On Sunday, Friend.tech, a platform built on Ethereum layer 2 Base, made headlines by transferring control of its FRIEND token to an empty Ethereum address.
Moving the Power
According to an official announcement on X, the platform stated that admin and ownership parameters have been set to an address that prevents any future changes to its fees or functionality. However, the platform assured its users that the separate web client it operates will maintain its operations. Additionally, the development team will no longer receive fees from smart contracts or tokens.
New Blockchain - Friendchain
This decisive move of transferring power came three months after the announcement of creating its own blockchain. The new blockchain, named 'Friendchain,' will be developed in collaboration with Conduit, a crypto infrastructure platform. The platform’s native token, $FRIEND, will power the upcoming blockchain.
Community Reaction and Impact
However, the announcement was met with mixed reviews, negatively impacting the token. In July, the platform stated that it would be using the Base L2 network for the $FRIEND token, creating further uncertainty among users.
Friend.tech continues to develop its projects despite mixed community reactions. The focus now shifts to the development of the new Friendchain blockchain.
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