Cryptocurrencies

Friend.tech v2 airdrop can offer a non-transferable Token

Friend.tech v2 airdrop can offer a non-transferable Token v2 smart contracts may offer a non-transferable token with an airdrop, according to decentralized finance (DeFi) researcher pseudonymous CBBOFE, who claims to have likely found the smart contracts, according to a May 2 report.

Friend.tech V2 Airdrop Can Offer A Non-Transferable Token
Friend.tech V2 Airdrop Can Offer A Non-Transferable Token

“The code is $POINT, which is only transferable to certain whitelisted addresses. $POINT will be tradable on BunnySwap (FT’s native DEX platform).”

A non-transferable token means that airdrop recipients will not be able to sell or exchange the coins, except for certain whitelisted protocol addresses.

Top recovery protocol EigenLayer also decided to issue a non-transferable token for EIGEN airdrop, which was one of the main reasons behind the recent furore surrounding EIGENLayer.

Friend.tech made the token non-transferable to make users pay a 1.5% fee, according to Kasper Vandeloock, a quantitative cryptocurrency trader and advisor at the X10 exchange. He told Cointelegraph:

“If you can’t move it, you’ll have to sell it through them, which has a 1.5% fee… which is kind of ironic, they bring this strong ‘we’re anti-VC’ vibe to the table while making a factory profit for the model.)”

A potential new token, POINTS, will function as a token, allowing social clubs to be created on the platform, which could cost a 1.5% platform fee according to the CBBFOE:

“A new smart contract called Clubs. A person can create multiple clubs and a correlation curve between several options. 1.5% platform fee and 1.5% mortgage contract. Club keys are purchased with $POINT.”

The new tokens will also be offered as rewards to users who store Ether (ETH) tokens and points in the Friend.tech smart contract.

This announcement raised concerns among cryptocurrency enthusiasts. A cryptocurrency trader with the pseudonym MK commented:

“I hate Eigen so much for starting this non-transferable definition.”

Non-convertible tokens can reduce initial selling pressure

Friend.tech V2 Airdrop Can Offer A Non-Transferable Token

While non-convertible tokens have caused significant outcry from the community, they could benefit the cryptocurrency’s long-term price action, as tokens tend to see drastic declines after airdrops.

At the end of April, the Omni Network’s OMNI token fell by 55% in less than 18 hours after the airdrop, losing more than half of its market value.

The Wormhole token (W) is another example, as its value dropped by almost 25% just two hours after the airdrop on April 3. The token has fallen more than 47% since the airdrop, according to CoinMarketCap.

W/USDT, all-time chart. Source:  CoinMarketCap

Cryptocurrency airdrops are often filled with professional airdrop hunters (or squatters) who farm the same airdrop using multiple cryptocurrency wallets without any intention of using the protocol long-term and selling the rewards on the market after claiming.

In March 2023, it was revealed that airdrop hunters had accumulated $3.3 million worth of tokens from the then Arbitrum (ARB) airdrop operation from 1,496 wallets into just two wallets they controlled.

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