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Decentralized social platform Friend.Tech made a splash on Friday with the launch of its highly anticipated version 2 and the airdrop of its native token.
What Happened: However, the initial excitement was quickly tempered by a dramatic price crash and technical issues plaguing the airdrop process.
Starting its trading journey on the Base network—a Coinbase-supported Layer-2 blockchain for Ethereum (CRYPTO: ETH)—the FRIEND token wicked to a high of $169.
However, the excitement was short-lived as it quickly retracted to trade below $1.30 at the time of writing, according to data from DexScreener.
Friend.Tech, which began operations in August of the previous year as an invite-only platform, has been known for rewarding user engagement with a points system.
The introduction of the Money Club is expected to enhance this model by providing a dedicated space for financial discussions and networking, further enriching the community experience.
Despite the buzz surrounding the version 2 launch and the FRIEND token airdrop—initially slated for April 20 but later adjusted—the platform’s total locked crypto assets have seen a decline.
From a peak of $52.04 million in early October, the value has dipped below $25 million, marking a 40% drop, according to data from DeFiLlama.
Also Read: Bitcoin Market In Distribution: Are We Nearing A Bottom?
The run-up to the release saw a flurry of activity as users anticipated the new features and token rewards. Yet, not all has gone smoothly post-launch.
The platform captured a snapshot last week for a 100% airdrop of the FRIEND token, but several users have encountered issues with claiming their tokens.
Dubai-based crypto analyst and trader Reetika Malik voiced her frustrations on social media platform X, stating, “I’m not selling my FRIEND airdrop (cause I can’t even claim it).”
These developments highlight the volatile nature of cryptocurrency projects and the challenges faced by platforms in managing user expectations and technical deployments.
What’s Next: As Friend.Tech navigates these hurdles, the broader implications of such innovations will be a key topic at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: MoonPay Partners With PayPal To Simplify Crypto Purchases For US Users
Image: Shutterstock
Posted In: $ETH
