Social Platform Gains 100K Users in Days Even in Depths of a Bear Market

The growth correlates with the more than $25 million in revenue generated by the platform since its Aug. 10 launch.

AccessTimeIconAug 21, 2023 at 2:42 p.m. UTC
Updated Aug 21, 2023 at 3:02 p.m. UTC

Social platform, which lets holders buy "shares" of people who hold an account on X, formerly known as Twitter, and grants the buyers certain privileges, has surged to more than 100,000 addresses since its Aug. 10 launch according to a database created by Yearn Finance developer @Bantg.

The database, listed briefly on GitHub and now withdrawn, apparently listed the crypto wallet addresses and linked X accounts. The growth correlates with the huge revenues made by the platform since its Aug. 10 launch, with over $25 million in fees generated, according to DefiLlama. A Dune Analytics dashboard corroborates the finding, pegging the number of unique users to at least 80,000, with 15,000 users added since Sunday.

A slew of personalities outside of crypto circles on X joined Richard “FaZe Banks” Bengtson II, co-founder of the influential esports community FaZe Clan, joined the platform late Sunday and saw his share prices quickly become among the most expensive. Shares of NBA player Grayson Allen also surged in the hours after joining. The shares grant the holders privileges, such as the ability to send private messages to the sellers.

While the GitHub repository itself has created concerns about users viewing blockchain transactions linked to these wallets, some developers suggest that the wallet addresses going public doesn't matter and isn't an immediate cause of worry.

"For most tech-savvy users it was obvious that Twitter and deposit addresses can be linked," said @AlexSmirnov. "I think should have made it more explicit and notified users that their deposit address will become public and will be traced by Twitter profile."

@Bantg, the Yearn Finance developer, suggested in a Monday tweet that users had given permission to post on X on their behalf – which could open up a possible attack vector.

Meanwhile, is quickly going viral. The platform has made over $1.04 million in fees, set at 5% of the value of each transaction over the past 24 hours. That’s banked the platform some $709,000 worth of ether in revenue (what the platform takes after paying out gas fees and other costs), data from DefiLlama shows.

UPDATE (Aug. 21, 14:58 UTC): Rewrites first paragraph to focus on growth.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Read more about