Users are able to buy “keys” of other users X (Twitter) accounts. By owning a “key” the user gets access to a private chat with the person whose “key” one owns. When a “key” of a users account is traded the user earns a commission (supply-side fees).

friend.tech is a crypto native social media application built on Base. friend.tech was founded by pseudonymous developers known as Racer and Shrimp and launched in 2023.

friend.tech team and investors own the protocol. They currently take a cut of the total trading volume (revenue). friend.tech’s investors include Paradigm.

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friend.tech

# friend.tech Trading volume Methodology

## 1. Overview

FriendTech trading volume measures the total USD value of all trading activity across both FriendTech v1 and v2 platforms on Base blockchain. The metric combines ETH-denominated trades from the original FriendTech platform with FRIEND token-denominated trades from the newer Clubs feature, converting both to USD using appropriate price feeds and aggregating to daily totals.

## 2. Data sources

- **FriendTech v1 events**: Parsed `Trade` events from the original FriendTech contract on Base blockchain, containing ETH-denominated trading volumes with associated protocol and creator fees
- **FriendTech v2 events**: Parsed `Buy` and `Sell` events from the FriendTech Clubs contract on Base blockchain, containing FRIEND token-denominated trading volumes
- **Transaction data**: Base blockchain transaction records to identify transaction originators and validate event data
- **Fee configuration data**: Base blockchain function calls for `changeProtocolFee` and `changeBestFriendFee` that update fee rate parameters over time
- **Price feeds**: End-of-day WETH price feeds for converting v1 ETH volumes to USD, and end-of-day FRIEND token price feeds from CoinGecko for converting v2 volumes to USD
- **Token metadata**: WETH and FRIEND token contract addresses and decimal configurations

## 3. Step-by-step calculation

### Component A: FriendTech v1 trading volumes
- **Purpose**: Extract and convert ETH-denominated trading volumes from the original FriendTech platform
- **Logic**: Parse `Trade` events from the FriendTech v1 contract on Base blockchain, extracting the `ethAmount` field which represents the total ETH volume for each trade. Events also contain `protocolEthAmount` and `subjectEthAmount` fields representing protocol and creator fees respectively. All amounts are normalized by dividing by 1e18 to correct for token decimals. The data is attributed to the WETH token address (`0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2`) and ethereum chain for price feed compatibility, with social market sector classification
- **Key fields**: `ethAmount` (total trade volume), `protocolEthAmount` (protocol fees), `subjectEthAmount` (creator fees), `subject` (creator address), block timestamp for daily aggregation

### Component B: FriendTech v2 club fee tier management
- **Purpose**: Track protocol and best friend fee rates over time for accurate volume calculations
- **Logic**: Parse `changeProtocolFee` and `changeBestFriendFee` function calls to create time-based fee tier lookup tables. Each fee change event establishes a new fee rate that applies from that block timestamp until the next fee change. Fee rates are normalized by dividing by 1e18 and stored with validity windows using lead window functions to determine when each rate expires
- **Key fields**: `newFee` (fee rate), block timestamps for validity periods, FRIEND token address for scope

### Component C: FriendTech v2 club trading volumes  
- **Purpose**: Extract and process FRIEND token-denominated trading volumes from the Clubs feature
- **Logic**: Parse `Buy` and `Sell` events from the FriendTech Clubs contract, extracting `pointsIn`/`pointsOut` (total volumes) and `protocolFee` amounts. Apply time-based fee tier lookups to determine applicable protocol and best friend fee rates for each trade timestamp. For buy trades, calculate net tokens received by dividing total volume by (1 + protocol rate + best friend rate). For sell trades, calculate gross tokens sold by dividing total volume by (1 - protocol rate - best friend rate). Calculate best friend fees by multiplying net/gross tokens by best friend fee rate. Calculate referral fees as the residual difference between total volume and all other fee components
- **Key fields**: `pointsIn`/`pointsOut` (volumes), `protocolFee` (protocol fees), `id` (club identifier), calculated `tokens_in`, `best_friend_fee`, `referral_fee`

### Component D: USD conversion for v2 volumes
- **Purpose**: Convert FRIEND token volumes to USD using CoinGecko price feeds  
- **Logic**: Join daily-aggregated v2 club volumes with end-of-day FRIEND token price data from CoinGecko using the 'friend-tech' identifier. Multiply all FRIEND-denominated amounts (total volumes, protocol fees, best friend fees, referral fees) by the daily USD price to get USD equivalents. Truncate timestamps to daily boundaries for consistent aggregation
- **Key fields**: Daily price from CoinGecko, all volume and fee amounts multiplied by USD price

### Final aggregation
- **Combining components**: Union v1 volumes (converted to USD via WETH prices using the standard conversion macro) with v2 volumes (converted to USD via CoinGecko prices). V1 data maintains ethereum chain attribution for price feed compatibility while v2 data uses base chain attribution. Both streams include standardized social market sector and business segment classifications
- **Currency conversion**: V1 volumes use the standard `convert_to_usd_and_correct_decimals` macro with WETH token address and ethereum price feeds. V2 volumes use manual USD conversion with CoinGecko daily price data for FRIEND tokens
- **Time aggregation**: All data is truncated to daily timestamps using `timestamp_trunc` function. The final metric applies zero-filling strategy to ensure continuous daily values without gaps
- **Final calculation**: Apply the standard `finalize_metric_trading_volume` macro with 'friendtech' data identifier and fill_zeros strategy, then filter results based on chain availability to ensure data quality and completeness

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value of spot trades executed on the exchange.

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Trading volume

Trading volume

Competitive landscape