Friend.Tech Drops New Version and Airdrops Native FRIEND Token

Friend.Tech, a platform based on Base, launched version 2 with its native token, FRIEND, on May 3, 2024. The token's initial surge to $169 was followed by a sharp decline to $2.5 due to liquidity issues and an airdrop favoring creators. Despite this, Friend.Tech has gained traction with $29.8 million locked in the platform.

Friend.Tech Unveils Version 2.0 and Airdrops Native FRIEND Token

NEW YORK, May 3, 2024 - Friend.Tech, a decentralized social platform built on Coinbase's Ethereum-based layer-2 blockchain Base, has announced the launch of version 2.0 of its platform alongside the highly anticipated airdrop of its native token, FRIEND.

Airdrop and Token Launch

The FRIEND token was airdropped to the platform's users on Friday, May 3, 2024, marking a significant milestone in Friend.Tech's development. Initially launched in August 2023 as an invite-only service with a reward point system, the platform has witnessed substantial growth and the introduction of new features.

Version 2.0 Enhancements

Version 2.0 of Friend.Tech brings forth an array of new features, including the Money Club and an updated point system. The Money Club is designed to facilitate the exchange of FRIEND tokens for exclusive perks and services within the Friend.Tech ecosystem. The point system has also been revised to provide users with more opportunities to earn rewards for their contributions to the platform.

Token Volatility and Market Conditions

Upon its launch, the FRIEND token experienced significant price volatility, surging to $169 before rapidly plummeting to $2.5. Experts attribute this volatility to potential liquidity issues and the concentrated airdrop, which may have disproportionately favored leading creators over retail investors.

Platform Traction and Expansion

Despite the initial price fluctuations, Friend.Tech has garnered considerable attention within the Web3 space. With crypto assets worth $29.8 million locked in the platform, Friend.Tech has established itself as a formidable player in the decentralized social media landscape.

Claims and Distribution Issues

Some users have reported encountering issues when claiming their airdropped tokens, leading to frustration among the community. Additionally, the distribution of the airdrop has drawn criticism, with allegations suggesting that leading creators received a disproportionate share of tokens compared to retail investors. Friend.Tech has yet to comment on these matters.

Smart Contract Leak and Future Plans

A leaked smart contract has revealed Friend.Tech's potential plans to introduce non-transferable v2 tokens known as POINTS. This move, mirroring EigenLayer's non-transferable EGEN token, is believed to be an attempt to stabilize the token's market price post-launch. By imposing a 1.5% fee on token transfers, Friend.Tech aims to deter early sales and exchanges, except through designated whitelisted addresses.

Outlook for Friend.Tech

As Friend.Tech navigates the challenges associated with launching a native token and implementing new features, it remains a prominent force in the Web3 social media arena. With its emphasis on community-driven content and exclusive access through social tokens, Friend.Tech is poised to capitalize on the growing demand for decentralized social networking platforms.