Friend.Tech, residing on Coinbase’s Layer-2 infrastructure, Base, is once again causing quite a stir in the decentralized finance (DeFi) landscape, riding a wave of profound enthusiasm.
According to the most recent data from Dune Analytics, Friend.tech protocol has notched up an astonishing revenue of over 10,000 ETH. To be precise, the DeFi protocol has accumulated a total revenue of 10,648 ETH.
Another significant milestone lies in the surge of the total value locked (TVL) within this DeFi protocol. The TVL of Friend.tech has surpassed an impressive 30,000 ETH, marking it at a remarkable 30,165 ETH. This accomplishment underscores the escalating trust and commitment exhibited by all stakeholders invested in this protocol.
Beyond conventional metrics, Friend Tech’s sniper bots have emerged as the unsung heroes of this success story. These bots, numbering over 450, have generated profits exceeding $5.9 million, constituting a remarkable 34% of the total creator’s revenue. Their triumph underscores the efficiency of Friend Tech’s algorithms and the potential of automated trading solutions within the DeFi realm.
As Friend.Tech continues its meteoric ascent, these milestones serve as promising indicators of a broader panorama. The amalgamation of robust revenue figures, an impressive Total Value Locked (TVL), and the triumph of sniper bots sets the stage. This combination has the potential to mark the next major development in the decentralized finance domain.
Friend.Tech Protocol Sparks Significant Interest
In August 2023, Friend.tech entered the financial market with a bang, leveraging Coinbase’s Layer-2 platform Base. Within a mere few hours of its launch, the protocol effortlessly surpassed industry giants like Uniswap in terms of total fees generated.
Notably, Friend.tech operates as a decentralized social network where users are provided with the unique opportunity to trade “keys,” formerly known as “shares,” associated with Twitter (now X) accounts.
These keys grant exclusive access to private in-app chatrooms and exclusive content provided by the respective X user. The platform boldly positions itself as “the marketplace for your friends.”
Within the application, each user possesses a chat group akin to those commonly encountered on platforms such as Telegram. However, there is a distinctive twist: individuals must acquire keys to gain entry into other users’ private chatrooms. Subsequently, should they decide to depart from the chat, they have the option to divest these keys.
In essence, Friend.tech can be likened to a social media platform, sharing notable similarities with X.
Read More:
VanEck Commits to Contributing 10% of Ether ETF Profits to Core Developers
Recent Activity Detected in FTX Hacker’s Wallet Amidst Ethereum ETF Debut