Friend.tech's Popularity Skyrockets As Platform Rakes In Millions In Fees

A repository on GitHub set up by Yearn Finance's developer @Bantg reportedly revealed crypto wallet addresses linked to Friend.tech users.

Friend.tech, a social platform within the Base network, allows users to purchase or sell "shares" of their connections from X, previously known as Twitter. These shares provide holders with certain rights, including sending private messages to the share issuers.

Although the list has since been removed, it displayed more than 100,000 addresses and their associated X accounts.

This surge aligned with the platform's impressive revenue since its introduction on Aug. 10, amassing more than $25 million in fees, according to DefiLlama.

Supporting these numbers, a Dune Analytics dashboard indicated the platform had more than 80,000 unique users, with an addition of 15,000 users just since the previous Sunday.

The revelation of the GitHub repository has raised eyebrows about the potential exposure of blockchain transactions tied to these wallets.

However, some tech experts argue that the public disclosure of wallet addresses isn't a pressing concern.

As @AlexSmirnov pointed out, "For most tech-savvy users it was obvious that Twitter [X] and deposit addresses can be linked."

He added, "I think friend.tech should have made it more explicit and notified users that their deposit address will become public and will be traced by Twitter [X] profile."

Yet, @Bantg, the developer behind the GitHub repository, hinted in a recent tweet that users had authorized Friend.tech to post on X for them, which might introduce potential security risks.

In the meantime, Friend.tech's popularity is skyrocketing.

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In just the last day, the platform has accumulated over $1.04 million in fees, which are set at 5% per transaction. After accounting for gas fees and other expenses, this translates to roughly $709,000 in Ethereum as revenue, as per data from DefiLlama.

Numerous well-known figures not typically associated with crypto on X have become part of Friend.tech.

Richard “FaZe Banks” Bengtson II, who co-founded the prominent esports group FaZe Clan, signed up for the platform on Sunday evening, and his share values rapidly rose to be among the highest.

After NBA player Grayson Allen joined, his shares too experienced a significant boost.

These shares provide holders with certain benefits, including the option to send private messages to those they've bought shares in.

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