Friend.Tech Ceases Operations, FRIEND Token Drops by 26%

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. FRIEND Token Plummets 26%
  2. Friend.Tech’s Rise and Fall
  3. Comparison with Other Decentralized Social Platforms


    4. Friend.Tech, the Web3 social networking platform that allows users to trade tokens for access to influential individuals’ feeds, is winding down just one year after its successful launch.

    FRIEND Token Plummets 26%

    On September 8, the developers relinquished control of its smart contracts by transferring ownership to Ethereum’s null address, locking the system in its current state. In an official announcement, the team confirmed, “Admin and ownership parameters have been set to 0x000...000 to prevent any changes to their fees or functionality in the future.” Following the announcement, CoinGecko data showed that the native FRIEND token dropped by 26.4%, hitting an all-time low at $0.05748. Investors have also felt the impact, with crypto influencer Machi Big Brother suffering a $16 million loss after investing approximately 5,200 ETH.

    Friend.Tech’s Rise and Fall

    Friend.Tech launched on Base in August 2023 and quickly gained traction with its innovative model of selling 'keys' for exclusive content from influencers. Despite initial success, trading activity began to decline. A significant blow came when co-founder Racer hinted at leaving the Base blockchain for a new project, 'FriendChain.' Although these plans were eventually abandoned, the confusion led to a decrease in platform activity. Version 2 and token airdrops briefly re-engaged users, but did not sustain long-term interest.

    Comparison with Other Decentralized Social Platforms

    Other major decentralized social platforms like Farcaster and Lens are experiencing similar issues. According to one analyst, new users on Farcaster have dropped from a high of 15,000 in February to around 650 currently, while daily active users have decreased from 100,000 in July to about 60,000.

    Friend.Tech's decision to relinquish control and the resulting drop in the FRIEND token value highlight the instability in the decentralized social platform market. Similar issues with platforms like Farcaster and Lens indicate a need for new strategies to maintain user interest and activity.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Digital Sovereignty Alliance's Paper Wins Recognition at DC Fintech Week 2026

The Digital Sovereignty Alliance's white paper on personal finance literacy in the digital economy has been recognized as one of the top five papers at DC Fintech Week 2026.

user avatarTomas Novak

Developer Releases 56 Billion TikTok Video Metadata on Hugging Face

A developer known as hashfunction has released a dataset containing metadata for about 56 billion public TikTok videos on Hugging Face.

user avatarMaya Lundqvist

Ongoing Legal Battles Over TikTok Data Scraping Practices

The legality of data scraping from TikTok is currently being challenged in court, with Reddit suing Perplexity and three data-scraping firms for allegedly harvesting content for AI training.

user avatarKaterina Papadopoulou

Fairshake Launches Bipartisan Campaign to Support Pro-Crypto Lawmakers

Fairshake is launching a bipartisan campaign to support 32 incumbent candidates in the House, focusing on those who back the House CLARITY market structure bill, with an initial commitment of $6 million in independent spending.

user avatarLeo van der Veen

Binance Introduces AI-Driven Trading Tools

Binance launches a suite of AI products aimed at enhancing trading experiences for various user levels.

user avatarLi Weicheng

Binance Announces Dividend Reinvestment for Tokenized Stocks

Binance has announced a dividend reinvestment process for holders of its Oracle and Marvell tokenized stocks, where dividends will be reinvested into additional fractions of the same securities.

user avatarAisha Farooq

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.