Friend.Tech Team Renounces Smart Contract Control After Platform Growth Stalls

Web3 social network Friend.Tech gives up control of its smart contracts after stagnant growth, signaling an end to future updates.

Key points:

• Smart contract control revoked: The team renounced control on September 8, 2024.
• Early success, then stagnation: The platform initially grew fast but soon slowed down.
• Version 2 didn’t spark interest: A disappointing airdrop failed to boost engagement.
• $20M in fees earned: Early success led to high earnings, but user activity declined.
• No future updates expected: Control transfer to a null address halts potential changes.

Friend.Tech Halts Development Amid Growth Issues:

Friend.Tech, the Web3 social network, recently made a major decision by renouncing control over its smart contracts.

This move, made on September 8, 2024, effectively locks the system and prevents future updates or changes. By transferring control to Ethereum’s null address, the team has signaled an end to new feature development.

At its peak, Friend.Tech allowed users to trade tokens for “keys” that unlocked access to the feeds of influential individuals. It initially launched on the Base network, backed by Coinbase, in August 2023.

Within weeks, it was generating more earnings than Ethereum itself. For example, some of the top keys sold for thousands of dollars. However, despite its early success, the platform struggled to maintain momentum.

Read more: Popular Friend.Tech User Dumps Over 850 ETH, Moves to New Bitcoin City

The release of Version 2, along with a much-anticipated airdrop, failed to revive user interest.

While the development team earned over $20M in fees during the platform’s peak, transaction activity began to decline sharply.

Since June 2024, Friend.Tech has only accumulated around $60,000 in fees. With control now transferred to a null address, no new team can take over, meaning the platform will likely remain stagnant.

For now, Friend.Tech still operates, but without further updates, its future is uncertain.

Sebastian Gamez

Milk Road Writer

Sebastian has been immersed in the crypto space since 2021, specializing in research and building a deep understanding of blockchain technologies. His expertise includes exploring innovative trends and sharing insights through content creation, all driven by his passion for how crypto can reshape industries and unlock new possibilities for the future.

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