Version

Future

Base

<ul>
 <li>Friend.Tech transfers smart contract control to Ethereum's null address, preventing future updates or fee modifications.</li>  
 <li>Despite early success, Friend.Tech's Version 2 and token airdrop failed to sustain growth, leading to developer withdrawal.</li>  
 <li>With no new updates and control revoked, Friend.Tech's future appears bleak as the platform remains on Base blockchain.</li> 
</ul>  
<p><a href="https://www.theblock.co/post/315172/friend-tech-team-renounces-control-of-smart-contracts-following-stagnant-growth?modal=newsletter" rel="noopener noreferrer nofollow">Friend.Tech</a>, a Web3 social network that gained popularity for allowing users to trade tokens for access to individual feeds, has effectively ceased major operations. The platform’s developers recently renounced control over its smart contracts, making any future updates or changes impossible. While the web client will remain operational, the lack of control over the contracts indicates that further developments are unlikely.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/WuBlockchain/status/1832961948872581274
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</figure>  
<h2 class="wp-block-heading" id="h-control-transfer-to-ethereum-s-null-address"><strong>Control Transfer to Ethereum’s Null Address</strong></h2>  
<p>In an unexpected move, the Friend.Tech team <a href="https://basescan.org/tx/0xfd06b08beb7b89c1e8d52dbc2f08080c38fec8a9d2fe0d72e62a6178a29347bd#eventlog" rel="noopener noreferrer nofollow">transferred control</a> of their smart contracts to Ethereum's null address. This decision has locked the platform in its current state, preventing any further modifications to its functionality or fee structures. Although the platform will continue to operate, the developers’ control revocation ensures that no additional features or improvements can be made.</p>  
<p>Notably, the Friend.Tech team clarified that no fees from the platform’s smart contracts or web client currently flow to their multisig wallet, further signaling the end of their involvement. This action has come after a year of stagnating growth following the platform’s initial surge in activity.</p>  
<h2 class="wp-block-heading" id="h-stagnant-growth-and-v2-airdrop-results"><strong>Stagnant Growth and V2 Airdrop Results</strong></h2>  
<p>The platform initially launched on Base, a Coinbase-backed Layer 2 network, in August 2023. It quickly captured the attention of the crypto community, reaching impressive milestones, such as daily earnings surpassing those of Ethereum. However, after the release of Version 2 (V2) and an underwhelming token airdrop, Friend.Tech struggled to maintain its earlier momentum.</p>  
<p>While V2 temporarily revived user interest, the platform’s fees and overall activity saw a significant decline. Data reveals that the platform generated only $60,000 in <a href="https://www.theblock.co/data/decentralized-finance/social-decentralized-finance/friend-tech-protocol-fees" rel="noopener noreferrer nofollow">protocol fees</a> since June, a sharp contrast to its earlier performance. This drop in engagement contributed to the developers' decision to relinquish control, indicating that a revival is now improbable.</p>  
<h2 class="wp-block-heading" id="h-unlikely-future-amid-contract-revocation"><strong>Unlikely Future Amid Contract Revocation</strong></h2>  
<p>Following the revocation of <a href="https://news.bitcoin.com/friend-tech-team-renounces-control-over-smart-contracts/" rel="noopener noreferrer nofollow">smart contract control</a>, the likelihood of a new team taking over the project and implementing updates has been effectively eliminated. This decision limits the platform’s potential for future growth or innovation. Additionally, the decision to remain on the Base network, despite earlier discussions of transitioning to a different blockchain, contributed to the platform's current stagnation.</p> 
<p>The post <a href="https://cryptonewsland.com/friend-tech-developers-renounce-control-of-smart-contracts/" rel="noopener noreferrer nofollow">Friend.Tech Developers Renounce Control of Smart Contracts</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Friend.Tech Developers Renounce Control of Smart Contracts

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