- Change in Smart Contract Control at Friend.tech
- Community Reaction and Token Price Drop
- Platform Sustainability Issues
Web3 platform Friend.tech announced the handover of control over its smart contracts, causing a significant drop in the FRIEND token and sparking community discussions.
Change in Smart Contract Control at Friend.tech
On September 8, the Friend.tech development team announced the transfer of control over the platform's smart contracts to Ethereum's null address, effectively locking the system in its current state. Now, any changes to the fees or functionality of the decentralized network are impossible. Despite this, the team assured that daily usage will not be affected, as the web client will continue to function as before. However, the introduction of new features now seems unlikely.
Community Reaction and Token Price Drop
The announcement led to a significant 30% drop in the platform's token, FRIEND, and sparked much controversy within the community. Friend.tech emphasized that fees from smart contracts or web operations do not flow into the development team's multisig wallet.
Platform Sustainability Issues
Friend.tech was built on Ethereum's Layer 2 called Base, allowing users to monetize their content by selling tokenized shares or 'keys.' Initially, the platform attracted users' attention, but it has faced difficulties in recent times. By May this year, friction between the platform and its users intensified due to issues with the FRIEND token airdrop. Ethereum's co-founder Vitalik Buterin also commented on the platform's financial speculation model, considering it potentially dangerous for social interactions.
The situation with the transfer of smart contract control raises questions about the sustainability and future of the Friend.tech platform. The community is closely watching the developments.
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