Days after the Social Fi network’s beta debut, high users on FriendTech’s platform are already reaping exorbitant royalties, according to a CoinGecko analysis. The top 25 earners on the platform between August 10 and August 22, 2023, are highlighted in the report’s earnings graph.
According to the data, the top-earning account made almost $144,000, while the account in place 25 made $14.9,000. The top 25 accounts made a mean of $1.2k to $6.3k every day, according to the research.
The analysis shows that the bulk of people who earn big royalties are crypto influencers with a strong online presence on X (formerly Twitter). As a result, numerous influencers successfully transferred their follower bases from the platform to FriendTech.
It was strangely revealed in the study that the platform had also noticed non-crypto Twitter accounts gaining popularity swiftly. Notably, 4 of the top 25 accounts belong to individuals who are not known as or connected to crypto influencers. Unexpectedly, three of those four accounts made it into the top 25 in a single day.
Cobie, 0xRacerAlt, who founded FriendTech, and HsakaTrades are notable earners who together account for 34.6% of the royalties received among the top 25 accounts. Cobie was the only one to notice earnings of over $144,000, with 0xRacerAlt closely behind with $101.7k and HsakaTrades coming in third with $100.6k.
FriendTech, which went live on August 11, enables users to tokenize their social networks by buying and selling shares of their connections. The network has since experienced rapid popularity, notably among crypto circles, as a result of the incentives it offers. A portion of the platform’s 5% transaction fee is distributed to account holders.
Recently, FriendTech on August 9 outperformed networks like Uniswap and Bitcoin, generating over $1.2 million in charges in 24 hours. Despite its triumphs, the network has also experienced an influx of scammers who have engaged in extensive phishing efforts. The anonymous team behind the project has also been identified as the individuals behind Kosetto, a failed cryptocurrency project.
According to data from DappRadar, the project’s total commerce volume is $39.49 million as of this writing. Additionally, FriendTech has handled more than 1.08 million transactions on the social platform and works with more than 100,000 unique merchants.