Ethereum

Token

Version

Friend.tech

<ul>
 <li>Friend.tech’s recently transferred its ownership over smart contracts to ETH’s null address.</li>
 <li>The move led to a significant dip in its token FRIEND, around 30% over the past day.</li>
</ul>
Friend.tech, the Web3 social media platform that once surged to prominence, experienced a dramatic downfall after its developers lost control of its smart contracts. On <a href="https://x.com/friendtech/status/1832581118165709140" target="_blank" rel="noopener noreferrer nofollow">September 8</a>, the team transferred ownership of its smart contracts to Ethereum’s null address. The action was done to prevent future changes to the platform’s fees or functionality. The team clarified, that no fees from the smart contracts are directed to the development team’s multi-sig wallet. Further, the move has led to a significant drop in the value of Friend.tech’s native token, FRIEND. It has dipped nearly 30% in the past 24 hours, now trading at <a href="https://coinmarketcap.com/currencies/friend-tech/" target="_blank" rel="noopener noreferrer nofollow">$0.06</a>, at the time of writing.&nbsp;
The token’s market cap has drastically fallen from $233.6M shortly after its launch to just $6.3M. The total value locked (TVL) has also dropped from $52M in October 2023 to $3.47M, as per <a href="https://defillama.com/protocol/friend.tech#information" target="_blank" rel="noopener noreferrer nofollow">DefiLlama</a>.
Friend.tech was launched in August 2023, on the Ethereum L-2 network, <a href="https://thenewscrypto.com/coinbases-base-blockchain-makes-waves-with-5x-scaling/" target="_blank" rel="noopener noreferrer nofollow">Base</a>. By mid-September, the protocol’s daily earnings had surpassed those of Ethereum. Its top key was sold for 8.9 ETH, or $14,500.
<h3 class="wp-block-heading" id="h-friend-tech-struggles-with-airdrop-and-blockchain-plans">Friend.tech Struggles with Airdrop and Blockchain Plans</h3>
Also the underwhelming <a href="https://thenewscrypto.com/is-friend-tech-v2-release-on-track-for-the-token-airdrop/" target="_blank" rel="noopener noreferrer nofollow">airdrop</a> and the launch of Version 2 failed to reignite the enthusiasm. The platform faced issues surrounding the token airdrop and confusion about its move to build its blockchain, “Friendchain,”. It <a href="https://x.com/web3dailyco/status/1810585360113574236" target="_blank" rel="noopener noreferrer nofollow">was abandoned later.</a>
Moreover, Serpin Taxt, a builder behind blockchain protocol Ethos, described the move as the <a href="https://x.com/0x5f_eth/status/1832596754258100464" target="_blank" rel="noopener noreferrer nofollow">“end of an era”</a>. Notably, it was not how he envisioned the platform’s trajectory.&nbsp;
With daily fees consistently below $1,000 since late July and a significant drop in trading volume, the platform’s revival now seems unlikely. The transfer of smart contract control leaves <a href="https://thenewscrypto.com/friend-tech-falls-40-to-all-time-low-as-it-stays-on-base-network/" target="_blank" rel="noopener noreferrer nofollow">Friend.tech</a> as a shadow of its former self, its innovative promise overshadowed by its rapid decline.
Highlighted Crypto News Today: <a href="https://thenewscrypto.com/why-did-a-multisig-wallet-liquidate-3-8k-eth-from-vitalik/" target="_blank" rel="noopener noreferrer nofollow">Why Did a MultiSig Wallet Liquidate 3.8K ETH&nbsp; From Vitalik?</a>

FRIEND Token Plummets After Transferring Smart Contract Ownership

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