MEV Bots Seize 20,000+ friend.tech Keys, Generating Over $2 Million in Profits
In a startling development that has captured the attention of both cryptocurrency enthusiasts and the general public alike, at least 113 MEV (Miner Extractable Value) Bots have successfully seized more than 20,000 friend.tech keys, raking in profits exceeding $2 million in recent times. The ongoing fervor around SocialFi’s friend.tech application on the Base platform shows no signs of abating, particularly on the Twitter community.
This sustained interest was sparked by the announcement of reward distribution for beta phase app testers and the revelation of a seed funding round organized three months ago, with the prominent investment fund Paradigm on board. Notably, these revelations have not only lured investors and Key Opinion Leaders (KOLs) for speculative trading, but have also attracted the participation of various MEV Bots.
According to data provided by the dashboard on Dune Analytics, user X @tomwanhh from the @21.co team, a specialist in data analysis, has unveiled intriguing insights into the activities of MEV Bots within the friend.tech ecosystem.
We are able to identify 113 potential bots that have profited $2M from sniping new profiles.
The idea comes from @arixoneth, bot criteria are defined by the trader buying the subject’s share at the same block with the subject buying his own sharehttps://t.co/VWFNtZSXrW pic.twitter.com/qioPbSW4jP
— Tom Wan (@tomwanhh) August 23, 2023
At Least 113 MEV Bots Accumulate More Than 20,000 Keys
Since the initial disclosure, the number of participating bots has surged from 113 to 121, amassing an impressive total of 21,841 friend.tech keys (formerly referred to as shares) and reaping profits upwards of $2.1 million. Among these bots, the contract 0xcc21 stands out as it secured a noteworthy 96 keys, resulting in a substantial profit of approximately $580,000. This particular contract currently holds the leading position among its counterparts. Additionally, another MEV bot identified as 0x188c has managed to accumulate over 600 keys, translating to profits amounting to $107,870.
A pivotal highlight within the Base ecosystem has been the influx of MEV Bots into the friend.tech platform, a surge that has occurred between August 21st and the present day. This influx has, to some extent, caused network congestion, resulting in a series of transactions being rendered unfeasible. The specific timeframe from August 21st to August 22nd witnessed a flurry of activities revolving around the acquisition of keys by these bots.
Upon cross-referencing this data with the number of successful and unsuccessful transactions on the Base platform, it becomes evident that these two days recorded the highest rate of transaction failures.
The implications of this MEV Bot participation are yet to be fully understood, but the sudden influx and its impact on the network certainly raises pertinent questions about the dynamics of decentralized platforms and the potential ramifications on user experiences. As the Base platform and SocialFi’s friend.tech application continue to capture the market’s attention, the community eagerly awaits further updates and insights into the evolving landscape of crypto and blockchain technologies.
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