MEV Bots on Friend.tech Generate $2 Million in Profits

Maximal Extractable Value (MEV) Bots on Friend.tech Generate $2 Million 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.

Surge in Bots Activity on Friend.tech

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.

Friend.tech as a Top Revenue Generator in the Cryptocurrency Sector

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.