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Friend.tech Contributes Over 20% of Active Addresses on Ethereum Base: Latest Data

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The Latest Data on Friend.tech and its Contributions to Base

The decentralized social media platform, Friend.tech, has emerged as a significant contributor to Base, a layer two platform for Ethereum (ETH). According to recent data, Friend.tech accounts for more than 20% of the average active addresses on Base.

Bots Generate Revenue by Selling Newly Registered Profiles

Automated bots on Friend.tech have been locking more than 21,800 keys in the past two weeks, resulting in $2.1 million in revenue. These bots acquire newly registered profiles at a low cost and sell them at a higher price. One particular bot, known as “0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85,” has earned nearly $600,000 in profits by taking down 96 profiles worth almost 260 Ethereum (ETH).

Friend.tech’s Impressive Transaction Volume and User Base

The bots on Friend.tech have generated over 500,000 transactions since the platform’s launch on August 10. Additionally, Friend.tech has amassed more than 100,000 addresses, allowing users to obtain “shares” of individuals on X (formerly Twitter).

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Friend.tech’s Cumulative Volumes and Recent Financial Performance

According to complementary insights from Dune Analytics, Friend.tech has generated over 45,000 Ethereum ($70 million) in cumulative volumes through more than 2 million transactions. In the past 24 hours alone, the platform has generated over $300,000 in fees and $161,000 in revenue.

Positive Reception and Potential Growth of Friend.tech

Leaders in the cryptocurrency industry, such as Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire, have acknowledged the potential of Friend.tech. Armstrong believes it could contribute to the adoption of a new rule, while Allaire sees it as a compelling use case for BusinessSocialFi.

Friend.tech’s Unique Features and Security Concerns

Friend.tech offers users the ability to tokenize their social communications, granting access to features like private messaging and interaction rights. However, the platform’s growing popularity has also attracted hackers. While there were reports of a supposed hack, Friend.tech clarified that the data retrieved was due to a deletion rather than a security breach.

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