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Highlights
- Friend Tech might be eying a V2 upgrade
- An X user just leaked some details of the V2 smart contract
- The social network platform might be contemplating a grand rebirth
One crypto enthusiast revealed that he has found a possible V2 smart contract from Friend Tech, a social tokenization platform built on Base.
The Friend Tech Rebrand Plans
@Cbb0fe on X claimed not to be certain about what he had found but he provided a quick summary of his findings.
There might be an airdrop token called POINTS which would generally be non-transferable at first except to certain whitelisted addresses. However, it can be traded on Friend Tech’s native DEX, BunnySwap.
Might have found @friendtech v2 smart-contracts (could be pure psyops from FT team), quick summary:
– Ticker is $POINT, not transferable unless to some whitelisted addresses. $POINT will be tradable on BunnySwap (FT native DEX).
– New smart-contract called Clubs. Anyone can…
— CBB0FE (@Cbb0fe) May 2, 2024
This possible new version also comes with a smart contract called Clubs. With this feature, users can create social clubs, a bonding curve, or any other platform of their choice. A 1.5% platform fee as well as a 1.5% staking fee applies. Interested Club users are required to purchase “keys” with the POINTS token.
“Native DEX: BunnySwap. Uniswap V2 fork with 1.5% fee,” the Crypto X user added. “Staking contract (BestFriend SC): MasterChef fork. Stake POINT/ETH LP to earn $POINT.”
This information surfaced almost nine months after Friend Tech suffered a data leak that cost the Decentralized Application (DApp) its users’ trust.
Impact of The Friend Tech Data Leak
In August 2023, the new decentralized social network gained a lot of attention in the cryptocurrency industry after it amassed $1 million in fees on the first day of operation. Sadly, this turned to negative energy after an unknown Yearn Finance contributor, Banteg, revealed a significant breach of sensitive user data on GitHub.
About 101,000 individuals had their sensitive information leaked including details of their Base wallet addresses and Twitter identities. In no time, many users began to raise concerns about the platform’s price structures and revenue-generating tactics. For a platform that was initially lauded for its rapid development and ability to drive more significant Bitcoin usage, Friend Tech suffered a great blow.
Since that time, the decentralized social network appears to be making efforts to re-establish its position in the ecosystem. In the months that followed Friend Tech even recorded $50 million Total Value Locked (TVL) but it is yet to make a full comeback.
This information from @Cbb0fe may just be its strategy for a rebirth. Meanwhile, other decentralized social networks have sprung up recently and one of them is Lens Protocol.
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