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Resilient Growth: Friend.tech Attracts 100K Users Amidst Bearish Market Conditions

Aug 22, 2023 at 04:26 am

The significant surge in user numbers is closely tied to the substantial revenue that has exceeded $25 million since the platform's launch on August 10th.

Friend.tech, a novel social platform that introduces an inventive concept of "shares" representing individuals on the X platform (formerly known as Twitter) and granting distinctive privileges to buyers, has experienced a remarkable upswing. It has attracted more than 100,000 user addresses since its introduction on August 10th. This data, meticulously assembled by Yearn Finance developer @Bantg and initially made public on GitHub before its withdrawal, reportedly organized crypto wallet addresses alongside their corresponding X platform accounts. This rapid expansion closely corresponds with the considerable earnings the platform has amassed since its inception, accumulating over $25 million in fees, as indicated by DefiLlama's report. Supported by reinforcing metrics from a Dune Analytics dashboard, the estimated count of distinct users has exceeded 80,000, with an additional 15,000 users joining since the past Sunday.

Even individuals from realms outside the cryptocurrency sphere have embraced Friend.tech on the X platform. Richard “FaZe Banks” Bengtson II, co-founder of the influential esports community FaZe Clan, has become a participant in the platform. This resulted in a surge in the valuation of the shares linked to his account. Similar trends emerged when NBA player Grayson Allen joined, leading to a noteworthy appreciation in the value of his associated shares. These unique "shares" confer exclusive privileges to their holders, including the ability to send private messages to the individuals they represent.

While the public release of the GitHub repository has sparked concerns about the transparency of blockchain transactions linked to these wallets, some developers argue that the public disclosure of wallet addresses isn't a significant issue and shouldn't immediately trigger alarm.

"For most tech-savvy users, it was evident that Twitter and deposit addresses could be correlated," emphasized @AlexSmirnov. "I believe Friend.tech should have explicitly communicated that deposit addresses would become public and traceable back to the Twitter profile."

@Bantg, the Yearn Finance developer, suggested in a tweet on Monday that users might have granted Friend.tech permission to post content on their behalf on the X platform—a situation that could potentially create a vulnerability.

Concurrently, the popularity of Friend.tech is soaring. The platform has accrued over $1.04 million in fees within the last 24 hours, calculated as 5% of the transaction value for each trade. This significant activity has contributed to the platform's revenue, resulting in approximately $709,000 worth of ether after factoring in gas fees and other associated costs, as reported by DefiLlama's data.

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