The post Friend.tech denies shutdown rumors after renouncing control of smart contracts appeared on BitcoinEthereumNews.com.

Web3 social app Friend.tech has denied rumors of shutting down its app, clarifying the earlier announcement of renouncing control of its smart contracts. In a post on September 10, the team explained that the friend.tech web app will keep functioning as usual, and the changes will simply ensure that there are no further changes to the platform. According to the team, it does not plan to discontinue or shutter the web app as its action will only guarantee that the protocol’s fees on Base will not be raised. It said: “These actions do not affect the current functionality of the friend.tech web app in any way. Everything you know and use remains the same.” Friend.tech team renounced control of the smart contracts on September 8, irreversibly transferring control to a null address. The decision followed several months of declining activity for the platform. FRIEND down 97% from peak despite recent gains Following the team’s most recent announcement, the platform’s native token FRIEND saw a rise in value, gaining almost 25% in the last 24 hours to reach $0.0872, according to CoinGekco. Despite the gains representing a 51% jump from its lowest price yesterday, FRIEND’s value remains 97% down from its peak of $3.26 in May 2024. The token has been gradually falling for some time, making its recent plunge unsurprising given how it has struggled to record transaction volume or attract new users. Not even an airdrop or the launch of a new app was enough to stem its eventual decline, with daily fees declining below $100. With FRIEND now trading near its all-time low and the team abandoning the project, several investors, including venture capital firms such as Paradigm and Notation Capital, are left with losses they would have to write off. According to Lookonchain, popular crypto trader Machi…

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Filed under: News - @ September 10, 2024 7:26 pm