End of an era: The Friend.Tech team relinquished smart contract management

As a researcher with over a decade of experience in the crypto world, I’ve seen projects rise and fall like the tides. The saga of Friend.Tech is one that has left me both intrigued and somewhat disheartened.

Friend.Tech developers have given up managing smart contracts.

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On platform X, the Friend.Tech team shared an update, indicating that management has been shifted to a ‘zero’ address within the Ethereum blockchain network.

Changes to the Socialfi system have been halted by its creators, leading to speculation about the project’s further advancement. A strict rejection of control suggests that the introduction of new features might not be feasible.

The alteration won’t impact the independent web platform run by Friend.Tech, which will carry on functioning as usual. Neither smart contracts nor Friend.Tech are currently transferring funds to the Friend.Tech development team’s multisig wallet.

The changes have caused the Friend.Tech token to collapse

In August 2023, Friend.Tech was introduced on the Base network, immediately grabbing the interest of the crypto community and earning its developers over $20 million. Yet, following the rollout of Version 2 and an unsuccessful token distribution event, user engagement dwindled, causing the project to plateau. The handover of smart contract management has ruled out any chance of rebooting Friend.Tech. This shift ultimately led to a crash in the value of its native token.

In response to the recent news, the Friend.Tech token (FRIEND) experienced a significant decrease, dropping over 39%. It’s worth noting that as far back as May 2024, the value of this token had soared above one U.S. dollar.

The rise and fall of Friend.Tech

Swiftly rising to prominence within its community, Friend.Tech saw a significant milestone in September 2023 as its daily earnings surpassed those of Ethereum. Moreover, the project successfully secured funding from venture capital firm Paradigm, although the exact investment figure remains undisclosed.

On the other hand, there seems to be a decline in the enthusiasm for the project. This is suggested by a significant drop in the transaction activity on the social media platform.

After three weeks since its launch, people within the community began discussing the potential demise of the project, as key indicators such as active user count, incoming funds, and commission volumes plummeted approximately 90%.

Furthermore, Friend.Tech’s trading volume dropped significantly by over 95% at the start of the year. The team suggested the possibility of an airdrop during this decrease in activity, but it failed to reignite the project’s past enthusiasm.

Subsequently, the team behind the decentralized social app disclosed their plans for creating the Friendchain network in partnership with blockchain infrastructure provider Conduit. However, they subsequently removed the post detailing this development.

What is Friend.Tech for?

Friend.Tech is a socially-oriented app that operates on a decentralized platform, utilizing the Layer 2 (L2) solution provided by Coinbase called “Base”. This app also integrates with technology identified as X.

By the close of March 2023, two developers operating under the aliases 0xracerAlt and Shrimp launched Stealcam, a web3-based social network designed for multimedia sharing. In the previous year, 0xracerAlt garnered attention for developing Tweet DAO, a system that interfaced with Twitter and enabled account access through ownership of unique NFTs.

Back in May 2023, due to a significant decrease in earnings, the team opted for a change in the project’s name from its original title to Friend.Tech. Originally slated for launch on Arbitrum, the platform eventually debuted on an alternative network – Base, a few months later.

This system facilitates trading “keys,” which represent user shares that have been tokenized. Owners of these keys gain entry to private communication lines and exclusive material. Upon registration, platform users can initiate selling their shares to other participants or purchasing keys to the accounts they find intriguing. The goal of this project is to serve as a “marketplace among friends,” and it leverages blockchain technology to tokenize social network influence.

Immediately following its debut, the platform encountered criticism from certain community members. Under a false name, a user named Yazan predicted that the app’s stock prices and overall activity would start to plummet within a period of six to eight weeks.

In his critique, Yazan pointed out several issues with the project, including “exorbitant” costs, a malfunctioning team communication platform, and potential instances of deceit.

A different user, known as Legendary, had forecasted that the system might fail, similar to what transpired with BitClout. It appears their prediction could have been accurate.

Do the latest changes mean the end for Friend.Tech?

The alterations made no impact on Friend.Tech’s web client, ensuring uninterrupted operation. Contrastingly, Serpin Taxt, founder of Ethos, foresees these updates as the demise for their platform. He expressed his intention to acquire the technology to merge it with his system, but in essence, he declared, “it’s all coming to an end.

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2024-09-09 17:29