The Latest Data on Friend.tech

The latest data on Friend.tech, a decentralized social media platform, shows that it contributes more than 20% of the average active addresses on Base, a layer two platform for Ethereum (ETH).

Meanwhile, Dune data compiled by Tom Wan shows that in the past two weeks alone, the automated bot has locked more than 21,800 keys, generating $2.1 million in revenue.

These bots work by getting newly registered profiles on the cheap before selling them at a higher price.

One bot in particular, “0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85,” took down 96 profiles worth nearly 260 Ethereum (ETH), which amounts to about $600,000 in profits.

The bots generated more than 500,000 transactions.

Since its launch on August 10, Friend.tech, which allows users to get “shares” of individuals on X, formerly Twitter, has more than 100,000 addresses.

Impressive Volumes and Revenue

Complementary insights from Dune Analytics show that Friend.tech has generated more than 45k Ethereum ($70m) in cumulative volumes, from more than 2m transactions since its launch.

In the past 24 hours, DeFiLlama data also revealed that the social media platform generated over $300,000 in fees and generated $161,000 in revenue.

Recognition from Industry Leaders

Earlier in the week, Coinbase CEO Brian Armstrong indicated that Friend.tech could play an important role in the growth of Adoption of the rule.

Dune Analytics data confirms that 20% of active addresses on Base deal with Friend.tech.

Recently, Jeremy Allaire, CEO of USDC issuer Circle, said that the growth of Friend.tech is a compelling use case for BusinessSocialFi.

Tokenizing Social Communications

The social media platform allows users to tokenize their social communications, which gives them access to features such as private messaging and interaction rights.

Security Concerns

Unfortunately, Friend.tech’s growing popularity attracts hackers.

On August 21, there were reports of a supposed hack. However, the platform clarified that the data retrieved was due to a deletion, not a security breach.