“We’ve heard your feedback: you don’t want $FRIEND  moving to another chain. We agree,” said an X post.

According to FriendTech, the native coin was intended for total community governance and use for supporting Club contracts. “Migrating the supply and liquidity would not align with that spirit. You’ll still be able to create clubs, chat, buy keys, and use $FRIEND on Base in the friendtech app.”

Apart from the announcement on the native currency, FriendTech said it has switched off all protocol fees from its decentralized exchange BunnySwap, Clubs, and V1 smart contracts. The protocol pointed out: “Now, 100% of fees will go to traders, (liquidity pools) and Club presidents in the community.”

The project said last month that it would move from Base, the Ethereum Layer-2 network supported by Coinbase, to a new blockchain built with infrastructure provider Conduit. Then called Friendchain, the envisioned blockchain sought to employ the native coin of the site for governance and gas costs.

FriendTech co-founder, under the alias Racer, openly indicated interest in having the protocol depart the Base network before the announcement, citing the bad connection the team had with Base. The protocol did not establish a comprehensive schedule for the network migration.

Launched last August on Base, FriendTech became well-known with its innovative, invite-only networking tool that makes use of social tokens known as “keys,” therefore granting users access to special discussions and materials created by artists.

In the past 24 hours, the FriendTech token dropped 34% to a fresh low of $0.3108 at the time of writing. Early May’s $3.26 all-time high marks 90% of the whole decline.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post FriendTech Stays on Base Network, Halts Protocol Fees appeared first on Coin Engineer.

FriendTech has officially separated features with Base, the Ethereum Layer 2 network managed by Coinbase. The new blockchain network, Friendchain, was created in partnership with Conduit and will use FriendTech’s native token as a “fully transferable gas token.” While the protocol does not specify an exact time change for the transition, the announcement made on the X platform stated that users will be informed “in the coming months” about the operation of the blockchain.

Although other details were not included in the announcement, this step did not come as a surprise following previous statements by FriendTech co-founder Racer expressing his desire to leave Base. This statement by Racer caused a 20% drop in the price of the FriendTech token at that time.

However, the latest announcement had the opposite effect on token prices, causing an 11% increase in the last twenty-four hours.

The platform has seen a recent decline in buyers and sellers of keys that grant access to certain users’ posts. Although the launch of FriendTech’s ‘v2’ at the beginning of May saw activity on the service increase by thousands, this list has since receded to pre-v2 update levels.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post FriendTech Leaves Base, Switches Its Own Blockchain appeared first on Coin Engineer.

FriendTech’s native currency would be used as a “fully transferable gas token” by the network; while the protocol did not mention a date for the change, its release on X pledged to keep its users informed “over the coming months” as development of the blockchain advances.

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Although the announcement lacked any specifics, FriendTech co-founder Racer’s recent public remarks implying the team wanted to shift away from Base make the decision not totally surprising. Racer’s announcement at the time resulted in a 20% price decline for FriendTech’s token.

The price has apparently responded negatively to the latest announcement, yet it has increased 11% over the past twenty-four hours.

Engagement in terms of buyers and sellers of the keys allowing access to particular users’ content has been dropped on the platform. With tens of thousands of daily transactions on the network, the activity on the network momentarily surged at the start of May with the launch of FriendTech’s “v2” update, but those figures have since dropped to levels akin to the pre-v2 upgrade period.

The post FriendTech to Launch Own Blockchain with Conduit appeared first on Coin Engineer.

The team of FriendTech launched it in August. The app is a platform that allows users to connect their Twitter accounts and facilitates the buying or selling of impressive profile tokens with ETH on Layer 2 network Base backed by Coinbase.

FriendTech Has Become the Best SocialFi app on the market.

According to DeFiLlama data, the project is the highest revenue generating app on Base and the best SocialFi app on the market with a volume of 45 Million Dollars and projects annual revenue of 180 million dollars at this pace.

So far, the platform has generated a revenue of 40 million dollars from its users. The developers generate this revenue by taxing approximately 10% of the transaction volume of social tokens. Half of this total fee is distributed as revenue to the project team, while the other half is distributed to users who have swapped their shares.

So far, there have been many apps similar to FriendTech causing a decrease in its volume. The hacking of Stars Arena (SocialFi app) that becomes popular previous days did not affect the marketplace badly. Thus, FriendTech still retains its leadership on the top of the list.

Besides, FriendTech’s founder ‘0xRacer’ generated a revenue of $20 million along with more than $440,000 of revenue apart from the platform.

