The new native token for Web3 social media platform FriendTech has started trading on its native decentralized exchange on the Base network.
The Friend token currently trades at $3 with a circulating supply of about 14.5 million, according to DexScreener.
FriendTech, which launched last August on the Ethereum Layer 2 network Base, has gained prominence with its unique, invite-only networking service that leverages social tokens called “Keys” that give users access to exclusive chats and content from creators.
The token airdrop occurred simultaneously with the launch of FriendTech’s version 2 (v2), which offers users new features. These include “Clubs,” which are community spaces owned and operated by key holders. The keys to the Clubs will be transacted in Friend tokens, with a 1.5% fee to every transaction that goes to liquidity providers on its DEX.
Users are required to join one Club in addition to following at least 10 users on FriendTech to claim their airdropped tokens.
Originally scheduled for April 29, the token and v2 launch was postponed to Thursday. FriendTech announced on X on April 27 that it had completed the snapshot for the May 3 airdrop distribution.
FriendTech is the ninth-largest protocol on Base, with a total value locked of about $30 million, according to DeFiLlama.
