As a seasoned analyst with over two decades of experience in the tech industry, I have seen my fair share of platform launches and shutdowns. The recent events surrounding Friend.Tech have piqued my curiosity, given its meteoric rise and subsequent dip in user activity.
Friend.Tech, a social media platform, announced that they have no intention of discontinuing their web application. They also ensured their users that recent modifications in smart contracts would not alter the existing functions or fees on the platform.
Friend.Tech, a social media platform on the Web3 network, has alleviated user worries by stating clearly that they have no intention of ending their web application, despite some adjustments made to their smart contracts which sparked speculation about a potential closure.
As a diligent analyst, I can confirm that in a recent update on September 10th, the creators of X platform have assured us that the app’s normal functioning will remain unaffected. They also emphasized that these recent modifications to their Base-based smart contracts won’t lead to any disruptions in ongoing operations or the introduction of new charges for users.
Regarding your inquiries, let me clarify that we don’t intend to close down or stop our web application.
— friend.tech (@friendtech) September 9, 2024
After Friend.Tech seemed to close down permanently on September 8, the developers moved control of the platform’s smart contracts to Ethereum‘s zero address, essentially freezing the system and halting any further updates to the platform.
Introduced in August 2023, Friend.Tech rapidly grew in popularity by offering users the opportunity to acquire “access tokens.” Owners of these tokens gain entry to private communication channels and exclusive content. Following registration, users can begin trading their shares with other participants or purchasing access tokens for accounts they find intriguing.
Initially, the platform saw an increase in user interaction, reaching a stage where its daily income outperformed that of Ethereum at certain times. The innovative model, designed for users to trade access keys to exclusive feeds, provided a distinct way for internet influencers in the web3 sector to generate revenue.
Even though user activity on the platform has decreased from its highest point and it’s been tough to keep up the pace, Friend.Tech highlighted that although no fresh features will be added because of the contract adjustments, the platform will continue to function smoothly. This news has had a favorable effect on the native token, FRIEND, which surged by 60%, reaching $0.097 shortly after the announcement.
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2024-09-10 11:52