After Friend.techs failure, SocialFi must cross the chasm to succeed

In the wake of Friend.techs collapse, Cointelegraph spoke with industry leaders to find out what went wrong and what comes next.

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Friend.tech team sold $52M in 6 months, faces rug pull allegations

The Friend.tech team said on Sept. 10 that it has no plans to discontinue its website application. 

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Friend.tech Faces Uncertainty As $FRIEND Token Drops 40% Amid Smart Contract Renouncement

Once a top SocialFi project backed by tier 1 venture capital firm Paradigm, Friend.tech $FRIEND is now facing serious challenges. Today, the $FRIEND token experienced a significant drop of 40%, leaving investors increasingly concerned about the future of the project. The price decline comes on the heels of the development […]

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Thailand launches regulatory sandbox to test crypto services

Thailand has been moving toward a more crypto-friendly stance throughout 2024, approving a Bitcoin ETF, initiating tax breaks for crypto and more.

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Tangem and Visa Unveil Revolutionary Crypto Payment Card for Europe

Tangem has partnered with Visa to introduce a new card that combines the convenience of a traditional payment card with the security of a hardware wallet.

The post Tangem and Visa Unveil Revolutionary Crypto Payment Card for Europe appeared first on Crypto Breaking News.

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Exciting Summer Promotion: Save 20% on Ledger Nano Color Wallets

The Ledger vibrant summer promotion, running from July 3rd to July 10th. This limited-time offer allows you to save 20% on all Ledger Nano color wallets.

The post Exciting Summer Promotion: Save 20% on Ledger Nano Color Wallets appeared first on Crypto Breaking News.

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Discover Tangem Wallet and Get 10% Off with Promo Code CRYPTO

Enter the Tangem Wallet, a revolutionary device designed to provide unparalleled security and convenience for your digital assets. Get 10% off.

The post Discover Tangem Wallet and Get 10% Off with Promo Code CRYPTO appeared first on Crypto Breaking News.

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Tangem Launches Worlds First Ring Hardware Wallet

Pre-order the Tangem Ring by 30th July to enjoy your first three swaps at floating rates with 0% processing fees by using a special promo code.

The post Tangem Launches World’s First Ring Hardware Wallet appeared first on Crypto Breaking News.

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Friend.tech To Exit Coinbase L2 Base, Announces Migration To New Blockchain

The decentralized social network Friend.tech has unveiled plans to move from Coinbases Layer 2 blockchain Base to its proprietary network, Friendchain. This development will come as part of the platforms collaboration with Conduit, a crypto infrastructure service provider. When Will The New Friend.tech Blockchain Launch? In a June 8th post on X, web3 social platform Friend.tech revealed its plans to create a new blockchain dubbed Friendchain, winding down its partnership with the Coinbase-incubated Base network. According to the announcement, Friendchain is a proprietary blockchain that will utilize the recently launched FRIEND token as a fully transferable gas token. Related Reading: Is A Bitcoin Crash Below $50,000 Still Possible? Crypto Analyst Shares The Possibilities Although the decentralized platforms team didn’t disclose a timeline for the network migration, the announcement did say that users will be kept abreast of relevant information over the coming months. It can be deduced from Friend.techs message that the Friendchain mainnet migration could take months. We’re pleased to be working with @conduitxyz on Friendchain, our own blockchain that uses $FRIEND as a fully transferable gas token. We’ll keep you up-to-date with all the info you need over the coming months as we build out this exciting new chapter. pic.twitter.com/HRa26vfFEX friend.tech (@friendtech) June 8, 2024 However, this development isn’t exactly a surprise, considering that the Friend.tech co-founder Racer had publicly expressed the desire to move the decentralized social platform off Base in late May. In a now-inaccessible post on X, Racer said about Friend.tech teams shaky relationship with Base: Farcaster investors went apeshit smearing us when we launched because they misunderstood what we were doing. Pushed it really hard on their team and users and the relationship has been downhill since then with us getting ostracized from anything that is for the ‘Base community. Following its launch in August 2023, Friend.tech was quick to establish itself as one of the top decentralized applications (dApps) on the Base network. However, the social platform has seen user interest and engagement cool off in recent months. FRIEND Rallies 17% After New Blockchain Announcement After Racer hinted at a possible exit from Base, the value of the FRIEND token plunged by 20%. This somewhat compounded the unfavorable sentiment around the token after ITS largely unsuccessful airdrop in May. Related Reading: Dogecoin Price Prediction: Analyst Forecasts Meteoric 21,700% Rise To $17, Heres When This time around, though, the latest confirmation of Friendchain had a rather positive impact on the price of FRIEND. According to data from CoinGecko, the cryptocurrency jumped more than 17% following the recent announcement, reaching $1 at some point. As of this writing, the FRIEND token is valued at $0.93, reflecting an 8% price increase in the past day. However, this latest price spike has not been enough to wipe the tokens loss on the weekly timeframe. Featured image from Fortune, chart from TradingView

