Friend.tech, a Web3 social platform, made headlines when its investors made a surprising decision to forego their rights to sell tokens to users. This move effectively handed full control over the funds to the users, a bold and unconventional step in the world of decentralized social media.
Despite experiencing a decline in both criticism and trading activity, Friend.tech users are eagerly anticipating an upcoming airdrop. The platform recently hinted at a major move, describing it as “the most dangerous mission” yet, sparking speculation and excitement among the community. The FT bunnies, the platform’s tokens, are said to be gearing up for this mission in the coming spring, promising a potential comeback for Friend.tech.
The announcement of giving users full control over their tokens has been met with overwhelmingly positive reactions from the community. Some have even dubbed it as the project’s “redemption arc,” suggesting that this bold move could be the turning point for Friend.tech.
On-chain data reveals a significant decline in daily user activity since Friend.tech reached its peak in September. The platform achieved an all-time high daily transaction count of 539,810 but has since seen a sharp decrease in demand. Recent statistics show a drastic drop in transaction volume, with daily transactions plummeting by over 99% from its peak.
In a bid to revitalize the platform, Friend.tech recently secured seed funding from Paradigm and entered into a partnership to develop tools for online social interactions and potential tokenization. DeFi analyst Miles Deutscher highlighted the effectiveness of airdrops as a marketing strategy to boost platform usage and generate buzz. However, despite these initiatives, skepticism lingers within the crypto community.
Some voices within the crypto space have raised concerns about the potential exploitation of the system and the risk of a pump-and-dump scheme. As Friend.tech navigates its way through these challenges and strives to regain its former glory, the crypto community watches closely, questioning the platform’s intentions and future prospects.
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