Bots amass over $2 million in profits on Friend.tech

Latest data about Friend.tech, a decentralized social media platform, shows that it contributes over 20% of the average active addresses on Base, an Ethereum (ETH) layer-2 platform.

Meanwhile, Dune data compiled by Tom Wan shows that in the last two weeks alone, automated bots have secured over 21,800 keys, earning $2.1 million in profits.

These bots work by acquiring newly registered profiles cheaply before selling them at a higher price.

One bot in particular, “0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85,” acquired 96 profiles worth nearly 260 Ethereum (ETH), which would be worth roughly $600,000 in profits.

Bots have generated over 500,000 transactions.

Since launching on Aug. 10, Friend.tech, which allows users to acquire “shares” of individuals on X, formerly Twitter, has over 100,000 addresses.

Supplementary insights from Dune analytics show that Friend.tech has generated over 45k ETH ($70 million) in cumulative volumes, from the more than 2 million transactions since launching. 

In the past 24 hours, DeFiLlama data also reveals that the social media platform generated more than $300,000 in fees, turning in a revenue of $161,000.

Earlier in the week, Coinbase CEO, Brian Armstrong, noted that Friend.tech can play an important role in the growth and adoption of Base.

Dune Analytics data confirms that 20% of active addresses on Base engage with Friend.tech.

Recently, Jeremy Allaire, the CEO of Circle, the issuer of USDC, said Friend.tech’s growth is a compelling use case of BusinessSocialFi.

The social media platform allows users to tokenize their social connections, granting them access to features like private messaging and interaction rights.

Unfortunately, Friend.tech’s increased popularity is attracting hackers.

On Aug. 21 there were reports of a supposed hack. However, the platform clarified that data retrieved was due to scraping, not a security breach.