Related: Can Friend.Tech Project Be Fake?

Security Issue for Users

The platform recently encountered difficulties in terms of user security and carried out improvements on this issue. After numerous SIM swapping attacks aimed at users, the project offered users to switch from phone numbers to e-mails.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube and Twitter channels for the latest news and updates.

The post FriendTech Developers Earned 20 Million Dollars! appeared first on Coin Engineer.

SIM Swap attacks are a common occurrence, and criminals gain control of a mobile phone by deceiving service providers and connecting the phone number to a SIM card in the hacker’s possession. The swapped phones can then be used for fraud activity.

In separate incidents, exploiters targeted at least two users, claiming to have fallen victim to a SIM swap attack. The attackers successfully drained over 42 Ether (ETH), totaling nearly $70,000 at current prices.

A user affected by the situation, @darengb, shared the situation as follows:

“If your Twitter account is in your real name, your phone number can be found and this can happen to you “.

The social application Friend.Tech has become one of this year’s most popular crypto platforms, generating consistent income and profits for its creators despite the bear market. As previously reported, the app gathered over 100,000 users within just two weeks of its live launch.

However, security risks remain a significant concern for any crypto platform. Hackers can employ various techniques, from smart contract manipulation to flash loan attacks, to exploit rich users using traditional methods.

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Here are some general recommendations for users and Friend.Tech:

1. Contact Your Mobile Operator: If you suspect unauthorized SIM card changes, immediately contact your mobile operator. Also they can help you regain control of your phone number.
2. Change Passwords: Change passwords for all online accounts, including Friend.Tech and sensitive ones. Utilize strong, unique passwords per account, and a password manager can assist in tracking them securely.
3. Enable Two-Factor Authentication (2FA): Activate 2FA wherever possible for Friend.Tech and crypto accounts, adding an extra layer of security to safeguard your assets, even if your password is compromised.
4. Exercise Caution with Personal Information: Refrain from linking your Friend.Tech or other online accounts to real-world profiles and phone numbers. Using aliases and disposable email addresses can enhance your privacy.
5. Monitor Your Accounts: Routinely monitor your crypto wallets and bank accounts for any unauthorized transactions. Timely detection can minimize potential losses.
6. Educate Yourself: Educate yourself about prevalent security threats like SIM swap attacks. Avoid divulging personal information online or via phone.
7. Utilize Hardware Wallets: Consider using hardware wallets to securely store your cryptocurrencies. Hardware wallets are highly secure since they are not connected to the internet, akin to software wallets or online exchanges.
8. Report the Incident: Report any SIM swap attacks to the police and relevant authorities. This action can aid investigations and identify the culprits.
9. Seek Professional Help: If faced with potential security breaches or attacks, seek assistance from experts to effectively address the situation.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don’ t forget to follow us on our Telegram, YouTube and Twitter channels for the latest news.

The post Friend.Tech SIM Swap Attack! appeared first on Coin Engineer.

But this hype could not be limited just to the Base network. Therefore, similar platforms began to emerge on other networks too. These networks are respectively BNB, AVAX, (Avalanche), Arbitrum, Solana, and other networks. The operation mechanisms and principles of different applications on each network are almost the same.

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Mega Bull in SocialFi Applications in a Volume-Less Market!

In the currently dull situation of the market, we can see that the short-term hype and bull run are being experienced in some different areas. However, this does not belong to the general crypto market. The hype initiated by Friend.tech also caused a significant volume increase on other networks in a short time. These applications also increased the use of networks by people. But in which networks are which SocialFi applications available?!

Base Network – friend.tech

Although there were major applications such as Debank, DeFi, etc. in the SocialFi field before, even if they had short-term popularity, they took a bigger step than friend.tech and began to envelop the market.

Most shares on Friend.tech are now overvalued, i.e., blown up. So we suggest you be careful when stepping here. Therefore, considering the newly released and upcoming applications on other networks can put you at an advantage. If you want to learn more about Friend.tech, you can access our article on the subject here .

BNB – Friend3AI

Following this hype, similar applications with the same logic began to emerge on other networks. Moreover, this was happening very rapidly because there was only a website, and people were sending money to these applications’ wallets by downloading PVA applications to their phones. Afterward, they could start buying/selling transactions.

The same thing happened on the BNB network as well. By purchasing BNB, users could sell their own tickets to others or join others’ rooms by buying their tickets and communicate with them. A minimum $1 automatic barrier was placed between ticket prices to prevent bots from rapidly gaining points. All of these and similar mechanisms were obtained through friend.tech. Towards the end of the article, you can also find how to get airdrops from here.

