Friend.tech v2 Airdrop: Exploring Non-Transferable Tokens
Friend.tech, a decentralized social media platform, is getting ready to launch its version two and airdrop on May 3. There are concerns about its smart contracts, as a leaked contract suggests the introduction of a non-transferable token. According to a decentralized finance (DeFi) researcher named CBBOFE, who claims to have found the smart contracts, the token with the airdrop, called $POINT, will not be transferable unless to certain whitelisted addresses. This means that recipients of the airdrop won’t be able to sell or exchange the coins, except for these specific addresses.
The decision to make the token non-transferable has garnered some controversy. Another protocol called EigenLayer also recently decided to issue a non-transferable token, which caused outrage among users. Friend.tech’s reasoning behind this move is to ensure that users pay a 1.5% fee. This fee can only be paid if the token cannot be transferred, forcing users to sell it through Friend.tech. Kasper Vandeloock, a quantitative crypto trader and adviser at X10 exchange, explained that this decision contradicts Friend.tech’s anti-VC stance, as it essentially turns them into a profit factory.
The non-transferable token, called POINTS, will serve as a utility token on the platform. It will enable users to create social clubs, but there will be a 1.5% platform fee associated with it. The tokens will be offered as rewards for users who stake their Ether and Points tokens in the Friend.tech smart contract. This announcement has caused concerns among crypto enthusiasts, with some expressing their dislike for non-transferable tokens.
While non-transferable tokens have faced criticism, they have the potential to benefit the long-term price action of the cryptocurrency. This is because tokens often experience significant declines after airdrops. For example, the OMNI token fell by 55% within 18 hours following an airdrop, and Wormhole’s token fell by nearly 25% only a few hours after its airdrop. By making tokens non-transferable, it reduces the selling pressure immediately after the airdrop, which could help stabilize the token’s price in the long run.
One of the reasons for introducing non-transferable tokens is to combat airdrop hunters who farm multiple airdrops with no intention of using the protocol long term. These hunters market sell the rewards they claim, which can negatively impact the token’s price. In 2023, it was discovered that a group of airdrop hunters consolidated $3.3 million worth of tokens from an airdrop into just two wallets that they controlled.
15 thoughts on “Friend.tech v2 Airdrop: Exploring Non-Transferable Tokens”
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I’m looking forward to seeing how non-transferable tokens will shape the future of airdrops and token distribution. 🌟
Non-transferable tokens might discourage short-term profit-seekers and attract more dedicated users to the platform. 🕊️
It’s impressive to see platforms like Friend.tech taking steps to address the issues caused by airdrop hunters.
I was hoping for a fair and decentralized platform, but it seems like Friend.tech is just another project trying to control us.
I understand the intentions behind non-transferable tokens, but I can see why some people are concerned. It’s a delicate balance.
Wow, I’m really excited about the upcoming launch of Friend.tech version two! 🚀 This platform seems to be making some interesting moves. 👍
I’m curious about this non-transferable token situation. It’s definitely generating a lot of buzz!
Non-transferable tokens might be a bold move, but it could also help maintain the value of the token in the long run. 📈
The idea behind non-transferable tokens might have some benefits, but overall, it feels like a step backward in the world of decentralized finance.
What a disappointment. I was excited about the airdrop, but now it feels like it’s not worth it. I want freedom and flexibility with my tokens, not restrictions.
I’m curious to see how non-transferable tokens will impact the overall token economy and user experience on Friend.tech.
Non-transferable tokens might be a polarizing topic, but it’s worth exploring the potential benefits they can bring.
Friend.tech’s decision to issue non-transferable tokens shows their commitment to preventing token manipulation. 👍
What’s the point of getting an airdrop if we can’t even sell or exchange the tokens freely? It’s like they’re trying to trap us into using their platform.
The debate around non-transferable tokens is an interesting one. Let’s see how it plays out in the crypto community.