Friend.tech Smart Contracts Are Now Under Control, FRIEND Drops 30% - Coincu
BTC $54653.675 0.51%
ETH $2279.615 0.06%
BNB $504.53 1.10%
XRP $0.529 -0.06%
BTC ETH BNB ADA SOL AVAX DOGE LINK TRX
USD EUR GBP JPY AUD CAD CHF CNY
Convert
LIVE UPDATES • Ethereum Smart Contracts Work • Friend.tech Smart Contracts Are Now Under Control, FRIEND Drops 30% • Former President Donald Trump Promises Harsh Tariffs To Strengthen USD • German Memecoin OceanDoge Launches with a Focus on Ocean Preservation • How to get started with digital asset trading • Aave Launches Innovative Customized Markets on Ethereum Mainnet, Sept 8! • Arthur Hayes Scores 3% Profit Closing BTC Short Position • Penpie Hacker Completes $27 Million Asset Transfer via Tornado Cash! • Bitcoin Halving Event Happened, But 2025 Is The Year of New High • How to get started with crypto trading
News Friend.tech Smart Contracts Are Now Under Control, FRIEND Drops 30% 51 mins ago - Around 2 mins mins to read
Key Points:
The Web3 platform relinquished control of Friend.tech smart contracts by sending them to Ethereum’s null address.
Following the announcement, Friend.tech’s native token, FRIEND, saw a 30% decline.
Daily fees and trading volumes of Friend.tech have been declining since July.
Web3 social media platform Friend.tech has effectively relinquished control over its smart contracts just one year after its successful launch.
Read more: Friend.tech’s Leaving From Base Hinted By Co-founder Causes Token Price To Drop Sharply
Friend.tech Smart Contract Control Raises Many Questions
The platform’s developer team announced on September 8 that they were transferring ownership of Friend.tech smart contracts to Ethereum’s null address, essentially locking the system in place. This would make any future adjustments to fees or functionality of the decentralized network impossible.
This, while a major change, was assured by Friend.tech not to have an impact on daily usage, as the web client will continue working as it did up until now. The team has also been specified that no fees that result from either Friend.tech smart contracts or the website flow to the multisig wallet of the development team as of now. However, with the renunciation of control, the introduction of new features seems unlikely.
The announcement triggered a 30% drop in the value of Friend.tech’s native token, FRIEND and caused a lot of controversy in the community.
Sustainability of Friend.tech Is Causing Concern
Friend.tech was constructed on the Ethereum Layer 2 Base, permitting users to monetize their content by selling tokenized shares or “keys.” The platform originally lured users. However, in more recent times, it’s really struggled. Daily fees accrued by the protocol crossed below $1,000 at the end of July and stayed there, while trading volumes also bear signs of a sharp decline.
Earlier this year, friction between Friend.tech and its users intensified following issues with the much-anticipated FRIEND token airdrop in May. Ethereum co-founder Vitalik Buterin also voiced concerns over the platform’s financial speculation model because it is potentially dangerous for social interaction.
Author Harold
With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Related Posts
Crypto Supporter Donald Trump Continues to Promote Bitcoin World Liberty Financial Linked to Hacked DeFi Project Dough Finance WisdomTree Ethereum Trust S-1 Filing Has Now Been Withdrawn Uphold USD Interest Accounts Launched With Up To 5% APY Magic Eden Domains Launched With New Features Bitcoin ATM Scams Are Soaring: FTC Report Boston Blockchain Week: A Premier Gathering for Blockchain and Web3 Innovators Crypto Hack Incidents Cause Damage Over $300 Million in August
Friend.tech Smart Contracts Are Now Under Control, FRIEND Drops 30%
Key Points:
The Web3 platform relinquished control of Friend.tech smart contracts by sending them to Ethereum’s null address.
Following the announcement, Friend.tech’s native token, FRIEND, saw a 30% decline.
Daily fees and trading volumes of Friend.tech have been declining since July.
Web3 social media platform Friend.tech has effectively relinquished control over its smart contracts just one year after its successful launch.
Read more: Friend.tech’s Leaving From Base Hinted By Co-founder Causes Token Price To Drop Sharply
Friend.tech Smart Contract Control Raises Many Questions
The platform’s developer team announced on September 8 that they were transferring ownership of Friend.tech smart contracts to Ethereum’s null address, essentially locking the system in place. This would make any future adjustments to fees or functionality of the decentralized network impossible.
This, while a major change, was assured by Friend.tech not to have an impact on daily usage, as the web client will continue working as it did up until now. The team has also been specified that no fees that result from either Friend.tech smart contracts or the website flow to the multisig wallet of the development team as of now. However, with the renunciation of control, the introduction of new features seems unlikely.
The announcement triggered a 30% drop in the value of Friend.tech’s native token, FRIEND and caused a lot of controversy in the community.
Sustainability of Friend.tech Is Causing Concern
Friend.tech was constructed on the Ethereum Layer 2 Base, permitting users to monetize their content by selling tokenized shares or “keys.” The platform originally lured users. However, in more recent times, it’s really struggled. Daily fees accrued by the protocol crossed below $1,000 at the end of July and stayed there, while trading volumes also bear signs of a sharp decline.
Earlier this year, friction between Friend.tech and its users intensified following issues with the much-anticipated FRIEND token airdrop in May. Ethereum co-founder Vitalik Buterin also voiced concerns over the platform’s financial speculation model because it is potentially dangerous for social interaction.
