{"id":166943,"date":"2023-10-03T02:08:38","date_gmt":"2023-10-02T20:38:38","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=166943"},"modified":"2023-10-03T02:08:38","modified_gmt":"2023-10-02T20:38:38","slug":"manifold-trading-admits-to-frontrunning-friendtech-key-launch-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/manifold-trading-admits-to-frontrunning-friendtech-key-launch-crypto-news\/","title":{"rendered":"Manifold Trading Admits To Frontrunning Friendtech Key Launch – Crypto News"},"content":{"rendered":"

<\/p>\n

Trading Firm That Championed Anti-Sniping Measures Says It\u2019s \u2018In The Arena\u2019 After Insiders Rake In 20 ETH On Single Trade<\/p>\n

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Manifold Trading, a crypto trading firm, has admitted that inside information was used to profit from a hyped launch on the friendtech social trading app.<\/p>\n

On Sep. 28, NFT influencer natealex<\/a> signed up on the platform using Manifold\u2019s anti-sniping service, which it provides for free to users with large followings looking to purchase their own keys before trading bots scoop them up.<\/p>\n

<\/figure>\n

The interface shows that the first regular user was able to purchase the key for just under 1 ETH, as bot transactions aren\u2019t displayed. Meanwhile, blockchain sleuths discovered<\/a> that one wallet<\/a> managed to snipe and sell 30 keys, netting 20 ETH ($33,000) in minutes.<\/p>\n

\"the-defiant\"<\/figure>\n

Observers immediately suspected that the wallet belonged to either Manifold or someone related to the firm, as it managed to get in alongside the launch transaction from Manifold.<\/p>\n

\u201cThere’s not 1 sniper that just “randomly” sends the gwei they did without spamming while getting in the same block,\u201d wrote<\/a> ManaMoonNFT, accusing the firm of shady practices.<\/p>\n

The next day, Manifold published a statement<\/a> admitting that the wallet in question was indeed linked to the firm.<\/p>\n

\"the-defiant\"<\/figure>\n

\u201cPeople think we botted all big accounts in existence at this point,\u201d a Manifold team member told The Defiant. \u201cSo we decided might as well go villain arc and actually start backrun sniping launches because it’s easy for us to do, and give creators the profit. We’ll just do this for cases where the presale tools aren’t being used.\u201d<\/p>\n

Manifold has been promoting presales as a way to get regular users in at lower prices.<\/p>\n

\u201cOn any big account launch there is 10-30 ETH that bots take in profits (if no presale). Price action doesn’t change depending on which bots win out of 100s that compete,\u201d the team member said.<\/p>\n

\u201cI think value should go towards users, the account creator, and FriendTech. This is why we built presale, self-sniping, and are curious if FriendTech team would run their own L2,\u201d they added.<\/p>\n

Second Wave<\/h2>\n

The token-gated social app that has drawn interest from all corners of the crypto sector is still attracting new traders as it nears its two-month anniversary \u2014 friend.tech has had over 10,000 daily active users for 16 days straight as the platform\u2019s creators ride its second wave<\/a>.<\/p>\n

Roughly half of those users are returning users, according to a Dune Analytics dashboard<\/a>.<\/p>\n

<\/p>\n

\"friendtech
friendtech Daily Users<\/figcaption><\/figure>\n

<\/a><\/p>\n

That\u2019s five times more than Aave, DeFi\u2019s third largest protocol by value locked, according to Token Terminal<\/a>.<\/p>\n

Levi<\/a>, a top friend.tech user, thinks crypto enthusiasts may be witnessing the birth of a new category of applications. \u201cIt\u2019s like DeFi or NFTs,\u201d he said.<\/p>\n

\"Top
Top Keys<\/figcaption><\/figure>\n

Levi\u2019s key is currently in third place on friend.tech, just ahead of Racer, friend.tech\u2019s pseudonymous co-founder. Vombatus, another pseudonymous player in the crypto space who repeatedly bought their own keys, has the priciest key at over 8 ETH.<\/p>\n

The relative calm in the broader crypto market is partially responsible for friend.tech\u2019s ability to make so much noise \u2014 Levi for one, is betting that the application is going to stick around.<\/p>\n

\u201cI am betting on the platform having staying power,\u201d he said, adding that he thinks it will be the catalyst for the next bull run.<\/p>\n

SocialFi<\/h2>\n

Crypto enthusiasts are no strangers to hype cycles \u2014 whether it\u2019s DeFi, NFTs or GameFi.<\/p>\n

Hype has worn off DeFi however, as it has for NFTs, and \u2018SocialFi\u2019 is now the latest hot narrative.<\/p>\n

Of course, any emerging subsector in crypto comes with risks. The addressable market of friend.tech is still limited by a myriad of factors \u2014 despite the simplicity of the user experience relative to most crypto applications, friend.tech still has some pain points.<\/p>\n

And Uniswap, the leading decentralized exchange and DeFi\u2019s most popular app, still dwarfs friend.tech\u2019s daily user count. Still, friend.tech is the clear leader in the emerging category it created \u2014 the project continues to add features in an effort to cement its lead.<\/p>\n

The updates include a desktop version \u2014 friend.tech was previously only available on mobile \u2014 and a watchlist feature which allows people to track room prices even if they don\u2019t own the corresponding keys.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Trading Firm That Championed Anti-Sniping Measures Says It\u2019s \u2018In The Arena\u2019 After Insiders Rake In 20 ETH On Single Trade Manifold Trading, a crypto trading firm, has admitted that inside information was used to profit from a hyped launch on the friendtech social trading app. On Sep. 28, NFT influencer natealex signed up on the […]<\/p>\n","protected":false},"author":2,"featured_media":166944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-166943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=166943"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166943\/revisions"}],"predecessor-version":[{"id":166950,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166943\/revisions\/166950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/166944"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=166943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=166943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=166943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}