Friend.tech’s Native Token Launch Hits Roadblocks

Social crypto platform Friend.tech has launched its new native token alongside version two (V2) of the decentralized social media. However, the rollout has encountered several issues.

FRIEND tokens were anticipated in an airdrop for users included in an April snapshot, but many have found it difficult to claim their tokens. Frustrated users have taken to social media to voice their concerns. One Twitter user expressed, “Literally all my friend.tech points are gone, and I have 0 FRIEND to claim?” Another user lamented the inability to sell the airdropped tokens due to claim issues.

Friend.tech, which debuted in August 2023, has quickly oscillated between hype and criticism. The platform operates on the Ethereum layer-2 scaling network Base, enabling users to buy and sell “keys” linked to Twitter accounts.

With the introduction of V2, Friend.tech also launched community-owned spaces known as Clubs, managed by key holders. However, the transition has not been smooth. Those who succeeded in claiming their tokens witnessed a drastic price drop—46% in under four hours, plunging from $2.78 to $1.49, as per CoinGecko. The community speculates that the developers’ minimal liquidity addition of just $0.01 significantly contributed to the rapid devaluation.

Furthermore, technical difficulties with the Clubs feature have added to the platform’s woes. Users reported issues with club membership recognition and visibility of newly formed clubs, essential for qualifying for the airdrop. Discontent is mounting, with users openly criticizing the platform. “This shitty SocialFi app is still not verifying the join club step,” one user complained, adding, “I hate Friendtech.”

This series of setbacks has caused disillusionment among the community, once enthusiastic supporters of what was considered a rising star in the Web3 space. Some are even threatening to sell their tokens as soon as they are received. Reflecting on the situation, a Twitter user remarked, “Here we are after V2, app still looks like shit, is slow as fuck, and after 8 months the only update we got was ‘clubs’.”

Friend.tech’s ambitious V2 launch has unfortunately been marred by technical issues and community dissatisfaction. The rapid decline in the token’s value and the operational hiccups with new features highlight the challenges decentralized platforms face in maintaining user trust and functionality.