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The post MEV Bots Generate Over $2 Million in Profits on Friend.tech! appeared first on Coinpedia Fintech News
Maximal Extractable Value (MEV) bots on decentralized social media platform Friend.tech have generated over $2 million in profit, according to data from Dune Analytics. The bots use a strategy of buying low-cost, newly registered profiles and selling them at a premium. One bot generated nearly $600,000 in value with 96 profiles. The bot activity on August 21 caused a spike in transactions to 500,000, with failed transactions reaching an unprecedented peak of 308,860. The platform has had a total volume of 45,495.9 ETH, valued at over $70 million, in 2.05 million transactions.
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