Bots net $2M in profits on decentralized platform Friend.tech amid rising user activity

Maximal extractable worth (MEV) bots connected the decentralized societal media exertion Friend.tech person profited much than $2 cardinal from the platform.

Source: Dune Analytics

Dune analytics data, compiled by 21Co’s probe expert Tom Wan, showed that 121 automated bots successfully acquired much than 21,800 Keys, resulting successful a nett of $2.1 cardinal wrong the past 2 weeks. Keys, antecedently referred to arsenic shares, correspond assets traded connected the platform, providing users with privileged entree to in-app chatrooms.

Wan explained that these bots get precocious registered profiles astatine a debased archetypal outgo and merchantability them astatine a higher price. The expert highlighted the singular occurrence of the MEV bot “0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85,” which managed to amass astir 260 Ethereum (ETH), worthy astir $600,000, successful profits done the acquisition of 96 profiles.

On Aug. 21, Friend.tech saw a surge successful bot activity, signaling a precocious of 500,000 transactions. Remarkably, failed transactions deed an unprecedented highest astatine 308,860, overshadowing the fig of palmy transactions, which stood astatine 216,070.

Source: Dune Analytics

This information corroborates an earlier CryptoSlate report that stated that the Friend.tech exertion was experiencing an expanding beingness of bots and spammers. According to the report, this made it hard for individuals without important societal media beingness to make income from the platform.

Meanwhile, further Dune analytics data shows that Friend.tech’s full measurement has reached 45,495.9 ETH, valued astatine much than $70 million, crossed 2.05 cardinal transactions since its launch.

Further investigation from DeFillama highlights its awesome presumption among the crypto industry’s apical interest earners. During the past 24 hours, the societal media exertion earned implicit $300,000 successful fees and generated $161,000 successful revenues.

Friend.tech playing an integral relation successful Base’s growth

Earlier successful the week, Coinbase CEO Brian Armstrong noted that Friend.tech was playing an important relation successful the maturation and adoption of the recently launched Ethereum (ETH) layer-2 network, Base.

Source: Dune Analytics

According to Dune Analytics data, much than 20% of the mean progressive addresses connected Base person engaged with Friend.tech successful the past week. This societal media level besides accounts for implicit 25% of the state fees connected the network.

The station Bots nett $2M successful profits connected decentralized level Friend.tech amid rising idiosyncratic activity appeared archetypal connected CryptoSlate.