Web3 social media platform FriendTech’s new native token has begun trading on the Base network’s native decentralized exchange.
According to DexScreener, the Friend token is currently trading at $3 with a circulating supply of approximately 14.5 million.
FriendTech, which launched last August on the Ethereum Layer 2 network base, rose to prominence as a unique invitation-only networking service that leverages social tokens called “Keys” that give users access to exclusive chats and content from creators.
The token airdrop coincided with the release of FriendTech version 2 (v2), which brings new features to users. This includes “clubs,” which are community spaces owned and operated by key holders. The club’s keys are traded in Friend tokens, and a 1.5% fee is charged for every transaction passed to the DEX’s liquidity provider.
To receive airdrop tokens, users must join one club in addition to following at least 10 users on FriendTech.
The token and v2 launch, originally scheduled for April 29, has been postponed to Thursday. Friend Tech presentation On April 27th, X announced that it had completed the snapshot for the May 3rd airdrop distribution.
According to DeFiLlama, FriendTech is the 9th largest protocol on Base, with a total value of approximately $30 million.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.