Friend.Tech Token Plummets from $169 to $1.4 Following Airdrop

The team behind the decentralized social application Friend.Tech has launched the second version of its protocol along with the native token FRIEND, though the distribution has been less than smooth.

According to DEX Screener, the asset was launched on May 3 at approximately 6:00 (Kyiv/MSK). Within an hour, its price surged to $169, only to rapidly decline to $5-6. At the time of writing, FRIEND is trading at $1.4.

The token’s market capitalization is around $23 million, yet the liquidity of the pair is only $5.2 million. A trader known as mcSleuth pointed out that the Friend.Tech team added just $0.01 to the pool.

this has to be a joke, friendtech only added $0.01 in liquidity??

so first you milk your users with fees, then u get them to add liquidity so that they can dump on each other

top class team here https://t.co/yFXPwHcAlV pic.twitter.com/ckzqM5pMU5

— mcSleuth (@0xSleuth_) May 3, 2024

The airdrop was available to users included in the April 29 snapshot. However, many are now complaining about difficulties in claiming the tokens.

Literally all my @friendtech points are gone and I have 0 $friend to claim…?

Can someone explain wtf is going on here before I load up the Oppenheimer FUD atomic bomb scored by Hans Zimmer and drop it on everyone

— gino.eth ? (@GinoTheGhost) May 3, 2024

“Literally all my Friend.Tech points are gone, I claim zero FRIEND. Can someone explain what is happening here before I load an atomic FUD bomb and drop it on everyone?” wondered BlockTones co-founder and active decentralized social network user GinoTheGhost.

Some have complained about the poor technical execution of the airdrop. Even after meeting the necessary conditions for claiming, community members still could not retrieve their rewards.

Numerous people reporting that they have followed 10ppl and joined numerous clubs but still receiving “Join a club INCOMPLETE” when trying to claim the rest of the airdrop. @friendtech $friend $friends

— t3rm1nal (@DigitalAssett) May 3, 2024

The new features of Friend.Tech’s second version are also malfunctioning. The update introduced Money Club conference rooms for content creators to interact with their audience. However, Cryptoconstanza reported spending FRIEND to create 69 rooms, none of which appear in the interface.

YO @friendtech I CREATED LIKE 69 CLUBS AND SPEND $FRIEND ON THAT. THE CLUBS ARE NOT SHOWING YET I PAID WITH MY TOKENS?
HALP SUPPORT?! pic.twitter.com/UF3ivF8r4z

— cryptoconstanza ) ) ) (@69HermanGerman) May 3, 2024

“The app still looks terrible, works damn slow, and after eight months the only update we got is ‘clubs’ (which people use just to get and sell the airdrop),” wrote mcSleuth.

According to DeFi Llama, the total value locked in Friend.Tech is $23.63 million, having dropped by about $10 million in recent days. At its peak in October 2023, it reached $54 million.

Less than three weeks after its launch, some community members were already declaring the project “dead.”