Introduction

Friend.tech, a novel application constructed atop Coinbase's layer-2 blockchain, Base, facilitates users in tokenizing their affection by vending "shares" of themselves to their supporters. Subsequently, purchasers of these shares can communicate directly with the users. According to data from Dune Analytics, Friend.tech has processed 6.9 million transactions, totaling 7,777.248 ETH, equivalent to approximately 12,800,320 USD.

Within the past day alone, Friend.tech has amassed $236 million in fees and $118 million in revenue, as per DefiLama. The application imposes a 10% fee per transaction, with 5% allocated to Friend.tech and the remaining 5% to the account holder.

How Friend.tech Functions

Those acquiring shares gain exclusive entry to an influencer's restricted chat room, fostering personalized and confidential interaction between followers and influencers. The platform's pricing structure is dynamic, with share prices increasing alongside the number of participants. This innovative pricing approach encourages involvement and investment.

Setting Up a Friend.tech Account

Initiating a Friend.tech account is a straightforward process:

1. Download the application on your mobile device or navigate to the Home page on Windows.

2. Friend.tech operates on an invite-only basis, necessitating access codes for registration, which can be acquired via referral or through codes released by the Friend.tech team on Twitter.

3. Link your Twitter account, serving as your user ID.

4. Deposit ETH into the wallet to ensure proper functionality within the application.

Earning Potential with Friend.tech

The platform offers two primary avenues for generating income:

1. Receiving fees or selling shares from influencers with substantial followings.

2. Investing in prominent accounts, ideally during periods of lower share prices and selling when prices rise. Accounts with larger followings tend to yield higher share values, volume, and fees, potentially resulting in significant daily earnings.

Security Concerns Surrounding Friend.tech

Despite its popularity, Friend.tech's security model has faced scrutiny, with criticisms raised by DeFiLlama co-founder 0xngmi regarding potential vulnerabilities, including frontend weaknesses and data loss risks. Although these concerns have not been formally addressed, various accounts have highlighted investment risks associated with Friend.tech.

Conclusion

Friend.tech's current prominence, evidenced by its projects being featured on coinmarketcap, has garnered significant investor attention. While early investors stand to reap substantial rewards, concerns raised by competitors regarding the project's security and lack of transparency surrounding its founders could potentially impede its popularity. Nonetheless, similar to Bitcoin's founders remaining elusive yet witnessing unprecedented success, Friend.tech's trajectory remains unpredictable but intriguing.