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<p class="is-style-lead">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.</p> 
<p>Meanwhile, Dune data compiled by Tom Wan <a href="https://dune.com/21co/friendtech-analysis" target="_blank" rel="noopener">shows</a> that in the last two weeks alone, automated bots have secured over 21,800 keys, earning $2.1 million in profits. </p> 
<p>These bots work by acquiring newly registered profiles cheaply before selling them at a higher price.</p> 
<p>One bot in particular, “0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85,” acquired 96 profiles worth nearly 260 Ethereum (ETH), which would be worth roughly $600,000 in profits. </p> 
<p>Bots have generated over 500,000 transactions.</p> 
<p>Since launching on Aug. 10, Friend.tech, which allows users to acquire “shares” of individuals on X, formerly Twitter, has over 100,000 addresses. </p> 
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   <p lang="en" dir="ltr">101,183 people has given friend tech access to posting as them, leaked db indicates<a href="https://t.co/yYYDqzUoON" target="_blank">https://t.co/yYYDqzUoON</a></p>— banteg (@bantg) <a href="https://twitter.com/bantg/status/1693547023977382277?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 21, 2023</a>
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<p>Supplementary insights from Dune analytics show that Friend.tech has <a href="https://dune.com/queries/2843959/4752144" target="_blank" rel="noopener">generated</a> over 45k ETH ($70 million) in cumulative volumes, from the more than 2 million transactions since launching.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/friend-tech-denies-data-breach-with-api-clarification/"> Friend.tech denies data breach with API clarification </a> </p> 
<p>In the past 24 hours, DeFiLlama data also <a href="https://defillama.com/fees" target="_blank" rel="noopener">reveals</a> that the social media platform generated more than $300,000 in fees, turning in a revenue of $161,000.</p> 
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 <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="Introducing Base" width="1020" height="574" src="https://www.youtube.com/embed/khZrWdAOirw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>Earlier in the week, Coinbase CEO, Brian Armstrong, noted that Friend.tech can play an important role in the growth and&nbsp;<a href="https://twitter.com/brian_armstrong/status/1694130549403607041?s=46&amp;t=aw6ZR-6aD050XLPVXY8AQA" target="_blank" rel="noreferrer noopener">adoption of Base</a>.</p> 
<p>Dune Analytics data&nbsp;<a href="https://dune.com/21co/friendtech-analysis" target="_blank" rel="noopener">confirms</a> that 20% of active addresses on Base engage with Friend.tech.</p> 
<p>Recently, Jeremy Allaire, the CEO of Circle, the issuer of USDC, said Friend.tech’s growth is a compelling&nbsp;use case of BusinessSocialFi. </p> 
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   <p lang="en" dir="ltr">Funny, I was saying the exact same thing to a group of users on <a href="https://t.co/WSmTYFjvaf" target="_blank">https://t.co/WSmTYFjvaf</a>. That seems like a pretty compelling use case. BusinessSocialFi. <a href="https://t.co/K4cH4qJckO" target="_blank">https://t.co/K4cH4qJckO</a></p>— Jeremy Allaire (@jerallaire) <a href="https://twitter.com/jerallaire/status/1693663341019906353?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 21, 2023</a>
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<p>The social media platform allows users to tokenize their social connections, granting them access to features like private messaging and interaction rights.</p> 
<p>Unfortunately, Friend.tech’s increased popularity is attracting hackers. </p> 
<p>On Aug. 21 there were reports of a supposed hack. However, the platform clarified that data <a href="https://crypto.news/friend-tech-targeted-by-phishing-scam-as-its-volumes-grow/">retrieved</a> was due to scraping, not a security breach.</p> 
<p> Read more: <a href="https://crypto.news/friend-tech-targeted-by-phishing-scam-as-its-volumes-grow/"> Friend.tech targeted by phishing scam as its volumes grow </a> </p>

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

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