According to recent data analyzed by crypto researcher @tomwanhh, so-called maximal extractable value (MEV) bots have been aggressively sniping Friend.Tech keys on the Ethereum blockchain and profiting heavily from the activity.
It is estimated that at least 113 MEV bots have cumulatively sniped more than 20,000 Friend.Tech keys, garnering over $2 million in profits so far. The most successful bot identified, with the address 0xCC…Cc85, has netted approximately $580,000 from sniping just 96 keys.
The analysis found that August 21st marked the peak so far for MEV bot activity related to Friend.Tech keys, with 216,000 successful transactions and 308,000 failed transactions attributed to bots on that date.
The researchers highlighted that extracting MEV from NFTs and social tokens is a growing trend, and lack of regulation allows bots to take advantage of scarcity and high demand to profit heavily from this activity with minimal effort.
While innovative, the proliferation of MEV strategies raises concerns around fair access to scarce digital assets. The community may need to explore solutions to curb predatory bot activity on open blockchains.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com