The creators of Friend.Tech, the Web3 social network launched with lots of hype last August, has effectively killed the platform.
The developers have transferred the smart contract to Ethereum’s null address, meaning the platform is now bricked, and no further changes can be made.
A Sad Ending For A Project That Had So Much Early Hype – Friend.Tech Keys Were Trading For 5 Figures In Its Heyday
Admin and ownership parameters have been set to 0x000…000 to prevent any changes to their fees or functionality in the future.
This change does not affect the separate web client operated at https://t.co/YOHabcBL3H which will continue to function as is. No fees from either…
— friend.tech (@friendtech) September 8, 2024
Friend.Tech’s devs called the function on the platform’s smart contract yesterday (September 8), transferring their control to Ethereum’s null address.
After doing so, the team made an announcement post on X, saying, “No fees from either smart contracts or the website currently go to the friend. Tech dev team multi-sig.”
The Web3 social network was launched on the Ethereum Layer-2 chain, Base, last August, and it was a huge success initially. The key feature is its ‘keys,’ which users could buy with crypto, allowing them private access to the feeds of influential individuals.
The crypto community had fallen in love with the platform, and just one week after its launch, Friend.Tech’s daily earnings had exceeded that of Ethereum itself.
On September 15, 2023, the platform’s top key gave buyers access to the feed of Friend.Tech’s co-founder, Racer, sold for 8.9 ETH ($14,500 at the time). Hsaka and Cobie were two other notable influencers whose keys traded for more than $5,000 during that same period.
The project also made the headlines after it announced a seed round involving Paradigm, a crypto venture capitalist firm. However, the amount raised during the seed round was never disclosed.
Poorly Executed Airdrop And An Underwhelming V2 Of The Project Was The Beginning Of The End
Like most things in crypto, the initial hype eventually died down, with the platform struggling to maintain trading activity. It stagnated until the Friend.Tech team announced the launch of version 2 of the protocol alongside an airdrop for platform users.
This led to a slight increase in activity as users began ‘farming’ the airdrop.
V2 eventually launched in early May alongside the FRIEND token. Many complaints were made regarding the size and delivery of the airdrop. This negativity contributed to the token suffering a sharp fall after an initial pump from $1.67 to $2.59.
From there, the price stayed in a continuous downtrend, all the way down to its current price of $0.06, a 98% decrease from the top, per Coingecko data.
Before yesterday’s announcement, there had long been rumors of a revival of the project. This now seems unlikely because the contract was untransferable after the team moved it to the null address.
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