Although the social platform Friend Tech is full of controversies, it has set the benchmark for "SocialFi" (social finance) in the past year and has also influenced the development of many subsequent innovative applications. Many communities have indeed established meaningful social circles on the platform, and people also expect that these solid foundations can bring a bright future to Friend Tech's currency issuance.
Table of contents
ToggleFriendTech issued coins, but the community was unable to claim the full amount
On May 3, Friend Tech (FT) opened the application for token FRIEND. Many users on Twitter reported that "all applications cannot be applied". The application page also failed for a time, preventing many people from obtaining tokens.
As a result, FRIEND dropped from the opening integer price to the 0.8 level, cut in half and then cut in half; it was $1.24 at the time of writing . In anticipation of the airdrop, communities that traded against each other also expressed "miserable losses." Worse still, the deep friendships they thought were forged here were dishonored.
Twitter celebrity Ignas: Friend Tech V2 was a big failure
Twitter celebrity Ignas commented that Friend Tech V2 turned out to be a huge failure, so disappointing. Friend Tech clearly has what it takes to reach a $1 billion market cap and, more importantly, expand their audience beyond the crypto.
Ignas thinks Friend Tech's development capabilities are exaggerated. After eight months of development, Friend Tech just needed to make sure the program worked, but the v2 app was completely unusable.
Instead of focusing on building a solid product, they write crap about X.
Although this would have been forgivable if they had actually completed the product.
Is this their strategy all along? Let people sell FRIEND in preparation for real upgrades to bring prices back up? At this point, Ignas said, this strategy wouldn't surprise me. But Friend Tech let the opportunity slip away.
He said he has an active community of friends on Friend Tech, but it would be a shame if it all went to waste.
Friend Tech V2 turned out to be a massive flop.
It's beyond disappointing.
They had everything to reach a $1 billion market cap and, more importantly, expand their audience beyond crypto natives.
After 8 months of development, all they needed to do was ensure the app was…
— Ignas | DeFi Research (@DefiIgnas) May 3, 2024
