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FriendTech has generated revenue of about 20 million dollars in just a few months since its launch.
The team of FriendTech launched it in August. The app is a platform that allows users to connect their Twitter accounts and facilitates the buying or selling of impressive profile tokens with ETH on Layer 2 network Base backed by Coinbase.
FriendTech Has Become the Best SocialFi app on the market.
According to DeFiLlama data, the project is the highest revenue generating app on Base and the best SocialFi app on the market with a volume of 45 Million Dollars and projects annual revenue of 180 million dollars at this pace.
So far, the platform has generated a revenue of 40 million dollars from its users. The developers generate this revenue by taxing approximately 10% of the transaction volume of social tokens. Half of this total fee is distributed as revenue to the project team, while the other half is distributed to users who have swapped their shares.
So far, there have been many apps similar to FriendTech causing a decrease in its volume. The hacking of Stars Arena (SocialFi app) that becomes popular previous days did not affect the marketplace badly. Thus, FriendTech still retains its leadership on the top of the list.
Besides, FriendTech’s founder ‘0xRacer’ generated a revenue of $20 million along with more than $440,000 of revenue apart from the platform.
Related: Can Friend.Tech Project Be Fake?
Security Issue for Users
The platform recently encountered difficulties in terms of user security and carried out improvements on this issue. After numerous SIM swapping attacks aimed at users, the project offered users to switch from phone numbers to e-mails.
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