twitter accounts and facilitates the buying and selling of influencer profile tokens known as “keys” using ETH on the Coinbase-backed Layer 2 network, Base.
These keys give influencers unique access to connections to consumers, creating a unique social interaction experience.
While several friend.tech clone apps are popping up, the project continues to dominate SocialFi in terms of daily volume.
However, since the end of September, the number of special users has decreased.
In addition to the impressive earnings, the founder of friend.tech, also known as ‘0xRacer', has personally earned over $440,000 as reported by chain data on Dune.
Hackers continue to target Friend.tech users.
Earlier this week, a hacker carried out SIM-swapping attacks on friends.tech users and stole an estimated $385,000 worth of digital assets within 24 hours.
As reported by blockchain sleuth ZachXBT, the scammer has claimed 234 ETH by switching the SIMs of four different friend.tech users in the last 24 hours.
According to Maniford Trading, a company dedicated to manufacturing equipment for the industry, $20 million of the $50 million locked in from friend.tech is at risk.
“If you consider that 1/3 of FriendTech accounts are linked to phone numbers, that's $20M at risk from SIM swaps,” the company wrote in a recent article on X .
Manifold Trading says that friend.tech's current setup “technically allows a rogue dev to reconstruct private keys via shamer-secret-sharing that they can recover from user data in their database,” putting the entire TVL at risk.
To mitigate this risk, Manifold Trading recommends that friend.tech enhance account security protocols by implementing two-factor authentication (2FA).