Visited 20 times, 20 visit(s) today
Other Posts
Related Posts
Casino Reviews
- 364 days ago 49 mins
Top Bitcoin Casino Sites In 2024
Knowledge
- 240 days ago 12 mins
Crypto To Crypto Converter: Detailed Guide For Beginners And Important Notes
Casino Reviews
- 324 days ago 16 mins
Best Tether Casino Sites With USDT Bonuses 2024
Other Reviews
- 187 days ago 16 mins
Unstable Diffusion Review: AI Tool Creates Unique Realistic Images
Knowledge
- 231 days ago 10 mins
30-50X Meme Coin List! (That Potentially Work)
Knowledge
- 240 days ago 12 mins
Fiat To Fiat Converter: Detailed Guide For Beginners And Important Notes
Knowledge
- 174 days ago 10 mins
Buy Dogecoin on eToro: Step-by-Step Guide for Beginners (2024)
Casino Reviews
- 364 days ago 19 mins
Top Bitcoin Gambling Sites In 2024
24h 7D 30D Trending
- 22 hours ago 2 mins
Arthur Hayes Scores 3% Profit Closing BTC Short Position
- 20 hours ago 2 mins
- 1 days ago 2 mins
Penpie Hacker Completes $27 Million Asset Transfer via Tornado Cash!
Trading
- 19 hours ago 18 mins
How to get started with digital asset trading
- 51 mins ago 3 mins
Friend.tech Smart Contracts Are Now Under Control, FRIEND Drops 30%
- 4 days ago 2 mins
ApeCoin Plans Boost for Bored Ape Growth Pre-ApeChain Launch
- 5 days ago 3 mins
Fake Trump Family Crypto Project Promoted By X Account Hack
- 7 days ago 3 mins
- 1 days ago 2 mins
Bitcoin Halving Event Happened, But 2025 Is The Year of New High
- 7 days ago 2 mins
Digital Asset Investment Products Experience Significant Outflows
- 23 days ago 2 mins
DOGS Airdrop Claim Is Now Available for Users
Airdrop
- 20 days ago 3 mins
Massive Simon’s Cat Airdrop to Pounce on FLOKI Holders via Binance
- 27 days ago 3 mins
Kamala Harris Proposes 28% Crypto Tax Rate For Wealthy Fairness: BBG
- 15 days ago 2 mins
Cosmos Hub V19 Upgrade Is Now Launched To Boost Ecosystem
Press Releases
- 20 days ago 4 mins
2024’s Top Altcoins That Could Turn You into a Millionaire
Latest
view more
- 2 mins ago 5 mins
2 mins ago
9 Sep
- 51 mins ago 2 mins
51 mins ago
9 Sep
Friend.tech Smart Contracts Are Now Under Control, FRIEND Drops 30% September 9, 2024
- 2 hours ago 3 mins
2 hours ago
9 Sep
Former President Donald Trump Promises Harsh Tariffs To Strengthen USD September 9, 2024
TOP Casino Projects
view more
Press Release
view more
- 2 mins ago 5 mins
2 mins ago
9 Sep
Ethereum Smart Contracts Work
- 2 hours ago 3 mins
2 hours ago
9 Sep
German Memecoin OceanDoge Launches with a Focus on Ocean Preservation
- September 6, 2024 3 mins
September 6, 2024
6 Sep
Aleph Zero Joins CAMARA as the First Blockchain Organization
Key Points:
The Web3 platform relinquished control of Friend.tech smart contracts by sending them to Ethereum’s null address.
Following the announcement, Friend.tech’s native token, FRIEND, saw a 30% decline.
Daily fees and trading volumes of Friend.tech have been declining since July.
Web3 social media platform Friend.tech has effectively relinquished control over its smart contracts just one year after its successful launch.
Read more: Friend.tech’s Leaving From Base Hinted By Co-founder Causes Token Price To Drop Sharply
Friend.tech Smart Contract Control Raises Many Questions
The platform’s developer team announced on September 8 that they were transferring ownership of Friend.tech smart contracts to Ethereum’s null address, essentially locking the system in place. This would make any future adjustments to fees or functionality of the decentralized network impossible.
This, while a major change, was assured by Friend.tech not to have an impact on daily usage, as the web client will continue working as it did up until now. The team has also been specified that no fees that result from either Friend.tech smart contracts or the website flow to the multisig wallet of the development team as of now. However, with the renunciation of control, the introduction of new features seems unlikely.
The announcement triggered a 30% drop in the value of Friend.tech’s native token, FRIEND and caused a lot of controversy in the community.
Sustainability of Friend.tech Is Causing Concern
Friend.tech was constructed on the Ethereum Layer 2 Base, permitting users to monetize their content by selling tokenized shares or “keys.” The platform originally lured users. However, in more recent times, it’s really struggled. Daily fees accrued by the protocol crossed below $1,000 at the end of July and stayed there, while trading volumes also bear signs of a sharp decline.
Earlier this year, friction between Friend.tech and its users intensified following issues with the much-anticipated FRIEND token airdrop in May. Ethereum co-founder Vitalik Buterin also voiced concerns over the platform’s financial speculation model because it is potentially dangerous for social interaction.
Visited 20 times, 20 visit(s) today