FRIEND, the native cryptocurrency of Web3 platform Friend.tech, has come under severe selling pressure, losing more than 52% in value in the last 24 hours. This is a result of Friend.tech developers completely relinquishing control of the platform’s smart contracts, locking down the current system and preventing any changes to be made in the future.
What is Friend.tech?
Friend.tech was a popular Web3 social network where users traded ‘keys’ to gain access to the feeds of influential individuals. Launched on the Coinbase Layer 2 network Base in August 2023, Friend.tech quickly gained popularity within the crypto community. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The interest in the protocol was so high that its daily earnings exceeded those of Ethereum within a month of its launch. $2,325.70Later, Friend.tech raised funding through a seed round from crypto VC giant Paradigm for an undisclosed amount.
The Future of Friend.tech
In an announcement on Sunday, September 8, Friend.tech stated that “No fees from smart contracts or the website are currently going to the Friend.tech developer team’s multi-signature.” Additionally, with the loss of developer control, the platform will continue operations, but it is unlikely that any new features will be implemented.
The management and ownership parameters have been set to 0x000…000 to prevent future charges or functionality changes. This change does not affect the separate web client operated at and will continue to function as it does now. There is no charge…
FRIEND Token Value and Current Status
After the launch of the Friend.tech V2 protocol in May, the value of the native cryptocurrency FRIEND plummeted after Racer announced plans to exit the Base blockchain. Following this decline, developers abandoned their FriendChain plans and chose to remain on Base. However, after this crash, the value of the FRIEND token never recovered.
While there was an initial surge in user activity after the V2 launch and token airdrop, protocol fees quickly began to stagnate. Since June, the platform has only generated around $60,000 in fees. Additionally, this recent cancellation of contract ownership makes it highly unlikely that a new team will take over and add new features, further diminishing the platform’s chances of a revival.
On the yearly chart, FRIEND price is down more than 96%.
Friend.tech, where users trade ‘keys’ to access the feeds of influential individuals, launched last year on the Coinbase Layer 2 network Base. However, the developers have relinquished control of smart contracts, creating uncertainty about the platform’s future functionality. The value of the FRIEND token has also fallen significantly in the meantime. The platform’s chances of a revival are further diminished by the cancellation of contract ownership.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
