What Is Friend.Tech And How To Get Started With It?

What is Friend.tech?

As discussed earlier, the application is built on Coinbase’s layer-2 blockchain, Base. With Friend.tech, users can tokenize their fondness by selling “shares” of themselves to their followers. Later, people who have bought the shares can message the users directly.

Since its inception, Friend.tech has clocked 6.9 million transactions with a total volume of 7,777.248 ETH, or about 12,800,320 USD, according to Dune Analytics.

In the past 24 hours, the platform has brought in $236 million in fees and $118 million in revenue, according to DefiLama. The application charges 10% in fees per transaction (5% goes to Friend.tech and the rest 5% to the account holder).

How does it work?

Users who buy shares have exclusive access to the gated chat room of the influencer. Through this special platform, followers may interact directly with the influencer, creating a bespoke and private engagement experience.

The dynamic price structure of Friend.tech is one of its most appealing features. Thus, the increase in group shares is correlated with the quantity of participants. The base price of each share rises in proportion to the increase in the total number of shares when more users join a certain group. The platform’s appeal is enhanced by this creative pricing strategy, which promotes participation and investment.

How to set up a Friend.tech account?

Setting up a Friend.tech account in the application takes a few easy steps.

• Step 1: Download the app on your mobile device or go to the Home page on Windows.
• Step 2: Friend.tech operates as an invite-only platform, necessitating access codes for registration. Thus, it is either obtained through a friend’s referral, or by obtaining access codes released by the friend.tech team on their Twitter account.
• Step 3: Link your Twitter account, which will act as your user ID.
• Step 4: Send ETH to the wallet. It is an essential step for proper reflection within the application.

Voila! You have joined Friens.tech.

How much money can I make from Friend Tech?

The platform offers two main ways to earn money.

• Receive Fees: The foremost option is to receive fees or sell your shares from the influencers that have substantial followers.
• Invest in huge accounts: It is best to go with accounts that have huge followers. Enter the market when the price of the share is lower and buy out when it escalates.

Importantly, it also works well with a huge number of followers. The higher number of followers drives up share value, more share volume, and fees. Presumably, top accounts can make upto 1 ETH per day.

Friend.tech Facing Security Concerns

The security model of the popular decentralized social media app Friend Tech has drawn criticism. Co-founder of DeFiLlama 0xngmi recently posted a critical review, highlighting some issues with the website. Friend Tech’s security may have a number of flaws, including a frontend vulnerability, a risk associated with privy iframes, and the potential for data loss, according to a post by 0xngmi on X.

brief review of friendtech's security model:
– if friendtech frontend is hacked they can steal funds (just direct iframe to send the ETH)
– if privy iframe is hacked they can steal funds (it holds key)
– if privy dies/loses data, you lose your money, since they keep 2/3 shards pic.twitter.com/h0VLbaYihZ

— 0xngmi (@0xngmi) September 20, 2023

However, there has been no clarity on the issues raised, but there are several accounts on X that has revealed the risks of investment in Friend.tech. There has been no official clarification issued by Friend.tech.