Web3 • May 3, 2024, 2:46AM EDT
Published 1 minute earlier on
Quick Take
- The native token for decentralized social platform Friend.Tech has opened up for trading.
- Friend.Tech requires users to fulfill in-platform prerequisites to become eligible for token claims.
The new native token for Web3 social media platform FriendTech has started trading on its native decentralized exchange on the Base network. The Friend token currently trades at $3 with a circulating supply of about 14.5 million, according to DexScreener. FriendTech, which launched last August on the Ethereum Layer 2 network Base, has gained prominence with its unique, invite-only networking service that leverages social tokens called “Keys” that give users access to exclusive chats and content from creators. The token airdrop occurred simultaneously with the launch of FriendTech’s version 2 (v2), which offers users new features. These include “Clubs,” which are community spaces owned and operated by key holders. The keys to the Clubs will be transacted in Friend tokens, with a 1.5% fee to every transaction that goes to liquidity providers on its DEX. Users are required to join one Club in addition to following at least 10 users on FriendTech to claim their airdropped tokens. Originally scheduled for April 29, the token and v2 launch was postponed to Thursday. FriendTech announced on X on April 27 that it had completed the snapshot for the May 3 airdrop distribution. FriendTech is the ninth-largest protocol on Base, with a total value locked of about $30 million, according to DeFiLlama. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.
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