Friend.tech set to introduce non-transferable token following Eigen's footsteps
- Friend.tech leaked smart contract reveals plans to launch non-transferable v2 tokens.
- Platform intends to force users to pay 1.5% platform fee for transfers.
- Move by Friend.tech may be instrumental in preserving market price after launch.
A recently leaked smart contract on Thursday reveals Friend.tech may be introducing a non-transferable token with the ticker POINTS.
Read more: Friend.tech V2 release and speculation over potential airdrop pushes TVL above $40 million
Friend.tech’s potential token
In a recent post, X user @Cbb0fe revealed that web3 social platform Friend.tech may be working toward releasing non-transferable tokens for its V2 launch. The information is based on a leaked smart contract revealing plans to launch non-transferable V2 tokens.
The version 2 launch is set for May 3 and will introduce a new potential token with the ticker POINTS and a smart contract called Clubs. This comes after the web3 social platform delayed its launch, which was initially slated for Monday.
Also read: SocialFi tokens rally as crypto influencers bring back Friend.tech
"New smart-contract called Clubs. Anyone can create multiple clubs and a bonding curve among several options," said @Cbb0fe. "1.5% platform fee and 1.5% staking contract. Club keys are bought with $POINT."
As a utility token, POINTS will be used for staking and allow the creation of social clubs on the platform. It will also be tradeable on Friend. tech's native DEX BunnySwap.
Following the recent trend with EigenLayer's non-transferable EGEN token, Friend.tech may be intending for users to pay a 1.5% platform fee for transfers.
Although Friend.tech hasn't confirmed any of the information yet, the X community has continued to share their thoughts on the issue.
One user said, "I hate Eigen so much for starting this non-transferable meta."
Another user also commented:
Lovely move from the limited info you’ve provided!
— ▵ KryptoRare ▵ (@Kryptorare5942) May 2, 2024
Farmers would’ve dumped it to infinity if it was 100% released on TGE. A good tokenomics sink was necessary
Read more: Ethereum attempts comeback after Fed decision not to tamper with rates
The move by Friend.tech may be instrumental in preserving the market price of the POINTS token after the launch. Due to increased selling pressure, many projects tend to lose their price value after an airdrop launch.
As a result, Friend.tech is expected to impose a 1.5% fee to curb early sales or exchange of the tokens, except to certain whitelisted addresses.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
