Friend(.)Tech, a Web3 social network, faced a significant issue by transferring control of its smart contracts to Ethereum’s null address.
The Revocation of Control
Friend(.)Tech’s decision to transfer control of its smart contracts to the null address caused significant confusion and concern within the community. According to the announcement on X (formerly Twitter), no modifications to fees or functionality will be possible. While the web client will continue to operate as usual, the implementation of new features or updates is highly unlikely.
Platform Performance and Market Reaction
Built on Ethereum’s layer-2 Base, Friend(.)Tech initially attracted attention with its innovative approach to content monetization through tokenized shares or 'keys.' However, the platform faced various challenges. User dissatisfaction increased following issues with the FRIEND airdrop in May, and daily fees earned from the protocol dropped below $1,000 since late July. The market cap of the FRIEND token significantly decreased, and the total value locked dropped to less than $3.5 million.
Confusion Over Future Developments
Friend(.)Tech previously announced plans to develop its own blockchain, 'Friendchain,' which was later deleted, adding to the confusion. Along with other platforms like Farcaster and Lens Protocol, which also faced a decline in user engagement, Friend(.)Tech struggles to retain user interest. Some experts believe the issue lies in the lack of significant improvements in user experience and interface.
Thus, the future of Friend(.)Tech remains uncertain as many decentralized social platforms face similar issues with declining user engagement.
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