Similarly, to access this application, you need an invitation link. You can use our officially granted invitation link by Friend3AI: friend3-5be0ed40

Arbitrum – Post.tech

Similarly, with the same operational concept but on a different network! Here, if you don’t have funds on the Arbitrum network, you need to bridge some ETH here. Next, in the section provided within the application, you can copy your own post.tech address and transfer funds from your Metamask or other wallets there. The minimum recommended amount is 0.001 ETH.

Furthermore, to enter the application, you will need an invitation code. Below, we are providing you with some invitation codes for you to use!

pt-v3je78qfq4

pt-xxhldgcekh

pt-waudbubelc

pt-ygzeva8vhz

pt-k9xibvl1lv

pt-b8lmoeahes

pt-a2o0cuujqz

pt-kkilkmbqnr

pt-nd9pvfhucj

Avalanche – Starshares

While other applications are experiencing significant price surges, the same hasn’t fully occurred on the Avax network yet. However, tokens are witnessing a massive surge ranging from 40,000% to 50,000%. Therefore, considering that these surges will attract more users and funds in the future, a similar scenario is likely to unfold here as well.

This is not an investment advice. The content is prepared only for informational purposes.

It is not mandatory to have any invitation link to try the Starshares platform. Therefore, unlike in other applications, a code or link will not be shared here. Our goal is to keep you informed about the market and enable you to quickly adapt there in case of hype. Don’t forget to support us for us to be able to do this!

How Can You Obtain the Airdrops Here?

Since the operational concept is the same for all of these SocialFi applications, they will reward their users. So, don’t forget to try these applications and accumulate points on all networks! The fastest way to accumulate points is to buy and then sell fast and cheap stocks. Bots are available in all applications. Therefore, remember to monitor your stocks after buying! The price of your stocks will rise in subsequent purchases.

Through buying and selling, you not only earn commission fees but also increase your points for airdrops. Follow the steps mentioned in the Airdrop section on Twitter and the Application in every app. Accumulate points by using these!

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram  ,YouTube and Twitter channels for the latest news and updates.

The post Mega Bull in SocialFi Applications! appeared first on Coin Engineer.

Friend.Tech, which attracts attention as a decentralized social tokenization platform, has become a significant focus of attention today. Friendtech, as a platform operating on Coinbase’s layer-2 network, has managed to get ahead in network revenues, leaving Bitcoin (BTC) and Uniswap behind. The platform, which generated over $ 1.2 million in revenue in a short period, reached more than 60,000 users, creating a large user base. However, some critics who evaluated this rise expressed concerns about the system’s sustainability and gave the platform 6-8 weeks to continue.

Friendtech, which has many licensed and unlicensed people-friendly applications, promises freedom and privacy to its users as an alternative to the centralization of social media platforms. However, whether this rapid rise is sustainable in the long term has become a matter of debate among critics and experts. The ability of Friendtech’s business model and infrastructure to cope with increasing user demand and the platform’s growth is being questioned.

Let me tell you one thing.

Something isn’t right about @friendtech.

Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people?

The way pricing works is ridiculous and can be easily taken advantage of.

Pumps and dumps. pic.twitter.com/TJqcktEM6P

— Yazan (@YazanXBT) August 20, 2023

“Friend.Tech trends may be short-lived”

The user named “Yazan”, known for his content on the cryptocurrency market, expressed his views on the rise of Friendtech, emphasizing a 6-8 week period. Drawing attention to the rapid increase in the platform’s stocks and other assets, this popular person suggested that the system has a negative market dynamic. Predicting that this intense interest in Friendtech could continue for 6-8 weeks, this influential person continues to use a stimulating tone with his social media posts.

A simple explanation of how @friendtech share pricing works (and other fun facts about friend tech's contract) : pic.twitter.com/wkZDuprVaY

— cygaar (@0xCygaar) August 19, 2023

“Cygaar,” one of the leading phenomena of the cryptocurrency world, made a remarkable assessment by analyzing the data of the Friend.tech platform. Comparing share prices and the amount of supply, Cygaar stated that there is an imbalance in the current situation. However, the popular name pointed out that we are under the influence of the bear market and stated that the platform is currently seen as an earning opportunity, but may lose its excitement in a short time.

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The post Can Friend.Tech Project Be Fake? appeared first on Coin Engineer.