Is Friend.Tech V2 Release on Track for the Token Airdrop?

• Anticipation surrounds Friend.Tech’s v2 release and the expected ‘FRIEND’ token airdrop today.
• This SocialFi dApp stands with a TVL (total value locked) of over $35 million.

Friend.Tech, a widely popular web3 social app, is all set to roll out V2 release today (Monday), signaling its move beyond X (Twitter). Anticipation mounts within the community as they await updates on the potential FRIEND token airdrop.

This SocialFi protocol, dubbed the “marketplace for your friends,” went viral in August 2023 on Coinbase’s L2 blockchain Base. Through the dApp, users could earn points by holding and trading “keys” (shares) of X profiles. Based on users’ activity on the app, they were rewarded with points. It appears that these points are likely to sync with the airdrop of FRIEND tokens.

Quick Overview of Friend.Tech’s Key Metrics

Amid the anticipation for the v2 release and the possibility of a FRIEND token airdrop, the total value locked (TVL) in Friend.Tech rose to $41.82 million on April 10th. However, this is comparatively lower than the peaks it reached in November ($47.97 million) and October ($52.04 million) last year. 

As of the time of writing, the TVL stands at $34.7 million, having seen a 16% drop from its peak in April, according to DeFiLlama data.

Till date, Friend.tech has generated over $110.7 million in fees and $55,3 in revenue, as per data on Dune. Zooming in, the maximum level of daily fees was recorded in April — $757.1K on April 8. 

Meanwhile, the count of users who have initiated at least one trade on Friend.Tech has risen to 903,837. Moreover, the protocol has handled a cumulative total of 13.46 million transactions.

The SocialFi-intrigued community keenly speculates various price ranges for the upcoming FRIEND token, which is highly expected to be airdropped after the v2 release.