• Friend.tech, a decentralized social media platform, is set to release version 2 with new features like Money Club points system and custom curves
• The platform has taken a snapshot for the anticipated 100% airdrop of its FRIEND token
• The total value locked (TVL) in Friend.tech is currently $347 million, down from its peak of $52 million in October 2023
Friend.tech, a decentralized social media platform built on Base, an Ethereum L2 incubated by Coinbase, is gearing up for the release of its version 2 and the highly anticipated airdrop of its native FRIEND token.
Overview of Friend.tech
The platform, which gained significant traction since its launch in August 2023, allows users to trade shares of social media personalities and earn points based on their activity within the app.
Upcoming Version 2 Release
As the launch of version 2 approaches, the Friend.tech team has taken a snapshot of points balances which will be used for the upcoming 100% airdrop of the FRIEND token. The exact date of the airdrop remains unknown but speculation suggests it could happen as early as next week when points balances go onchain.
The new version of Friend.tech introduces several features including Money Club which enables communities to manage shared treasuries and mint tradable onchain collectibles such as NFTs and meme coins. The platform is rolling out a new points system and custom curves allowing users to create their own engagement metrics. Small usability updates like customizable chat spaces with polls, raffles, and visual themes are also part of the v2 release.
Decline in Hype and Activity
Despite the initial hype surrounding Friend.tech which briefly made it one of the largest blockchain platforms, the excitement has somewhat subsided resulting in a decrease in active users. However, the announcement of version 2 has reignited interest in the platform leading to a spike in fees, trading, and activity earlier this month.
According to DeFi Llama, the total value locked (TVL) in Friend.tech currently stands at $347 million, a significant drop from its peak of $52 million in October 2023. Nonetheless, the platform has generated over $1.107 million in fees and $553 million in revenue to date.
Anticipation for FRIEND Token Airdrop
The Friend.tech community is eagerly anticipating the launch of version 2 and the airdrop of the FRIEND token, with many speculating about the potential price range of the token. As the number of users who have initiated at least one trade on the platform has risen to 903,837 and the cumulative total of transactions has reached 1.346 million, the stage is set for an exciting new chapter in the evolution of this innovative SocialFi protocol.
