Friend.tech Bot Nets Have Generated Over $2M in Profits

Maximal Extractable Value (MEV) bots operating on Friend.tech, a decentralized social media platform, have reportedly generated over $2 million in profits.

According to data from Dune analytics, which was collated by Tom Wan, a research analyst at 21Co, 121 automated bots managed to obtain over 21,800 Keys within the past two weeks.

• Wan elaborated that the MEV bots employ a strategy of procuring recently registered profiles at a minimal initial expense and vending them at a premium.
• The analyst specifically underscored the exceptional performance of the MEV bot named “0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85,” which accrued nearly 260 ETH – equating to approximately $600,000 in value – by acquiring 96 profiles.
• On Aug. 21, the activity of bots on Friend.tech exhibited a remarkable surge, causing a notable spike in transaction numbers to 500,000.
• Interestingly, the instances of failed transactions reached an unparalleled peak at 308,860, overshadowing the count of successful transactions, which stabilized at 216,070.
• Meanwhile, supplementary data from Dune analytics unveils that the cumulative volume on Friend.tech has reached 45,495.9 ETH, with a valuation exceeding $70 million, spanning 2.05 million transactions since its inception.
• Furthermore, DeFiLlama’s in-depth analysis accentuates the platform’s noteworthy status as a top revenue generator in the cryptocurrency sector.
• In the span of 24 hours alone earlier this week, the social media application had amassed more than $300,000 in fees and yielded $161,000 in revenues.