FriendTech Top 25 Accounts Rake in High Earnings in 12 Days: Report

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FriendTech Top 25 Accounts Rake in High Earnings in 12 Days: Report

Days after its beta launch, top users on the Social Fi platform FriendTech are already raking in high earnings through royalties, according to a CoinGecko analysis. The report shows the earnings of the top 25 earners on the platform from August 10 to August 22, 2023.

Per the report, the top account has earned over $144k, while the 25th ranked has earned $14.9k. Also, the report reveals an average of $1.2k to $6.3k made per day by the top 25 accounts.

The report shows that most top royalties earners are crypto influencers with a high popularity on X (formerly Twitter). Thus, many influencers have successfully migrated their fan base from the platform to FriendTech.

Interestingly, the report detailed that the platform has also recorded non-crypto Twitter accounts gaining momentum rapidly. Notably, 4 of the 25 top accounts are figures not associated with or identified as crypto influencers. Surprisingly, three of these four accounts entered the top 25 in a single day.

Notable earners like Cobie, 0xRacerAlt (the founder of FriendTech), and HsakaTrades collectively account for 34.6% of the royalties earned among the top 25 accounts. While Cobie saw earnings over $144k, 0xRacerAlt follows closely with $101.7k, and HsakaTrades takes the third spot with $100.6k.

Launched on August 11, FriendTech allows users to tokenize their social network by buying and selling shares of their connections. Due to the incentives it offers, the platform has since seen fast adoption, especially among crypto circles. The platform charges a 5% transaction fee, part of which is shared with account holders.

Recently, FriendTech on August 9 generated over $1.2 million in fees in 24 hours, outperforming networks like Uniswap and Bitcoin. Despite its successes, the platform has also seen an influx of scammers, with widespread phishing campaigns. Similarly, the anonymous team behind the project has also been identified as the figures behind a failed crypto project, Kosetto.

At the time of writing, the project has a total trade volume of $39.49 million, data from DappRadar reveals. Furthermore, FriendTech has also processed over 1.08 million transactions on the social platform and has more than 100,000 unique traders


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