The friend.tech development team has amassed nearly $20 million in revenue since its launch in August.
In accordance with data from DeFiLlamafriend.tech currently holds the position of the largest revenue generating application on Base and the second largest in the entire crypto space.
At the current rate, the platform is expected to generate $180 million in annual revenue.
The platform has generated approximately $40 million in user fees to date.
These fees are derived from taxing around 10% of the trading volume of social tokens.
Half of the total fee collected goes as revenue for the project team, while the other half is distributed among the users whose keys are exchanged.
Friend.tech serves as a platform that allows 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 grant users privileged communication access to influencers, creating a unique social interaction experience.
Despite the emergence of several friend.tech clone apps, the project continues to dominate the SocialFi niche in terms of daily volume.
However, there has been a decline in the number of unique users since the end of September.
In addition to the impressive revenue generated, friend.tech’s pseudonymous founder, known as “0xRacer,” has individually earned more than $440,000 from the platform, according to chain data aggregated to Dune.
Hackers continue to target Friend.tech users
Earlier this week, a hacker stole approximately $385,000 worth of digital assets in 24 hours by conducting SIM swap attacks on friend.tech users.
As reported, Blockchain Detective ZachXBT revealed that the scammer had stolen 234 ETH over the past 24 hours by swapping SIMs with four different friend.tech users.
In accordance with Marketing of multiplesa company dedicated to developing tools for the industry, $20 million of friend.tech’s total locked-in value of $50 million is at risk.
“If you assume 1/3 of FriendTech’s accounts are connected to phone numbers, that’s a $20 million risk for sim exchanges,” the company wrote in a recent post on X.
Manifold Trading also noted that friend.tech’s current setup “technically allows a rogue developer to reconstruct private keys using Shamir-Secret-Sharing actions that they can retrieve from user data in their database,” concluding that all TVL is at risk.
To mitigate this risk, Manifold Trading recommends that friend.tech improve its account security protocols by implementing two-factor authentication (2FA).