Key takeaways
- The value of the FRIEND token has dropped by more than 30% in the last 24 hours.
- Friend.tech has transferred control of the smart contract to a burn address, ending platform updates.
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Friend.tech’s FRIEND token has reached a new Bitcoin has hit an all-time low, falling more than 30% to $0.059 in the past 24 hours, according to data from CoinGecko. The drastic drop in value comes after the team gave up its control over smart contracts, basically ceasing operations just one year after its successful launch.
On September 8, the Friend.tech team transferred control of its smart contracts to Ethereum’s null address, a known burn address, signaling a permanent cessation of its control over the contracts. This decision effectively ended the platform’s ability to add features or fix bugs.
Friend.tech said it had locked the platform’s smart contracts to “prevent any changes to their fees or functionality in the future.” No further statements have been released following the move.
Launched last August on Base, Friend.tech is a SocialFi platform that allows users to buy and sell shares of social media profiles. The project quickly gained popularity, attracting over 100,000 users and generating over $2 billion in fee revenue shortly after its launch.
In June of this year, the team announced plans to develop its own blockchain, called “Friendchain.” This decision caused confusion about its future and negatively impacted the value of the FRIEND token.
The project later retracted its announcement to move away from Base. The team stated in early July that it would continue to use the Base L2 network for the FRIEND token. The announcement led to further uncertainty, leading to a 25% drop in FRIEND’s value at the time, as shown by data from CoinGecko.
FRIEND’s market capitalization has fallen from approximately $233 million at launch to $5.6 million at the time of publication.
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