Friend.tech has created a buzz in the cryptocurrency world in less than a fortnight since its launch on the Base network. In an unexpected turn, this decentralized social media hub has suddenly captured the attention of a slew of maximal extractable value (MEV) bot creators.
An exclusive report has shown the unparalleled money-making spree organized by MEV bots on Friend.tech. These digital marvels have profitably earned an eye-popping $2 million by snatching the platform’s valuable “keys.” These keys, formerly known as “shares,” are virtual gems that allow users to secretly message their favorite X (formerly known as Twitter) profiles.
Tom Wan, a sharp on-chain and research analyst from 21.co, revealed the stunning fact in an exposé on X. He revealed that an incredible swarm of 125 MEV Bots had earned an astounding $2.1 million in revenues, all through their clever maneuvers on Friend.tech. This monetary mastery extravaganza has been unfolding since the platform’s brilliant launch on the historic day of August 11, 2023. The investigative insights gathered from the on-chain study revealed that these cunning bots seized a massive 21,800 profiles in less than a fortnight, with the majority created after August 16.
The star of this MEV show, however, is without a doubt the most profitable bot of them all, having expertly grabbed up 96 keys since Friend.tech’s inception, earning a magnificent sum of over $500,000 (equal to a whopping 345 ETH). Tom Wan, the mastermind behind this digital puzzle, also revealed that the average tenure for each key’s ownership is a tantalizing 17 minutes.
Dive further into the data pool, and it becomes clear that an astounding 800,000 transactions failed unsuccessfully in their attempt to reach Friend.tech’s contract address, with the telltale fingerprints of MEV bots decorating approximately 91% of this mammoth figure. Notably, the platform saw a record-breaking increase in daily transaction errors on August 21, reaching 308,860, far outnumbering the comparatively modest 216,070 completed transactions on the same day. Surprisingly, the sudden rise in MEV transactions corresponded exactly with the anomaly.
Friend.tech’s incredible rise is also visible on the DeFiLlama radar, with a spectacular Total Value Locked (TVL) of $5.7 million, representing a staggering 322% increase in a single week. This precipitous success is accompanied by an impressive user base, with over 115,000 unique users on the site.
On August 21, the Base network achieved an unprecedented daily transaction-per-second (TPS) score of 15.88, cementing its place in history. Looking deeper into the information reveals that Friend.tech users accounted for a sizable portion of this activity (a startling 35,000 active addresses). This accounts for a whopping 25% of Base’s thriving activity, highlighting the social media dynamo’s massive impact.
As we look to the horizon, the figures offer an indelible picture of Base’s meteoric rise since launching its public mainnet just a few weeks ago. The network is now proudly ranked as the fifth-largest Layer 2 in TVL, demonstrating its growing significance in the world of decentralized marvels.
