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Pseudonymous crypto trader and influencer Machi Big Brother has lost $16 million investing in the SocialFi project Friend.Tech (FRIEND). On-chain tracking platform Lookonchain highlighted the popular trader’s losses in a Sept. 9 post on X. In total, Machi Big Brother spent around 5.2K Ethereum (ETH) worth $16.7 million to purchase 11.1 million FRIEND tokens. The total dollar purchase of this investment stood at $0.7 million at the time of the post, according to Lookonchain. Machi Big Brother(@machibigbrother) spent ~5.2K $ETH($16.7M) to buy 11.1M $FRIEND, now worth only $0.7M! He lost ~$16M on $FRIEND!https://t.co/j5UByo1LAf pic.twitter.com/4c5oQPNH62 — Lookonchain (@lookonchain) September 9, 2024 The token has soared over 61% in the past 24 hours, enbling Machi Big Brother to recover some of the losses from the bet on FRIEND. The token traded at $0.0986 as of 3:33 a.m. EST, pushing the dollar amount of the trader’s FRIEND position to over $1 million.  ...

In the fourth quarter of 2023, Alchemy saw an unexpected surge in ERC-4337 smart contracts, creating over 960,000 account s. This explosion of interest underscores the zeal of app developers to tackle user experience challenges, per Alchemy’s report. Will Hennessy, Alchemy’s account abstraction lead, expressed his surprise, attributing the rapid adoption to the Ethereum Foundation’s deployment and developers’ eagerness to address user experience challenges. “The Ethereum Foundation just deployed ERC-4337 contracts in March 2023, so this early adoption is faster than expected,” he said via his personal X account. “It shows how hungry app developers are to solve [user experience] problems like gas sponsorship.” Account Abstraction was a HUGE narrative in 2023. Over 960,000 new ERC-4337 accounts were created in Q4, representing 53% of the total 1.8 million deployments to date. Let's look at how we did as an industry on other key m...