An important turning point in the development of decentralised networking has been reached with the much-awaited release of the native token for FriendTech, a trailblazing Web3 social media platform. The Friend token has been formally introduced and is currently trading on its decentralised exchange (DEX), housed on the Base network, after months of research and preparation. According to market statistics gathered by DexScreener, the Friend token has a circulating supply of roughly 14.5 million tokens and is presently worth $3 per unit.
FriendTech has gained recognition for its creative use of social media, particularly for its premium networking service that makes use of social tokens called “Keys.” These Keys help users feel exclusive and part of the community by giving them access to authors’ premium material and specialised discussions. FriendTech first gained attention in August when it debuted on the Ethereum Layer 2 network Base, establishing itself as a pioneer in the rapidly developing field of decentralised social media.
FriendTech Conducts Token Airdrop Alongside Version 2 Launch
In a strategic move to engage and incentivize its user base, FriendTech has initiated a token airdrop concurrent with the rollout of its eagerly awaited version 2 (v2) platform. This latest iteration introduces users to a slew of new features aimed at enhancing their overall experience. One notable addition is the introduction of “Clubs,” designated community spaces owned and operated by key holders. Within these Clubs, users can engage in discussions, share content, and foster connections within their respective communities.
The platform’s native currency, known as “Friend tokens,” will be used to facilitate transactions within these Clubs. Liquidity providers on the DEX will get a modest 1.5% charge for each transaction. In order for users to take part in the token airdrop and retrieve their portion of tokens, they must meet certain requirements. This entails signing up for at least one Club and following ten or more users on the FriendTech platform in order to promote user participation and community engagement.
FriendTech Postpones the Release of Version 2 and Token, Gearing Up for Airdrop
Although the debut of FriendTech’s version 2 platform and token was originally scheduled for April 29, there has been a minor delay, and the launch is now scheduled for a later date. In its announcement on April 27, FriendTech stated that the postponement was necessary for further planning and optimisations. Still, FriendTech has confirmed that the required snapshot for the upcoming airdrop distribution—which is set for today, May 3—has been completed.
Even with this little setback, FriendTech is still a major player in the Base network ecosystem—it is now the ninth-largest protocol in terms of total value locked. DeFiLlama’s observations indicate that FriendTech has a remarkable total value locked of about $30 million, demonstrating its importance in the decentralised banking space. Stakeholders are excitedly awaiting the next phase of FriendTech’s mission to redefine social networking on the blockchain as they wait for the upcoming launch and airdrop.
