Bittime - The launch of Friend Tech v2 on the SocialFi friend.tech platform was marked by disappointment for many users. Previously, friend.tech also experienced problems when launching their official token, FRIEND, whose price fell by more than 98%.
Many Users Failed to Claim Airdrop
In fact, after months of development and a cost of $50 million from the initial version, this latest application is actually filled with various problems. More than 95% of users were unable to claim the airdrop in the first few hours after launch. As a result, the price of the FRIEND token was also affected.
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New Features Friend Tech v2
Friend Tech v2 introduces the FRIEND token and several new features. Interestingly, the Friend Tech v2 update launched "Clubs", which are communities consisting of members who own "keys".
Also read: Friend.tech Launches FRIEND Token Airdrop, Here's the Leaked Information!
Owners of these keys can use FRIEND tokens to elect community administrators. Additionally, Friend Tech announced that FRIEND transactions will be subject to a 1.5% fee. Revenue from these fees will be returned to the “farmers” and token owners.
Another new feature is the ETH/FRIEND liquidity pool. Users who add liquidity to this pool will be rewarded with a share of the pool's 1.5% swap fee, 1.5% trading fee revenue, and additional token rewards.
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Problems faced by users
Unfortunately, this change does little to address the issues users are experiencing when trying to claim airdrops. The large number of users scrambling to claim the airdrop made the application overwhelmed and inaccessible to many people.
Also read: DeFi Protocol Amphor Closes $4 Million Seed Funding Round, Ready to Bring DeFi to Retail Investors?
FRIEND Token Lag and Ambiguity Issues
Some users who were able to access the application, even though they managed to claim the airdrop, were unable to sell it because the application experienced lag.
To date, friend.tech has not made an official announcement about the launch of the FRIEND token or the project's tokenomics.
According to sources, the entire supply of friend.tech tokens is expected to be distributed to users. This is a significant amount compared to standard airdrops.
About Friend.tech
Friend.tech was launched on August 10, 2023, this platform is built on Base and carries the concept of "decentralization" and "token-driven." This means that Friend.tech seeks to give control and financial power back to content creators.
Creators can utilize Friend.tech to monetize their content or expertise. Community involvement and support is realized through "Keys" (shares).
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By owning Keys, fans can gain exclusive access to private chats, consultations, or other benefits offered by the creator.
Until October 4 2023, Friend.tech has attracted the attention of many parties. It recorded over 317,000 unique buyers, 314,000 unique creators, and revenue exceeding 11,000 ETH. This figure illustrates Friend.tech's great potential to become an influential player in the SocialFi application space.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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