Excitement grows with airdrop requests and the release of version 2

• Friend.tech, the social media app on Base, has launched version 2 (V2) and distributed its FRIEND token to its first users.
• The event did not go smoothly, with several eligible airdrop recipients unable to claim their tokens and the first recipients dumping all their tokens and dropping the price.

FriendTech, the decentralized social media app that launched to wide reception and has quickly become a cryptocurrency industry darling, has launched its version 2 and airdropped its FRIEND token.

The platform launched last August and was an instant success, for a short time overcoming Bitcoin and Uniswap for transaction fees and bringing the Basic Layer 2 network to the mainstream, as reported by Crytpo News Flash. However, shortly after, the hype faded and by the end of the year, few were using it.

To reignite the buzz, the developers of the social media project announced that they would launch the FRIEND token in late April before delaying it to May 3. They kept their word and distributed 13,349,967 FRIEND tokens to early adopters of its platform.

However, the airdrop and launch of the V2 did not go as planned. For starters, several users were unable to claim their tokens, prompting X’s outrage. One of these offended users, famed cryptocurrency investor and analyst Luke Martin, he wrote:

I watch the value of my airdrop go from 7 figs to 5 figs in the span of 2 hours as I keep refreshing the page trying to claim…still can’t claim. Meanwhile I have to watch this guy cash out while my wallet doesn’t even charge. He adds insult to injury.

Many others expressed similar sentiments. A user complained: “Literally all my friend.tech points are gone, and I have 0 FRIENDS to claim?”

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Friend.tech airdrop goes wrong, V2 glitch

Beyond the airdrop issues, FRIEND tokens are off to a horrible start. Second DexScreenerthe token launched at around $3 and rose rapidly, hitting a high of $18.3 shortly thereafter (it also reached a high of $169, but only for a few seconds before normal market conditions resumed).

However, once users started receiving the tokens, some immediately abandoned them, causing the price to plummet. As of this writing, FRIEND is trading at $1.19.

The largest airdrop recipient, known only as Murphys1d, received 50,000 FRIEND tokens and immediately dumped them, drawing the ire of the entire Friend.tech community.

However, whale dumping in the community is nothing new. Each launch is followed by an immediate dump from a growing group of launch farmers. According to Andy Lian, an industry expert, this should not faze true believers in the underlying value of blockchain. He told an outlet:

While it may cause a short-term price drop due to increased supply and potential panic selling, it does not always mean a long-term downward trend. For me that’s a good thing […] The sell-off would mean a more decentralized distribution of tokens. Wider distribution reduces the risk of a single entity having too much control over the project.

It’s not just airdrop glitches and token dumps that plague Friend.tech. The most recent version of the project, V2, launched with major problems. Users interested in the Club feature were unable to access it with V2.

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