Friend(.)Tech, a Web3 social network, faced a major setback when its developers transferred ownership of its smart contracts to Ethereum’s null address on September 8.
Revocation of Control
Friend(.)Tech’s decision to transfer ownership of its smart contracts has generated significant confusion and concern within the community. This move ensures that no further modifications can be made to the platform’s fees or functionality.
Platform Performance and Market Reaction
Friend(.)Tech initially garnered attention for its innovative approach to monetizing content through tokenized shares or 'keys'. However, despite its early success, the platform struggled with various issues, leading to a decline in user numbers and a significant fall in the value of the FRIEND token. The token’s market cap, which reached $233.6 million within the first four days, plummeted to $909k.
Confusion Over Future Developments
Friend(.)Tech previously announced plans to develop its own blockchain, 'Friendchain,' adding further uncertainty about the platform’s future. However, this announcement was later deleted, raising additional concerns within the community.
Friend(.)Tech’s decision to lock smart contract ownership and the resulting uncertainty highlight the challenges faced by decentralized social networks in attracting and retaining users.
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