Interpreting friend.tech data: Impact on Base, MEV activity, and profitability.

23-08-29 11:35

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Original Title: "Data Interpretation of friend.tech: How Does it Affect Base and MEV Activities and Profitability?"

Original Author: @tomwanhh

Translated by: Plain Language Blockchain

Social media has become an indispensable part of our lives, allowing us to stay connected with friends, celebrities, and influential people.

However, with the introduction of blockchain technology and cryptocurrency, this industry is undergoing rapid evolution. In this transformation, a new emerging player called Friendtech has recently emerged. Friendtech is redefining the concept of social media in a unique way, particularly in the way Twitter profiles are traded.

Friendtech platform allows users to connect their Twitter profile with an Ethereum wallet, thereby marking it as a unique token or share. On the Friendtech platform, each Twitter profile is considered a share, and these shares can be freely bought and sold.

Unlike traditional social media applications, Friendtech runs on Coinbase's Base chain (the second layer blockchain), with almost lower gas fees during the transaction process and the ability to achieve instant transactions. This innovation actually transforms an individual's social brand into a tradable asset, bringing new possibilities to social media.

Here are some key findings from @tomwanhh's analysis using @DuneAnalytics on @friendtech:

This discussion will include the following content:

1) The impact of FriendTech on @BuildOnBase.

2) FriendTech's MEV activities and profitability.

3) FriendTech's pricing model

4) Arguments about FriendTech

5) Potential Enhancement Measures

6) Predictions for the SocialFi industry.

1、FriendTech Development Status

Within less than two weeks, @friendtech has achieved a total locked value (TVL) of $6 million, generated $3 million in revenue, and attracted approximately 100,000 users.

Not only users in the encryption industry use FT, but also some non-encryption industry celebrities, such as @GraysonJAllen and @garrytan, have opened their FT accounts. This highlights the potential of the SocialFI field.

Within less than 10 days, MEV (Maximum Extractable Value) searchers have entered this new profit field.

The searcher attempts to register new profiles at a lower entry price and then sell them at a higher price. We noticed that on August 21st, over 300,000 transactions failed to be sent to FT addresses.

More than 113 robot contracts have already purchased over 20,000 keys and earned more than $2 million. The method of identifying robots is to determine whether traders can purchase the target key in the same block.

0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85 has become the most profitable robot, with earnings reaching 569,000 US dollars.

The following results also support the analysis conducted by @asxn_r.

@friendtech has become an indispensable part of @BuildOnBase. On August 21st, over 21% of active addresses interacted with FT, and 45% of gas fees came from transactions related to FT.

I think FT is similar to creator platforms like Patreon. But the key to FT's rapid dissemination lies in:

1) Direct interaction with creators.

2) Dopamine obtained from transactions with people you know.

2、FriendTech should improve in the following ways:

1) Provide better support for creators

Provide better user experience for creators, such as images, videos, and product sales. In my opinion, product sales are crucial, which can also expand @friendtech's sources of income.

The following is the pricing method for Patreon:

2) Improve user experience:

1) Allow the key subject to decide when to open transactions to everyone.

People like to show off their first purchase or their support before something becomes a trend. Adding the date of the first purchase for key holders will help increase dopamine levels.