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Friend Tech Sees Sharp Decline Despite Daily Gain, Major Investor Faces Losses

Despite a 10% increase in value today, Friend Tech has faced a significant decline over the past month, dropping 57% in the last 30 days and 21% in the past week. On-chain reports from data tracking platform Lookonchain reveal that prominent investor Machi Big Brother (@machibigbrother) has been actively purchasing […]

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Friend.techs plan to develop own blockchain leaves users confused

Decentralized social media platform Friend.tech has announced it will be teaming up with Conduit to develop its own blockchain, Friendchain.

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Friend.tech develops Friendchain, uses $FRIEND as gas token

Friend.tech introduces Friendchain, which will use $FRIEND as its gas token. Users can also participate in the testnet event for potential rewards.

The post Friend.tech develops Friendchain, uses $FRIEND as gas token appeared first on Crypto Briefing.

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Whales Continue To Accumulate $FRIEND Despite Price Decline

Despite experiencing a 7% decline in value today, the cryptocurrency token $FRIEND is witnessing increased accumulation by whales, signaling growing investor interest in the project. This trend is evident as on-chain data reveals notable inflows into the $FRIEND ecosystem. Machi Big Brother, a prominent figure in the cryptocurrency space, has […]

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OpenAI disregards expert advice to launch excessively friendly ChatGPT

OpenAI Faces Backlash for Releasing Overly Agreeable ChatGPT Model OpenAI has sparked controversy after disregarding concerns from experts and launching a new version of its ChatGPT model that exhibits overly agreeable behavior. The decision to release this model, despite warnings from various specialists, has raised questions about the potential consequences of promoting such compliant artificial [...]

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Uniswap Founder Shares His Two Cents On Good Token Distributions

Hayden Adams, founder of the Uniswap protocol, has shared his opinion on what characterizes a good distribution or rollout of a token. In a recent post on the X platform, the prominent crypto figure listed 10 qualities of good token distributions, highlighting the complexities surrounding the launch of a cryptocurrency. Uniswap Founder Gives Opinion On Good Token Distributions Adams began his take on good token distributions by stating that projects should allocate tokens, not points to the community. This phrase implies that participants should receive actual tokens that hold value within a particular ecosystem or on a network, instead of receiving points that may have limited utility. Secondly, Adams warned against creating ambiguity or being vague about a token distribution to increase the number of participants or to farm the farmers. A good token distribution practice includes sharing real details when ready, according to the Uniswap founder. Related Reading: Crypto Expert Arthur Hayes Says Bitcoin Has Found Its Local Bottom But Can It Hold This Level? Additionally, Adams criticized low float tokens, while calling them malicious. The prominent DeFi figure urged project teams to ensure sufficient tokens are available in circulation to prevent manipulation and allow genuine price discovery. Adams also discouraged hyping a tokens price and how it will skyrocket before it launches. The founder believes hiring an influencer or a marketing company to promote a tokens value only depicts a get-rich-quick scheme rather than a genuine attempt at building real value. Whats more, the Uniswap founder stressed the importance of free token airdrops during token distributions. Dont be stingy – give a significant amount away. If you dont think the community deserves a significant amount, dont release a token, Adams said in his post. Ultimately, Adams advised new crypto projects to be careful and thoughtful in their decision-making to avoid making mistakes that might put them at odds with the crypto community. Create something youre proud of and stand behind it, the Uniswap founder added. A Jab At Friend.tech and its FRIEND? At the beginning of his post, the Uniswap founder clearly stated that the opinion is not aimed at any specific project. However, the timing is interesting, especially after social media platform Friend.techs unsuccessful token airdrop. Related Reading: Injective (INJ) Price In Danger If It Falls To Crucial Support Level: Analyst On Friday, May 3rd, Friend.tech airdropped its new FRIEND tokens to users in conjunction with the launch of the protocols version 2. While the tokens value quickly rose to $167 after launch, FRIENDs price nosedived to below $2 within a few hours. Analysts pinpointed liquidity issues and a mass sell-off as the primary reasons behind the downturn of FRIEND and, ultimately, the ineffectual token launch. Moreover, many users complained about how challenging it was to claim the token airdrop, as technical drawbacks reportedly frustrated the process. UNI price stalls at $7.5 on the daily timeframe | Source: UNIUSDT chart on TradingView Featured image from Shutterstock, chart from TradingView

