Friend.tech's Impact on Ethereum's Base Layer-2 Platform

Friend.tech's Influence on Base

Friend.tech, a decentralized social media platform, significantly impacts Base, an Ethereum layer-2 platform. It accounts for over 20% of the average active addresses on Base. This platform allows users to acquire "shares" of individuals, enhancing social interactions and engagement.

Bot Activities and Profits

Automated bots have become prominent on Friend.tech, securing over 21,800 keys and generating $2.1 million in profits within two weeks. These bots typically acquire newly registered profiles at low costs and resell them for higher prices. A notable bot amassed 96 profiles, netting nearly 260 Ethereum, equivalent to approximately $600,000.

Transaction Volumes and Revenue

Friend.tech has facilitated over 2 million transactions, generating more than 45,000 ETH, or about $70 million, in cumulative volumes. In the past 24 hours alone, the platform produced over $300,000 in fees, yielding $161,000 in revenue.

Growing User Base and BusinessSocialFi

Since its launch on August 10, Friend.tech has amassed over 100,000 addresses. The social media platform's rapid growth is seen as a compelling use case for BusinessSocialFi, a concept highlighted by industry leaders. It allows users to tokenize social connections, providing access to features like private messaging.

Security Concerns and Clarifications

Despite its popularity, Friend.tech has faced security challenges. Reports of a hack were clarified as data scraping rather than a security breach. The platform's increasing user base has drawn attention from both users and potential threats.

Friend.tech's expansion illustrates its potential role in the broader adoption of Ethereum's Base platform, with significant contributions to transaction volumes and user engagement.