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The global crypto market cap is $1.05 trillion with a 24-hour volume of $32.64 billion. The price of Bitcoin is $26,076.65 and BTC market dominance is 48.3%. The price of Ethereum is $1,647.33 and ETH market dominance is 18.9%. The best performing cryptoasset sector is Cannabis, which gained 7%.
Friend.tech is contributing more than 20% of the average active addresses on layer2 network, Base.
Cover art/illustration via CryptoSlate
Maximal extractable value (MEV) bots on the decentralized social media application Friend.tech have profited more than $2 million from the platform.
Dune analytics data, compiled by 21Co’s research analyst Tom Wan, showed that 121 automated bots successfully acquired more than 21,800 Keys, resulting in a profit of $2.1 million within the last two weeks. Keys, previously referred to as shares, represent assets traded on the platform, providing users with privileged access to in-app chatrooms.
Wan explained that these bots acquire recently registered profiles at a low initial cost and sell them at a higher price. The analyst highlighted the remarkable success of the MEV bot “0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85,” which managed to amass almost 260 Ethereum (ETH), worth roughly $600,000, in profits through the acquisition of 96 profiles.
On Aug. 21, Friend.tech saw a surge in bot activity, recording a high of 500,000 transactions. Remarkably, failed transactions hit an unprecedented peak at 308,860, overshadowing the number of successful transactions, which stood at 216,070.
This data corroborates an earlier CryptoSlate report that stated that the Friend.tech application was experiencing an increasing presence of bots and spammers. According to the report, this made it difficult for individuals without substantial social media presence to generate income from the platform.
Meanwhile, additional Dune analytics data shows that Friend.tech’s total volume has reached 45,495.9 ETH, valued at more than $70 million, across 2.05 million transactions since its launch.
Further analysis from DeFillama highlights its impressive position among the crypto industry’s top fee earners. During the last 24 hours, the social media application earned over $300,000 in fees and generated $161,000 in revenues.
Earlier in the week, Coinbase CEO Brian Armstrong noted that Friend.tech was playing an important role in the growth and adoption of the newly launched Ethereum (ETH) layer-2 network, Base.
According to Dune Analytics data, more than 20% of the average active addresses on Base have engaged with Friend.tech in the past week. This social media platform also accounts for over 25% of the gas fees on the network.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Brian Armstrong is the CEO and co-founder of Coinbase, a digital currency exchange, and wallet service.
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
The decision comes in the aftermath of actions by the U.S. Securities and Exchange Commission (SEC), which has scrutinized platforms offering staking services.
Bitcoin price is still vulnerable under the weight of the growing supply held at an unrealized loss.
The Australian central bank published research on the potential benefits and complex challenges associated with CBDCs.
The BNB Bridge hacker’s $63 million position was also liquidated on Venus Protocol.
Ethereum price has struggled considerably since last week’s flash crash.
The market’s top cryptocurrencies plunged late Thursday, triggering massive liquidations across the board.
The former U.S. President declared he earned over $4 million from his NFT adventure.
The Worldcoin founder is touting high adoption rates but support from on-chain data is lacking.
The BNB Bridge hacker’s $63 million position was also liquidated on Venus Protocol.
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