Friend quest guide:
What are the requirements?
You and all friends must be level 30+, otherwise it will not work. So get leveling!
Step 1: Get a Friendship Crystal from a mob.
You can be a friend to someone with a crystal.
Step 2: Get two friends WHO HAVE NOT LEAD A FRIENDSHIP QUEST ALREADY TODAY and go to the elder. Make sure you're the party leader and your two friends are standing next to the elder.
Step 3: Go to "Quest Related" for the elder and select "Have they been here before?" There will be a 2nd option saying "Trade in Memory Orb" which you should not select. MAKE SURE YOU CHOOSE THE RIGHT OPTION!!! Selecting the wrong one will result in an immediate 5k exp/1k sp and ending the chain. The elder should take your crystal (or Memory Orb) and you should receive a quest.
Step 4: The quest says to talk to the elder, so do it. Take the "True Friends" quest. The elder shoulud tell you to search for the "Girl in White".
Step 5: Fly to the southwest tower in the center of Arch (538, 643). Talk to the lady. She should say something along the lines of "Who are you! I don't need friends! Go away!" or something like that. You should receive a Flawed Pendant of Friendship. Your two friends should each receive a Memory Orb.
Step 6: Here's where it gets confusing. What you need to do now, is have your two friends, which I shall call B and C, get two new friends each: D and E, and F and G. B and C should each be the leader of two separate parties. They should repeat the exact steps of 3-5.
Step 7: After friends B and C complete their trips with their two friends, they should receive a Flawed Pendant of Friendship AND a Stone of Friendship each. They should BOTH trade the Stone of Friendship to you. You should now have 2 Stones of Friendship and a Flawed Pendant of Friendship. (Note, Friends D, E, F and G can all repeat steps 2-5 as this is a chain quest that can go on forever)
Step 8: Fly back to the elder. He should have a quest for you to repair the necklace using the 2 stones. Do the quest, you should receive a Necklace of Friendship.
*NOTE: Some people have received 5 rep from the elder at this point in addition to the 5 rep you get next step. So far it seems random and very rare. If you get it, lucky you!
Step 9: Fly back to the "Girl in White" and talk to her. Give her the necklace and your done!
Total Rewards
It should be as follow after completing everything:
20k exp
4k sp
5 rep
Tablet of Friendship (Called "Token of Friendship" in this game - it looks like an fb tab)
*Note: These are the rewards after you turn in the full pendant to the elder. This means, friends B and C can achieve these awards if they complete the whole chain, too.*
You can give the Tablet to the Girl in White for 5k exp, 5k sp and 5 rep. Alternatively, you can save up and get lv90 equips (see below).
Prizes
All equipments are level 90 requirements and require 50 Tablet of Friendships
Heavy Arm Guards:
P.Def: +627
M.Def: +270
Str: +5-6
Dex: +5-6
Defense Level: +2
Light Arm Guards
P.Def: +269
M.Def: 420
Str: +5-6
Dex: +5-6
Defense Level: +2
Arcane Arm Guards
P.Def: +70
M.Def: +625
Dex: +5-6
Int: +5-6
Defense Level: +2
Heavy Boots
P.Def: +835
M.Def: +360
Str: +5-6
Dex: +5-6
Defense Level: +2
Light Boots
P.Def: +358
M.Def: +555
Str: +5-6
Dex: +5-6
Defense Level: +2
Arcane Boots
P.Def: +93
M.Def: + 835
Dex: +5-6
Int: +5-6
Defense Level: +2