Utility of Fren tokens
Fren tokens are the native tokens on the Fren platform and can be purchased from exchanges such as Polonies, BKEX, dextools.io and Uniswap. You’ll need to sign up on these exchanges so you can create orders from there if you want to purchase these tokens. You will get automatically enlisted into the Fren community once you have the tokens. This is an online community of likeminded friends. The guiding ethos in this community is to learn together, play together and invest together. It should be known that anonymity and decentralisation are the backbone of this community. Being a social community governed by social tokens, it means that all the decisions made are to be decided collectively as a community.
There are four distinct services that can be accessed by the Fren token. First, having access to the Fren token means that you become an automatic member of the community. This means that you share in the same vision as other community members. You therefore become a member of the FrenDAO. This is the governance body of the platform. As a member of the DAO, you get to decide on the direction of the platform and which products are to be given priority. You also decide how the funds are to be used. Finally, you get to decide on the various forms of rewards that are going to be given in the community. All this is done through a vote. The more tokens you have, the more power you’ll have in voting. This is called Fren power.
Secondly, Fren tokens will give you access to an exclusive social media community in the platform. This community is known as onlyfren. This community has been set up with the sole aim of creating an environment where people can network, share ideas and have fun. The platform will set up events from time to time and host them with the ultimate aim of allowing community members to unwind and network. Community members who will be actively involved in the network will also be rewarded. These are the members who will be actively posting content and keeping conversations alive in the network.
Thirdly, the token gives you access to Frendex. This is a decentralised exchange within the platform that lists high-performing assets in the crypto world. Community members will be given access to charts, market data and insights that will enable them make informed choices on the tokens they invest in. Access to high-performing assets and trading strategies will also be given to community members.
Finally, Fren tokens holders will also be given FreNFTs through airdrops. These NFTs can be traded on secondary exchanges or they can also be used as profile pictures on onlyfren. Later on, holders will be allowed to mint their own NFTs, which they can trade on the exchange.
Fren’s tokenomics and key attributes
Fren tokens can be bought from exchanges and swap platforms. The token is currently listed on dextools.io, the Poloniex exchange, BKEX and Uniswap. The trading pairs on these exchanges vary on each exchange, but as long as you have mainstream crypto assets such as BTC, ETH and USDT, you are good to go and can easily trade. When swapping on Uniswap, you need to have an Ethereum-based crypto wallet like MetaMask so as to proceed. There are one trillion FREN that have been released for circulation with a circulating supply of 100%.Out of all the tokens that are in circulation, 2% has been set aside for reflection. This is basically a supply that will be given back to the token holders in the form of rewards and gifts. 3% of this supply will be set aside for marketing. This is meant to increase the value of the tokens and also drive growth in the community. 5% will be set aside for liquidity provision on Uniswap. The remaining token percentage will be locked on Uniswap. This helps to build trust in the platform.
The platform has a market cap of over $5 million and is actively traded on all exchanges. It is also listed on CoinMarketCap and Coin Gecko. The average daily transaction volume is about $500,000.
The team at Fren are actively engaged with the platform, always updating the platform on new developments. On social media, there are about 4,000 active members on the telegram channel, with these numbers always growing by the day.
Social problems Fren’s social tokens will solve
There have been attempts by artists and creatives to remove ownership of projects and artworks from a central entity and take it back to the owners. For example, a recording artist may have songs, but these songs are owned and distributed by a recording studio. Fans only get to listen to these songs and can connect with the artist through the record label or studio. Blockchain came so as to get rid of brokers and middlemen and help decentralise events. With social tokens, an artist can sell tokens directly to their music fans and they can redeem these tokens later, either by attending an event hosted by the artist, or buying their record labels. This model applies to all other activities and entities across society.
Social tokens can be grouped as either personal tokens or community tokens. Personal tokens are the ones issued by an individual and can be redeemed either for labour or cash at a later date. On the other hand, community tokens are issued to crypto investors and they give you access to a special community that is excluded to the outside world. From this community, you can take part in events, get ideas and grow together as a community. As long as you have your tokens, you will get access to this close-knit community. What social tokens have done is that they have taken the power of community from a single entity like Facebook and given it back to the community .All the projects that are undertaken by the community are agreed upon by the community members through a vote. If the platform succeeds, then the community members benefit from this success as they all have a stake in the platform. Fren tokens gives community members the chance to benefit from a shared vision. The token holders will decide on the direction of the platform. As the value of the community grows, token holders will also see value in their tokens.
