In an unprecedented move within the cryptocurrency sphere, the investors behind the social platform friend.tech have announced their decision to relinquish their rights to sell tokens to users. This groundbreaking decision is coupled with the unveiling of their initiative to launch the platform's very own currency. The venture capital fund Paradigm, known for its strategic investments in innovative tech startups, played a pivotal role in propelling friend.tech forward with significant funding in August 2023.
The platform has since championed a radical shift in token management strategies, aiming to place control directly in the hands of its user base. This initiative was shared across various social media platforms, including a notable announcement on X (formerly known as Twitter), highlighting the investors' collective agreement to forego their token selling rights. This decision marks a significant milestone for friend.tech, positioning it at the forefront of one of the most ambitious experiments in the crypto realm.
Further emphasizing the community-driven approach, friend.tech plans to introduce a platform-specific currency, granting management and governance to its users. This move has garnered widespread support among the platform's followers, with one user, antho1404.eth, emphasizing the critical importance of blockchain identification and social ownership in expanding digital rights and opportunities for users.
Despite the buzz and anticipation surrounding the new currency, the friend.tech team has yet to disclose details regarding its name or the exact timeline for its availability to users. February 2024 saw the announcement of a potential airdrop amid a significant downturn in platform activity by 99.9%.
Launched in August 2023 alongside the Base main network, friend.tech quickly captured the interest and demand of its target audience. The same month saw an infusion of additional investments from Paradigm, further bolstering the project's market presence. However, by January 2024, the trading volumes on the platform had plummeted by over 95%. Ethereum co-founder Vitalik Buterin criticized the team for leveraging "speculative motives" to fuel the project's growth.
As of March 4, 2024, the trading volume on friend.tech was reported at approximately $35,000, according to Dune Analytics. This represents a 99% decrease from its peak value recorded in September 2023, indicating a significant shift in the platform's trading dynamics. This decision by friend.tech's investors to step back from token sales and focus on user-empowered currency management reflects a bold and innovative approach to cryptocurrency and platform governance, setting a new precedent in the industry.
