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How chaotic is friend.tech’s coin issuance process?

BlockBeats2024/05/11 02:32
By:BlockBeats
Original title: 《It's been a messy launch for friend.tech's FRIEND token》
Original author: Protos Staff
Original translation: Frost, BlockBeats

Editor's note: Protos Staff tells the chaotic process of FRIEND's token issuance through this article, including various bugs when claiming airdrops and the phenomenon that the token even soared to $169 shortly after it went online. BlockBeats translated the original text as follows:

Judging from the recent reaction to the FRIEND airdrop, the SocialFi platform friend.tech has offended many users.


The FRIEND claiming process has become a selling competition, because some difficulties in claiming airdrops force users to use various methods to compete with each other.


100% of the tokens airdropped to the community means that there are no market makers to stabilize the price, resulting in the "PvP" phenomenon, where everyone is eager to sell their tokens.


Each user can only directly claim 10% of the allocated airdrop. To claim all of it, they need to join the "Money Club" and follow 10 other users on the V2 version of friend.tech.


Apparently, the V2 version of friend.tech is not as smooth as everyone expected.


Technical Glitch


Researcher 0xCygaar pointed out that the surge in traffic caused the backend of friend.tech to overload, but the team apparently did not take any measures to fix the overload.


According to reports, the proof used to check user qualifications also malfunctioned, and some community members even worked out instructions to manually claim all tokens through the Base block browser.



Once the malfunction in the claiming process is fixed, FRIEND will face greater selling pressure. Users who received more airdrops chose to sell their airdrops, including crypto KOLs such as Hsaka and CL .


Confusing airdrop information


friend.tech's official Twitter account was unusual during the airdrop, replacing detailed and serious instructions with jokes and memes.


Airdrop announcements are often subject to scam replies, impersonation of original accounts, and phishing targeting gullible victims.


Tim Copeland apologized for the phishing tweet he posted earlier. He suggested using DeFiLlama's plugin, which makes it easier to identify which tweets in the thread are free of phishing and malicious websites, and helps mark the promotion of scam tweets.



Read more: Seneca Protocol Hack Highlights Dangers of Ethereum Token Approval Mechanism


Airdrop Industrialization


Industrialized airdrop acquisition method is in preparation.


A community user shared a screenshot of how a user industrially obtained airdrops by purchasing followers and faking engagement.



Learn more: Are Friend.tech's Keys securities?


Currently, some people who oppose interacting with projects specifically for airdrops describe "airdrop parties" as "electronic beggars" and are dissatisfied with this behavior of getting free airdrops. However, some people believe that these "airdrop parties" put their own funds at risk in the new protocol and should therefore be rewarded with tokens.


False interaction indicators do not represent the real data of the project, but since many projects prefer to brag about high user numbers, trading volumes, and trading activities when seeking venture capital, perhaps they are willing to turn a blind eye to such false indicators.


As of this writing, FRIEND is trading at around $2.47, according to CoinMarketCap. DEX Screener data shows the token surged to $169 in just five minutes, two hours after opening.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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