decrypt.co
Social crypto platform Friend.tech has bounced back 23% in the past 24 hours, after last week's launch of its token and version two (V2) of its platform didn’t go to plan.
Last week, the Friend.tech community was in uproar. The airdrop of FRIEND tokens was anything but smooth. Users reported that the claiming process was buggy, and that some new features brought in with V2 didn't work.
Many who were able to claim their tokens appeared to be immediately selling off their tokens, with FRIEND's price tanking 46% from $2.78 to $1.49 in less than four hours, according to CoinGecko.
Since then, Friend.tech is up around 60% to $2.38. In part, the community believes this is due to those who simply farmed the airdrop having immediately sold, leaving the market. However, the SocialFi platform has also made a number of changes to the platform to the joy of the community.
$FRIEND airdrop sellers out, friends in, $10 soon
$1B+ for top 3 social app in crypto is the minimum pic.twitter.com/8HsdGCTVPM
— Ansem 🐂🀄️ (@blknoiz06) May 10, 2024
In the coming days, Friend.tech will begin giving a percentage of protocol fees to Club Presidents—a new feature in V2. The project has also added a new price curve option for joining clubs, in an attempt to encourage the formation of larger clubs.
Additionally, Friend.tech is allowing any developer to build on top of the platform using a contract on Base. This has already resulted in a Pump.fun spin-off for Friend.tech, called Fren.trade. It's worth noting that the Friend.tech team will not be auditing any of these products built on top of the crypto social media game.
In the 12 hours since the announcement, FRIEND has jumped by double digits, amid a broader upturn from the token. A sigh of relief for Friend.tech fans after last week's troublesome launch.