Friend.tech Abandons Smart Contract Control, FRIEND Token Plummets
The post Friend.tech Abandons Smart Contract Control, FRIEND Token Plummets appeared on BitcoinEthereumNews.com.
TLDR: Friend.tech transferred control of smart contracts to Ethereum null address FRIEND token price dropped over 30% in 24 hours after the transfer Total value locked on Friend.tech fell from $52 million to under $3.5 million Daily fees earned on the protocol have been consistently below $1,000 since late July The move effectively ends the platform’s ability to add features or fix bugs Friend.tech, a once-promising crypto social media platform, has taken a dramatic turn by transferring control of its smart contracts to Ethereum’s null address. On September 8, Friend.tech announced via social media that it had transferred the admin and ownership parameters of its smart contracts to the Ethereum null address. This address is commonly used as a burn address for intentionally destroying tokens, and any transactions sent there cannot be reversed or recovered. 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 platform stated that this transfer was done to “prevent any changes to their fees or functionality in the future.” However, this decision has had immediate and significant consequences for the FRIEND token and the platform’s ecosystem. Following the announcement, the FRIEND token’s value plummeted by over 30% in just 24 hours, reaching a new all-time low of $0.059. This sharp decline represents a staggering fall from grace for a token that had achieved a market capitalization of $233.6 million within four days of its launch. As of the latest data, FRIEND’s market cap has shrunk to a mere $5.6 million. FRIEND Token price at Coingecko The impact of this decision extends beyond just the…
Filed under: News - @ September 9, 2024 10:25 am