2024-09-09
Friend.tech is a decentralized social
media platform built on the Base network, which is a Layer 2 solution by
Coinbase.
The platform launched in August 2023,
it allows users to tokenize their social influence by buying and selling “keys”
(previously known as “shares”) linked to their Twitter (now X) accounts.
These keys grant access to private
chatrooms and exclusive content from the key holders.
The platform aims to create a new way
for creators to monetize their influence and connect with their audience in a
more personalized manner.
Since its launch in August, 2023,
Friend.tech has seen significant activity, including high trading volumes and a
large number of daily active users.
On September 8, 2024, the Friend.tech
team has officially renounced control over their smart contracts, setting the
admin and ownership parameters to the Ethereum null address (0x000…000).
This means no future changes can be made to
their fees or functionality. This decision follows a period of stagnant
growth for the platform1
By transferring the admin and ownership
parameters to the Ethereum null address (0x000…000), the team has ensured that
no future changes can be made to the contracts’ fees or functionality. This
move was intended to solidify the platform’s decentralization.
The team clarified in an announcement
post on X that the platform will continue to function. But revoking control
makes it difficult to introduce new features. It is difficult or almost
impossible to use.
The Friend.tech token, FRIEND, has
experienced a significant drop of 79% following the team’s decision to
renounce control over their smart contracts.
One year ago, Friend.Tech was a popular
Web3 social network. But the platform has been struggled, it has only made about $60,000
in fees since June. Contract ownership revocation prevents any developers to
add new features to the platform.
