Friend.Tech Shutdown After Relinquishing Smart Contracts Control

by Giorgi Kostiuk

2 years ago

Made with AI

Reasons for Shutdown
Financial Aspects
History and Achievements

The social network Friend.Tech, once captivating the cryptocurrency community, has come to an end after its development team decided to relinquish control over its smart contracts.

Reasons for Shutdown

Relinquishing control over the smart contracts has left the platform in limbo with little chance of revival. The cancellation of contractual ownership prevents any new team from taking over and adding new features. This decision followed a period of stagnant growth for the platform.

Financial Aspects

Since its launch, the Friend.Tech team raised $52.4 million through the protocol and transferred a total of 19,477 ETH to Coinbase. Meanwhile, Jeffrey Huang, one of the leading figures in the crypto world, reportedly lost at least $15 million by purchasing the platform’s native altcoin FRIEND. Huang spent 4,975 ETH (approximately $15.6 million) to purchase 8.6 million FRIENDs at an average price of $1.81 between May 3 and June 8, and continued to purchase until his FRIEND holdings reached 11 million.

History and Achievements

Friend.Tech launched on the Coinbase-backed Layer 2 network Base in August 2023 and quickly became a sensation. By September 15, 2023, the platform’s daily earnings had surpassed Ethereum’s, and the top key, which provided access to the stream of Friend.Tech’s pseudonymous co-founder Racer, was sold for 8.9 ETH, or about $14,500. The protocol also received investment from crypto venture capital firm Paradigm, but the amount raised in the seed round was not disclosed.

The shutdown of Friend.Tech marks a significant event in the cryptocurrency world, emphasizing the risks and unpredictability of this market.

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