Barely two weeks after going live on the Base network, Friend.tech has grabbed the attention of the cryptocurrency space. At the same time, the decentralized social media platform has gained interest from numerous maximal extractable value (MEV) bot deployers.
- MEV bots have made over $2 million by sniping “keys” on Friend.tech.
- About 125 MEV bots have profited $2.1 million on Friend.tech since the platform took off on August 11, 2023.
- The most profitable MEV bot has sniped 96 keys, raking in more than $500,000.
- Over 800,000 failed transactions had been sent to Friend.tech’s contract address, with the MEV bots accounting for about 91% of these transactions.
- Friend.tech has a total value locked (TVL) of $5.7 million, representing a 322% surge in the past week.
How Friend.tech Impacted The Base Network
- On Monday, August 21, Base reached a daily transaction-per-second (TPS) of 15.88.
- About 35,000 of the 103,000 active addresses on the Base network were Friend.tech users on Monday, accounting for 25% of Base’s activity.
- Base ranks as the 5th-largest Layer 2 in TVL.
Hot Take
Friend.tech’s rapid growth on the Base network has attracted significant attention from both crypto enthusiasts and MEV bot deployers. The platform’s “keys” have proven to be a lucrative asset for these bots, resulting in over $2 million in profits in just two weeks. However, the high number of failed transactions on Friend.tech raises concerns about its overall stability. Despite this, the platform’s TVL continues to surge, indicating strong user demand. Friend.tech’s impact on the Base network is undeniable, contributing to a record-breaking daily transaction-per-second rate and accounting for a significant portion of the network’s activity. As Friend.tech continues to grow, it will be interesting to see how it navigates the challenges posed by MEV bots and transaction failures.
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