Struggling decentralized social media network Friend Tech has renounced control over its smart contracts. The platform achieved this by transferring their control to an Ethereum’s null address. This move effectively locks the current system and will prevent further changes.
Officially, Friend Tech has winded down barely a year after it launched. This revocation means that no additional functions can be added to the network. According to the team behind the decentralized network,
“No fees from either smart contracts or [the website] currently go to the Friend Tech dev team multisig.”
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
The Rise to Stardom
The protocol was launched on Coinbase Layer-2 blockchain Base in August 2023. In no time, the network became one of the fastest-growing, with so many crypto enthusiasts showing interest. Its community grew extensively, and by September 15, 2023, the protocol’s daily earnings exceeded Ethereum’s.
In addition to this milestone, its top key, which unlocks the feed of the social media network’s pseudonymous co-founder Racer, sold for 8.9 Ethereum (ETH), equivalent to $14,500. In only a few months, the decentralized platform’s developers successfully raked in up to $20 million in fees.
Also, the Friend Tech protocol conducted a seed funding round and enjoyed participation from some of the top venture capital firms, including crypto VC firm Paradigm. Other notable achievements of the protocol are its token airdrop and its Version 2 (v2) launch.
Friend Tech Takes Multiple Hits
However, it was only a matter of months before the platform began to struggle to maintain trading activities.
Once Racer publicly hinted at Friend Tech’s desire to leave the Base blockchain to a customized Friendchain network, the price of the protocol’s native token dropped sharply. Friend Tech never followed through with the plans, but the damage had already been done. Unfortunately, the unfortunate situation with this social media platform also dents the reputation of other similar protocols.
On-chain data shows that the Friend Tech platform has registered only about $60,000 in protocol fees from June to now. With the recent development on contract ownership revocation, the platform’s revival remains unlikely.
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