{"id":77874,"date":"2024-05-02T08:35:26","date_gmt":"2024-05-02T12:35:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=77874"},"modified":"2024-05-02T08:35:29","modified_gmt":"2024-05-02T12:35:29","slug":"friend-tech-v2-airdrop-to-introduce-non-transferable-tokens","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/friend-tech-v2-airdrop-to-introduce-non-transferable-tokens\/","title":{"rendered":"Friend.tech v2 Airdrop to Introduce Non-Transferable Tokens"},"content":{"rendered":"\n

A disclosed smart contract indicates that version two of the decentralized social media platform<\/a> Friend.tech, which is preparing for its May 3 launch and airdrop, may contain controversial features, such as a non-transferable token.<\/p>\n\n\n\n

\"Friend.tech
Friend.tech v2 Airdrop to Introduce Non-Transferable Tokens<\/figcaption><\/figure>\n\n\n\n

A non-transferable token may be included in the airdrop of the Friend.tech v2 smart contracts, according to a May 2 X post citing pseudonymous decentralized finance (DeFi) researcher CBBOFE, who claims to have potentially discovered the smart contracts.<\/p>\n\n\n\n

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\u201cTicker is $POINT, not transferable unless to some whitelisted addresses. $POINT will be tradable on BunnySwap (FT native DEX).\u201d<\/p>\n<\/blockquote>\n\n\n\n

A non-transferable token restricts the ability of airdrop recipients, with the exception of specific whitelisted protocol addresses, to sell or exchange the currencies.<\/p>\n\n\n\n

The most effective restacking protocol, EigenLayer, has also made the decision to distribute an EIGEN airdrop token that cannot be transferred, which was a significant factor in the recent backlash against the company.<\/p>\n\n\n\n

In order to compel users to pay the 1.5% fee, Friend.tech rendered the token non-transferable, according to Kasper Vandeloock, quantitative crypto trader and advisor at X10 exchange\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n

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\u201cIf you can't transfer it, you are forced to sell it through them, which has the 1.5% fee\u2026 Which is kind of ironic, they bring this strong \u2018we are anti-VC\u2019 vibe to the table while being a profit factory for Paradigm.\u201d<\/p>\n<\/blockquote>\n\n\n\n

According to CBBFOE, the potential utility token of the future, POINTS, will enable the formation of social organizations on the platform for a possible platform fee of 1.5%:<\/p>\n\n\n\n

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\u201cNew smart-contract called Clubs. Anyone can create multiple clubs and a bonding curve among several options. 1.5% platform fee and 1.5% staking contract. Club keys are bought with $POINT.\u201d<\/p>\n<\/blockquote>\n\n\n\n

As an additional incentive, users who stake their Ether and Points tokens in the Friend.tech smart contract<\/a> will be granted the new tokens.<\/p>\n\n\n\n

Amid apprehension, crypto enthusiasts reacted against the announcement. MK, an anonymous cryptocurrency speculator, remarked:<\/p>\n\n\n\n

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\u201cI hate Eigen so much for starting this non-transferrable meta.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Although non-transferable tokens have generated considerable discontent within the community, they may prove advantageous for the cryptocurrency's long-term price movement, given that tokens typically experience substantial depreciation after airdrops.<\/p>\n\n\n\n

In less than eighteen hours after the airdrop, The Omni Network's OMNI token dropped 55% at the end of April, losing more than half of its market capitalization.<\/p>\n\n\n\n

Another example is Wormhole's token (W), which lost nearly 25% of its value in less than two hours following an airdrop on April 3. Since the airdrop, the token has declined by more than 47%, per CoinMarketCap.<\/p>\n","protected":false},"excerpt":{"rendered":"

A disclosed smart contract indicates that version two of the decentralized social media platform Friend.tech, which is preparing for its May 3 launch and airdrop, may contain controversial features, such as a non-transferable token. A non-transferable token may be included in the airdrop of the Friend.tech v2 smart contracts, according to a May 2 X […]<\/p>\n","protected":false},"author":36,"featured_media":77877,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[16612,19400,19399],"class_list":["post-77874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-friend-tech","tag-non-transferable-tokens","tag-v2-airdrop"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/codeZerosoekh50ja1693648534561.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/77874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=77874"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/77874\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/77877"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=77874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=77874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=77874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}