Tech
Friend.tech Investors Grant Users Full Control of Tokens During Recovery Efforts
Friend.tech, a social media platform powered by Web3, has revealed that its investors have unanimously decided to waive the right to sell tokens to users, giving them full control over the funds.
The decentralized social media protocol gained a lot of attention last year, but has recently been on the decline.
Friend.tech is looking for a comeback
Friend.tech users have speculated about a possible comeback, fueled by anticipation of an imminent airdrop amid criticism and declining trading activity.
In a recent sendThe platform hinted at a bold move, describing it as “the most dangerous mission” yet. The statement indicated that FT bunnies, a reference to the platform’s tokens, are preparing for this mission next spring.
Friend.tech’s announcement to give users full control over their tokens has been met with great positivity from the community, with some saying this is now the project’s “redemption arc.”
On-chain data reveals a sharp decline in daily user activity since Friend.tech peaked on September 13, hitting a peak daily transaction count of 539,810. Demand for the platform has since declined significantly.
Further analysis of Cryptokoryo control Panel highlights the extent of the decline. Just yesterday, Friend.tech recorded 584 transactions, a staggering drop of over 99% from its peak volume.
Data from Dune analytics shows that the protocol’s total fees are now at 16,201.432 ETH, with cumulative transactions at 12,836,889. Over the past 24 hours, the total number of transactions made between unique active wallets (UAW) has reached 4,740, up 709.56%, with UAW now at 735, up 290%. Volume is also on the rise, now at $748.14K.
Friend.tech’s strategic recovery
Friend.tech has been trying to make a comeback. Its struggles have not escaped the attention of the crypto community, with one prominent figure commenting, “Looks like they’re finally feeling the heat and trying to stay relevant.”
The protocol recently received seed funding from Paradigm and partnered with it to develop tools for online social interactions, including potential tokenization. According to DeFi analyst Miles Deutscher, the funding round included “warrant tokens,” hinting at the potential for a future asset. He emphasized the effectiveness of airdrops as a marketing strategy to generate buzz and drive usage of the platform.
Despite the platform’s initiatives, skepticism remains within the crypto community, with concerns raised about the potential exploitation of the system and the risk of a pump-and-dump scheme.