Decentralized Platform Friend.Tech Launches Version 2 and Airdrops Native Token, FRIEND
Friend.Tech, a decentralized social platform, recently unveiled its version 2 along with the airdrop of its native token, FRIEND, built on Coinbaseโs Ethereum-based layer-2 blockchain Base. The platform was initially introduced in August 2023 as an invite-only service with a reward system, and has now upgraded its offerings with new features like the Money Club and an updated point system.
Key Highlights of Friend.Tech’s Version 2 Launch and FRIEND Token Airdrop
- Friend.Tech launched version 2 of its platform and airdropped its native token, FRIEND, on Friday, May 3, 2024.
- The FRIEND token saw a price surge to $169 but quickly dropped to $2.5, potentially due to liquidity challenges and a concentrated airdrop favoring top creators.
- Version 2 introduces new features like the Money Club and an updated point system, with approximately $29.8 million worth of crypto assets locked in Friend.Tech.
- Some users faced issues when claiming their airdrop, and the distribution appeared to prioritize leading creators over retail investors.
- A leaked smart contract indicates plans to launch non-transferable v2 tokens called POINTS, which may help maintain the tokenโs market price through a 1.5% transfer fee.
Understanding the Volatility and Developments at Friend.Tech
Upon its launch, the FRIEND token experienced notable price fluctuations, initially reaching $169 before sharply declining to $2.5. Market experts attribute this rapid drop to liquidity concerns, a pattern observed in similar cases like Renzoโs recent experience. Additionally, the targeted airdrop strategy, skewed towards prominent content creators rather than retail investors, likely contributed to the price instability.
Despite the bumpy start, Friend.Tech has established a presence in the Web3 landscape, with around $29.8 million in crypto assets secured on the platform. However, this amount represents a decline from the peak of $52.04 million recorded in early October.
The impending release of version 2 and anticipation surrounding the FRIEND token airdrop generated heightened engagement on the platform in the lead-up to the event. However, numerous users encountered difficulties when trying to access their airdrop, leading to community discontent. Feedback from analysts criticized the allocation of the airdrop, citing a disproportionate benefit to leading creators and a shortfall for retail investors. Friend.Tech has yet to address these concerns formally.
Looking forward, leaked information regarding a smart contract suggests that Friend.Tech is contemplating the introduction of non-transferable v2 tokens named POINTS. This strategic move, mirroring EigenLayerโs non-tradable EGEN token, aims to stabilize the tokenโs market value post-launch by imposing a 1.5% transfer fee. The platform intends to deter premature trading and transfers of tokens, except to specified whitelisted addresses.
As Friend.Tech maneuvers through the complexities of launching a native token and enhancing its functionalities, it maintains a significant position in the Web3 social media sector. With a commitment to community-driven content and offering exclusive privileges through social tokens, Friend.Tech appears primed to capitalize on the escalating interest in decentralized social networking.
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