Friend.Tech Exceeds 10,000 ETH in Revenue, Sets New TVL Benchmark
In Brief
Friend.Tech achieved a significant revenue surge to 10,644.8 ETH and a TVL leap to 30,165 ETH, reflecting growing stakeholder trust and participation as per Dune Analytics.
Friend.Tech, a protocol constructed on Coinbase’s Layer-2 platform Base, is marking significant strides, reporting a boom in both revenue and total value locked (TVL).
Dune Analytics reveals a surge in the protocol’s revenue, exceeding 10,000 ETH and officially hitting 10,644.8 ETH. Likewise, Friend.Tech’s TVL crossed the 30,000 ETH mark, standing at a robust 30,165 ETH, highlighting the increasing confidence and involvement in the protocol by stakeholders.
Sniper Bots Yielding High Profits
Beyond traditional metrics, over 450 Friend.Tech sniper bots created a significant impact, garnering profits over $5.9 million, making up an impressive 34% of total creator’s revenue.
Launched in August 2023, Friend.Tech operates as a decentralized social platform, allowing users to trade “keys” related to Twitter accounts, now known as X accounts. These keys offer entry to private in-app chatrooms and exclusive content from the respective X user, emphasizing Friend.Tech’s unique position as a marketplace for friends.
Within this structure, each user holds a chat group. To join other users’ private chatrooms, individuals must purchase keys, which they can sell upon exiting the chat. This innovative model has attracted substantial attention and participation, contributing to Friend.Tech’s rapid growth and its surpassing of other prominent platforms like Uniswap in total fees shortly after its launch.
Friend Tech’s Founders’ Path Beyond Past Scams
Despite the recent success, it’s vital to note the findings of a prior investigation led by Twitter user nix_eth, revealing unexpected links between the trending Friend Tech and the previously hyped but controversial Kosetto.
This background invites a cautious approach towards understanding and engaging with the evolving landscape of Friend.Tech and similar platforms. While Friend.Tech is demonstrating substantial growth and achievement, understanding its complete context, including past associations, is essential for a comprehensive and informed perspective in navigating the DeFi space.
Disclaimer
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
More articlesNik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
