Technology

DeFi Platform Friend.Tech Clocks 10,648 ETH In Total Revenue – Crypto News

Published

2 years ago

October 2, 2023

Dripp

The Friend.Tech protocol, built upon Coinbase’s Layer-2 platform Base, is once again making a buzz in the market, thereby riding on some major enthusiasm in the decentralized finance (DeFi) market.

As per the latest data from Dune Analytics, the Friend.tech protocol revenue has surged past 10,000 ETH. Also, as per the exact figures, the DeFi protocol has clocked a total revenue of 10,648 ETH.

Another major milestone is the surge in the total value locked on the DeFi protocol. The TVL on Friend.tech has exceeded 30,000 ETH, reaching 30,165 ETH. This underscores the growing trust and commitment of all the stakeholders of the protocol.

Apart from conventional metrics, Friend Tech’s sniper bots are emerging as the unsung heroes. These bots, numbering over 450, have generated profits exceeding $5.9 million, constituting a remarkable 34% of the total creator’s revenue. Their success underscores the efficiency of Friend Tech’s algorithms and 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

As Friend Tech continues its meteoric ascent, these milestones serve as indicators of a larger picture. The combination of robust revenue figures, an impressive TVL, and the triumph of sniper bots sets the stage for what could potentially be the next major development in the decentralized finance domain

Friend.Tech Creates Major Buzz

Based on Coinbase’s Layer-2 platform Base, the decentralized social platform Friend.tech created a major buzz upon its launch in August 2023. Within a few hours of its launch, the protocol surpassed key players like Uniswap in terms of total fees.

Friend.tech operates as a decentralized social network where users have the opportunity to 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 possesses a chat group similar to those commonly encountered on platforms such as Telegram. However, there’s a unique twist: to gain access to other users’ private chatrooms, individuals are required to purchase keys. Subsequently, if they opt to exit the chat, they have the option to sell these keys.

In essence, Friend.tech can be likened to a social media platform, with specific similarities to X.