Editor's note: Protos Staff used this article to describe the chaotic process of FRIEND's token issuance, including various bugs when claiming airdrops and the token's price soaring to $169 shortly after it went online. BlockBeats translated the original text as follows:
Judging from the reaction to the recent FRIEND airdrop, the SocialFi platform friend.tech has offended a lot of users.
The FRIEND claiming process turned into a selling competition, as some difficulties in claiming the airdrop forced users to use various methods to compete with each other.
100% of the tokens airdropped to the community means that there is no market maker to stabilize the price, leading to the "PvP" phenomenon, where everyone is eager to sell their tokens.
Each user can only directly receive 10% of the allocated airdrop. If you want to receive all of it, you need to join the "Money Club" and follow 10 other users on the V2 version of friend.tech.
Apparently, the V2 release of friend.tech didn't go as smoothly as everyone had hoped.
Technical failure
Researcher 0xCygaar noted that the surge in traffic caused friend.tech's backend to overload, but the team apparently did nothing to fix the overload.
The proof used to check user eligibility was also reportedly malfunctioning, with some community members even working out instructions to manually claim all tokens through the Base block explorer.
Once the failure of the claiming process is fixed, the selling pressure of FRIEND will increase. Users who received more airdrops have chosen to sell their airdrops, including crypto KOLs such as Hsaka and CL .
Airdrop information is confusing
The Official Twitter Twitter account of friend.tech was quite unconventional during the airdrop period, replacing detailed and serious explanations with jokes and emoticons.
Airdrop announcements are often subject to scam replies, impersonation of the original accounts, and phishing attempts targeting gullible victims.
Tim Copeland apologized for the phishing tweet he posted earlier. He suggested using DeFiLlama's plugin, which would make it easier to identify which tweets in a thread are free of phishing and malicious websites, and help flag the spread of scam tweets.
Read more: Seneca Protocol Hack Highlights Dangers of Ethereum’s Token Approval Mechanism
Airdrop Industrialization
The industrialized airdrop acquisition method is in the preparation stage.
A community user shared a screenshot of how one user industrialized the airdrop by purchasing followers and faking engagement.
Learn more: Is Friend.tech's Key a security?
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, others believe that these "airdrop parties" put their own funds at risk in the new protocol and should therefore receive token rewards.
Fake interaction metrics are not representative of a project’s true data, but since many projects would rather brag about high user numbers, transaction volumes, and trading activity when seeking venture capital, perhaps they are willing to turn a blind eye to such fake metrics.
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.
