It cannot be denied that the #Socialfi trend has been blooming recently, notably Friend Tech and a series of followers such as #PostTech, #Friend3, and most recently #StarArena.

And it's even more surprising when Friend Tech has earned nearly 20 million USD since its launch, an extremely impressive number.

Released in August 2023, friend. tech quickly attracted users with the idea of ​​selling tokens (called keys) linked to users' Twitter accounts with ETH on layer-2 Base of Coinbase. Keys also give owners unique privileges with influencers (KOLs).

Statistics on friend's TVL, revenue earned and number of new users. tech since its launch

Despite being a “newbie,” the project is currently the leading application in terms of revenue generated on Base and ranked second in the entire cryptocurrency industry, according to DeFiLlama data. At the current rate, the estimated annual revenue of friend. tech is 180 million USD.

To date, this social network has generated nearly 40 million USD in fee revenue from users. Half of the total fees are allocated to the project team as revenue, the other half is sent to the users whose keys are traded.

Under the pressure of applications positioning themselves as competitors on other chains (such as Stars Arena on Avalanche or PostTech on Arbitrum), friend. tech still holds the upper hand in terms of daily volume in the overall SocialFi segment. However, the number of new users has decreased significantly since the end of September, as Coin68 once compiled.

In contrast to your achievements, friend. tech has recently encountered many challenges surrounding security issues. On October 3, there were two SIM swap attacks targeting friends. tech. Accordingly, the hacker swapped the SIM, gained access and stole 22 ETH (equivalent to 35,000 USD).