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A Deep Dive Into Friend.Tech
Darren Lim and 1 other
Key Takeaways
12 min read
  • The report introduces a new way to calculate portfolio values, taking into account friend.tech’s 10% sell fee and cubic price curve. 0xCaptainLevi is the most profitable friend.tech account with 320 ETH profit, of which 90 ETH are from fees.
  • Break-even with key trading becomes increasingly difficult the higher the price. If you were to buy 0xCaptainLevi’s key now (nominal price 5.15 ETH), the price would need to increase 23.5% in order to make your money back when selling.
  • Daily trading volume has been trending upwards: friend.tech’s total trading volume since inception currently sits at 207,503 ETH over 49 days. For context, OpenSea has done 37k ETH in volume over the past 30 days.
  • Out of ~234k users, approximately 18% have transacted on more than 3 different days.
  • Friend.tech is currently the most popular contract on Base, accounting for 18.23% of all transactions on Base.


Friend.tech has taken the crypto world by storm. With over 225k registered users, it is one of the most widely used Web3 applications of all time. They generate over $500k (> 300 ETH) in protocol revenue per day, which puts them as  one of the most profitable DeFi protocols.

Friend.tech is a Web3 social media app built on Base, an Ethereum L2 incubated by Coinbase that launched in early August 2023. In its core, users pay to get access to private chats and content from creators, influencers, or friends, however, the pricing mechanism is what makes this app unique and will be explored later in this report.

But what makes friend.tech so successful and addictive, is it here to stay, and how can you make money off it? To...