The cryptocurrency world is buzzing with excitement as Friend.Tech, a decentralized finance (DeFi) protocol built on Coinbase’s Layer-2 platform Base, reached new milestones. The latest data from Dune Analytics reveals that Friend.Tech has generated a staggering 10,845 ETH in revenue, showcasing its growing influence in the DeFi market.
One of the most remarkable achievements is the significant increase in the total value locked (TVL) on the Friend.Tech protocol. The TVL has surged past 30,000 ETH, reaching an impressive 30,239 ETH. This surge is a testament to the trust and commitment of the protocol’s stakeholders.
However, what truly sets Friend.Tech apart is its army of sniper bots, numbering over 450 in total. These bots have generated profits exceeding $5.9 million, constituting an astounding 34% of the total creator’s revenue. Their success highlights the efficiency of Friend.Tech’s algorithms and underscores the potential of automated trading solutions in the DeFi space.
Firend tech protocol revenue has exceeded 10,000 ETH, reaching 10,644.8 ETH; at the same time, friend tech TVL has exceeded 30,000 ETH, reaching 30,165 ETH. More than 450 friend tech sniper bots have earned over $5.9 million, accounting for 34% of creators’ revenue.…
— Wu Blockchain (@WuBlockchain) October 2, 2023
Friend.Tech’s rapid rise to prominence began with its launch on Coinbase’s Layer-2 platform Base in August 2023. Within hours of its launch, the protocol outperformed major players like Uniswap in terms of total fees generated.
Friend.Tech functions as a decentralized social network where users can trade “keys,” previously referred to as “shares,” associated with Twitter (now X) accounts. These keys grant access to private in-app chatrooms and exclusive content provided by the respective X user. The platform positions itself as “the marketplace for your friends.”
Within the app, each user has a chat group similar to those found on platforms like Telegram. However, there’s a unique twist: to access other users’ private chatrooms, individuals must purchase keys. Subsequently, if they choose to leave the chat, they can sell these keys. In essence, Friend.Tech combines elements of a social media platform with specific similarities to X, offering a fresh and innovative approach to decentralized social networking.
#FriendTech keys continue to gain value! Do you hold my key? pic.twitter.com/iz1d3Fk2E8
— Altcoin Daily (@AltcoinDailyio) September 28, 2023
As Friend.Tech continues its remarkable journey and achieves significant milestones, it signals a larger shift in the DeFi landscape. With substantial revenue figures, an impressive TVL, and the triumph of sniper bots, Friend.Tech may be paving the way for the next major development in the decentralized finance domain.
