Friend.tech, a decentralized social media platform built on Base, the Coinbase-incubated Ethereum L2, is gearing up for the launch of version 2 and the highly anticipated airdrop of its native FRIEND token.
The platform, which has gained significant traction since its launch in August 2023, allows users to trade ‘shares’ from social media personalities and earn points based on in-app activity.
TLDR
- Friend.tech, a blockchain-based social app, is preparing to launch version 2 with new features such as Money Club, points system, and custom curves.
- The platform has taken a snapshot of the expected 100% airdrop of FRIEND tokens.
- Friend.tech allows users to trade “shares” of social media personalities and earn points based on their activity.
- Friend.tech’s total value at lock (TVL) is now $34.7 million, down from a high of $52 million in October 2023.
- The community is speculating about the price range of the upcoming FRIEND token airdrop.
As we get closer to the release of version 2, the Friend.tech team has taken a snapshot of the points balance that will be used for the upcoming 100% airdrop of FRIEND tokens.
The exact date of the airdrop is not yet known, but there is speculation that it could occur early next week when point balances are transferred on-chain.
Edit data ????
Snapshot completed ????Because your points balance is fixed, disconnecting or reconnecting to Twitter will no longer transfer your points. Find out next week when your points will be chained.
If you have any issues with your in-app balance, please contact us at support@friend.tech.
— friend.tech (@friendtech) April 26, 2024
The new version of Friend.tech introduces several features, including Money Club, which allows the community to manage shared vaults and mint-tradable on-chain collectibles such as NFTs and meme coins.
The platform is rolling out a new points system and custom curves to allow users to create their own engagement metrics. Smaller usability updates such as surveys, sweepstakes, and customizable chat spaces with visual themes are also part of the v2 release.
Despite the initial hype surrounding Friend.tech, which has established itself as one of the largest blockchain platforms for a while, the excitement has died down somewhat and active users have declined.
However, the announcement of version 2 reignited interest in the platform, leading to a surge in fees, transactions and activity earlier this month.
According to DeFi Llama, Friend.tech’s total value locked (TVL) currently stands at $34.7 million, down significantly from its peak of $52 million in October 2023.
Nonetheless, the platform has generated over $110.7 million in fees and $55.3 million in revenue to date, with its highest daily fee recorded at $757,100 on April 8, 2024.
The Friend.tech community is eagerly anticipating the release of version 2 and airdrop of the FRIEND token, and many are speculating about the token’s potential price range.
With the number of users who have initiated at least one transaction on the platform growing to 903,837 and the cumulative transaction total reaching 13.46 million, the stage is set for an exciting new chapter in the evolution of this groundbreaking SocialFi protocol.