Friend.tech attracts an impressive 100K users within days
A platform called Friend.tech has gained popularity since its launch on August 10th. Users can purchase “shares” of other users with an account on X, formerly known as Twitter, and receive certain benefits. Yearn Finance developer @Bantg said more than 100,000 addresses have signed up for this service.
A recently withdrawn database briefly listed crypto wallet addresses and the linked accounts. This user growth is in line with the platform’s massive earnings, which have generated over $25 million in fees since its launch on August 10th, according to DefiLlama. A Dune Analytics dashboard supports this finding, with at least 80,000 unique users and an additional 15,000 added since Sunday.
Several well-known personalities not typically cryptocurrency-associated have recently joined Friend.tech. Over the weekend, Richard “FaZe Banks” Bengtson II, co-founder of the popular esports community FaZe Clan, became a platform member and saw his share prices soar. Similarly, NBA player Grayson Allen’s shares experienced a surge in value after he joined. Owning these shares grants holders certain privileges, like sending private messages to the sellers.
According to some developers, the public exposure of wallet addresses on the GitHub repository is a minor cause for concern, even though it has raised some worries about the visibility of blockchain transactions associated with the wallets.
According to @AlexSmirnov, most tech-savvy users knew that Twitter and deposit addresses could be connected. However, they believe that friend.tech should have been clearer about this and notified users that their deposit address would be made public and could be traced back to their Twitter profile.
In a tweet on Monday, the developer of Yearn Finance, @Bantg, expressed concern that users may have permitted Friend.tech to post on their behalf on X, potentially creating a vulnerability for attacks.
In recent times, Friend.tech has become massively popular. The platform has earned more than $1.04 million in fees, equivalent to 5% of each transaction’s total value in the last 24 hours. According to DefiLlama, the platform has earned $709,000 worth of ether in revenue after paying gas fees and other expenses.