In the event that they would like to cash out, then they can liquidate their positions with ease. This removes power from one central authority and places it in the hands of community members. Even while inside the community, the members will benefit from other services offered such as Frendex and FreNFTs.
Features of Fren’s community and milestones
The Fren community exists as a platform that promotes learning together, laughing together and investing together. This is the guiding mantra of the exchange. It should be noted that even as the platform pursues this aim, all this is done while maintaining anonymity and shared ownership through blockchain. Some of the notable features on this platform is the FrenDAO that guide operations and the direction of the community. Another notable feature is the onlyfren social media network – a one if its kind social media network where crypto investors can connect and have fun while on the platform. Another feature is the Frendex. This is a one of its kind decentralised exchange where members get access to top market data and insights; they can use this data to craft trading strategies. The DEX also offers access to wallets and tokens that are delivering above market returns. There is also FreNFT, which will be given to crypto investors who have invested in this platform. These NFTs will be given in the form of an airdrop.
So far, the platform has over 4,000 token holders in its community. This is way above its target by this time. This shows that they are making steady progress. It also recently managed to list on Poloniex, one of the largest crypto exchanges online. The platform is also actively involved in all social media platforms, promoting their products and actively engaging with the communities. The platform has also created a good partnership with other exchanges and listing platforms, thereby enhancing their brand value. Influencers have also been approached to promote and be part of the platform. This will expose them to an even wider market base. Most of the targets that had been set to be achieved by now have already been achieved and the platform is way above the target they had set for themselves.
Some of the things that are yet to be achieved are: creating an onlyfrens leaderboard, increasing the number of token holders to over 7,000, creating a beta launch and fully launching the onlyfrens social media network, partnering with even more influencers and engaging in mass marketing campaigns like bill board and press interviews.
Fren is indeed the future of online social communities. The successes that they have registered so far show that they are on the right track and are poised to make it big as a social token. This is also a nascent industry with huge upside potential. It would be great for investors to be part of this wave and take advantage of this token while it is still selling at a discount. Looking at the charts of the platform, you realise that the market cap of this platform keeps increasing by the day, meaning that there is a lot of interest on this platform.
The community and team behind this platform are also actively engaged in promoting it and updating the community on the progress they have achieved so far. As we have seen, the token is a utility token that can be used to access multiple features on the platform. Some of these features are FrenDAO, onlyfrens, FreNFTs and Frendex. These are just some of the products that have been developed for now. We are bound to see even more exciting products in the near future.
There is also tangible progress that has been made on the social front. Already, there are over 4,000 active token holders on the platform. The market cap of the token is also at over $5 million and increasing by the day. There is a daily transactional volume of over $500K. This shows that this is indeed a platform on the right track that is making progress.
Multiple partners and influencers have been on-boarded onto the platform. These help to promote the platform and establish it as a front runner in the social token ecosystem. As already mentioned, some of the partners the platform is working with include some of the largest exchange platforms online. This should help boost liquidity and build trust in the platform.
There still remains a significant amount of work that needs to be done on the platform. There are certain products and features that haven’t been developed yet. The platform is also targeting more token holders and one way to fully get this is by scaling up on their marketing efforts. As time moves on, we should see them actively involved in marketing across all channels.
Special tokens are here to stay. We should see more communities spring up and tokens created around these communities. These communities should create value for the token holders and grant them access to services that they would otherwise not easily get elsewhere. True, there still some hurdles that need to be overcome. Some of these include legal hurdles and ensuring that the value of the token keeps increasing. However, these are hurdles that were overcome in the ICO boom and some investors actually made some money out of that season. With the rise of social tokens, we should see more investors coming onboard as early investors cash out on their investment. Fren is indeed a platform to watch in this field. The progress they’ve made so far shows that the value of their token is definitely bound to rise even further.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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