FriendTech Devs Rake in almost $20 Million Since August Launch

It has been just revealed the fact that FriendTech developers have raked in about $20 million. The exciting thing is that this has happened since the August launch. Check out the latest reports about this below.

In just a few months since its launch, the social protocol FriendTech’s development team has generated almost $20 million in revenue.

FriendTech is a platform that lets users link their Twitter accounts and facilitates the sale or purchase of influencer profile tokens, also called “keys,” with ETH on the Coinbase-backed Layer 2 network, Base.

These keys offer users the privilege of communicating directly with the influencers. DeFiLlama data shows that the project is the largest revenue-generating app on Base and the second-largest in all of crypto.

At the current pace, it is expected to generate an annualized revenue of $180 million.

The users of the platform have contributed nearly $40 million in fees thus far. These fees are generated through a 10% tax on social token trading volume.

Half of these fees go to the project team as revenue, while the other half is distributed to users who trade keys.

Although there have been several FriendTech clone apps, this project is still the top SocialFi project in terms of daily volume.

However, the number of unique users has decreased significantly since late September, as reported by The Block.

In addition to the $20 million in revenue, the founder of FriendTech, ‘0xRacer’, has separately earned over $440,000 from the platform, according to data aggregated on Dune.

We suggest that you check out the original data from the online publication The Block in order to learn more details about this.

Stay tuned for more news and make sure to check out the latest reports about the figures and price predicitons as well. There are all kinds of juicy plans for the future in the crypto space.