Maximal extractable value (MEV) bots on friend.tech reportedly made more than $2 million since the launch of the Web3 social platform. As per data gathered by 21.co analyst Tom Wan, hundreds of MEV bots managed to secure profits by sniping keys on the platform. Keys, previously known as shares, are the core assets of Friend.tech.
Crypto journalist Colin Wu took to X earlier today to share friend.tech’s on-chain data:
Previous data from the on-chain analytics platform Dune Analytics showed that at least 113 MEV bots made more than $2 million on Friend.tech. At the time of writing, the Dune Analytics dashboard, which was compiled by 21.co, showed that 121 MEV bots had sniped 21,841 keys on Friend.tech, making a profit of $2.14 million in the process.
Wan’s research revealed that MEV searchers on Friend.tech were actively sniping new profiles on the platform. The Web3 platform’s address received more than 300,000 failed transactions over the past two days. One MEV bot managed to earn a whopping $569,000 since friend.tech’s launch by sniping nearly 100 keys.
Friend.tech debuted on Coinbase’s layer 2 network Base earlier this month and took the network’s users by storm. The web3 social platform managed to gather over 112,000 users in less than a month. Meanwhile, the platform’s total value locked (TVL) reached an all-time high of $7.2 million on August 21 and was at $5.8 million at the time of writing.
Wan told his followers on X that friend.tech could improve by offering better support to creators on the platform. The analyst added that the Web3 social platform should provide protection from MEV bots and increase the flexibility of the pricing model for keys.