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Crypto-Friendly Democrats Withdraw Support for Stablecoin Bill at the Eleventh Hour

After initially showing bipartisan support, Democrats have withdrawn their backing for a Republican-backed stablecoin bill. This move signifies a shift in the political landscape surrounding stablecoins. The bill aimed to regulate stablecoins, digital assets pegged to a stable reserve of assets, by requiring issuers to obtain a banking charter and abide by regulations set by [...]

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Deribit plans expansion in the US under crypto-friendly Trump administration: Financial Times

Deribit, a leading cryptocurrency exchange, announces its expansion into the United States despite concerns over potential crypto regulation under the Trump administration. The move comes as a bold step forward for the exchange, aiming to broaden its reach and cater to the growing demand for crypto trading services in the US market. Despite the uncertain [...]

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Friend.tech Token Launch Turns Into A Nightmare As Price Dives 98%

The decentralized social network Friend.tech, launched in August 2023, is facing a significant setback as its native token, FRIEND, experiences a staggering 98.5% drop in value.  Investors who participated in the recent airdrop of FRIEND tokens have expressed serious concerns about the development, highlighting issues with token claiming and app functionality. Investors Hit Hard As FRIEND Token Crashes Upon its debut, the FRIEND token entered the market with a trading price of $169 per token, attracting 18,000 holders, and boasting a circulating supply of 14 million tokens.  However, the current trading price has plummeted to approximately $1.26, resulting in a market cap of $27.7 million and liquidity of $5.4 million, according to DexScreener data, leaving many investors frustrated.  Related Reading: Why This Crypto Bull Run Might Not Live Up To The Past: Analyst The airdrop process, which aimed to distribute tokens to the community, has faced its fair share of challenges. Users on social media site X (formerly Twitter) expressed frustration over the declining value of their airdropped tokens.  Some claimants experienced difficulties claiming their tokens, while others reported watching the value of their holdings diminish significantly in hours.  One user even accused a prominent figure of orchestrating a rug pull, further fueling the community’s discontent.  DeFi Researcher Slams Friend.tech V2 Launch Despite the current downturn, some crypto analysts predict a potential recovery for the FRIEND token. Notably, crypto analyst Daan Crypto Trades suggests that the token’s value may rise in the future, emphasizing that market sentiment may change once users start to see returns on their investments. However, concerns remain regarding the functionality of the Friend.tech app, which experienced significant issues during its initial weeks. DeFi researcher DeFi Ignas expressed disappointment in Friend.tech’s V2 launch, describing it as a massive flop. Ignas criticized the app’s usability issues and questioned whether the team’s focus was misplaced during development. Speculation arose regarding whether the team deliberately orchestrated a price decline to prompt a subsequent surge in value. Related Reading: Bitcoin Update: $120 Million Futures Liquidated As Price Takes A Beating Despite this, the self-proclaimed number one creator on Friend.tech’s platform, using the pseudonym “Captain Levi,” stated the following in support of the token: The dump is brutal but actually healthy as jeeters sell at heavily discounted prices while real users have not even waken up to the full potential of V2 and money clubs given the app barely works. think we already saw bottom and price should slowly recover as users buy clubs As Friend.tech grapples with the challenges surrounding the FRIEND token, the crypto community eagerly awaits improvements in app functionality and a potential revival of the token’s value.  Featured image from Shutterstock, chart from TradingView.com

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Biggest Friend.tech whale dumps tokens as users struggle to claim airdrop

The largest Friend.tech whale has sold all their holdings, causing the new token to fall over 50% in value while other users can still not claim the airdrop.

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Friend.tech Co-Founder Hints at Departure From Base, Token Falls 30%

Friend.tech's token price plummets after co-founder X's post expressing intent to leave Base, the Ethereum L2 network hosting the project.

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