Friend.Tech Bricked: The Web3 Social Network Launched With Lots of Hype Last August Has Been Effectively Killed

The creators of Friend.Tech, the Web3 social network launched with lots of hype last August, has effectively killed the platform.

The creators of Friend.Tech, the Web3 social network that launched with great fanfare last August, have effectively killed the platform.

The developers have transferred the smart contract to Ethereum’s null address, rendering the platform bricked and unable to be further modified.

A Sad Ending For A Project That Had So Much Early Hype – Friend.Tech Keys Were Trading For 5 Figures In Its Heyday

Friend.Tech’s devs called the function on the platform’s smart contract yesterday (September 8), shifting their control to Ethereum’s null address.

After doing so, the team made an announcement post on X, saying, “No fees from either smart contracts or the website currently go to the friend. Tech dev team multi-sig.”

The Web3 social network was launched on the Ethereum Layer-2 chain, Base, last August, and it was a massive success initially. The key feature is its ‘keys,’ which users could buy with crypto, allowing them private access to the feeds of influential individuals.

The crypto community had taken a liking to the platform, and just one week after its launch, Friend.Tech’s daily earnings had outpaced that of Ethereum itself.

(THE BLOCK)

On September 15, 2023, the platform’s top key gave buyers access to the feed of Friend.Tech’s co-founder, Racer, sold for 8.9 ETH ($14,500 at the time). Hsaka and Cobie were two other notable influencers whose keys traded for more than $5,000 during that same period.

The project also made the headlines after it announced a seed round involving Paradigm, a crypto venture capitalist firm. However, the amount raised during the seed round was never disclosed.

EXPLORE: Africa Crypto Week in Review: Nigeria Plan To License Crypto Exchanges. Ghana May “Unban” Crypto As South Africa Target Traders For Revenue

Poorly Executed Airdrop And An Underwhelming V2 Of The Project Was The Beginning Of The End

(COINGECKO)

Like most things in crypto, the initial hype eventually died down, with the platform struggling to maintain trading activity. It stagnated until the Friend.Tech team announced the launch of version 2 of the protocol alongside an airdrop for platform users.

This led to a slight increase in activity as users began ‘farming’ the airdrop.

V2 eventually launched in early May alongside the FRIEND token. Many complaints were made regarding the size and delivery of the airdrop. This negativity contributed to the token suffering a sharp fall after an initial pump from $1.67 to $2.59.

From there, the price stayed in a continuous downtrend, all the way down to its current price of $0.06, a 98% decrease from the top, per Coingecko data.

Before yesterday’s announcement, there had long been rumors of a revival of the project. This now seems unlikely because the contract was untransferable after the team moved it to the null address.

BONUS: Crypto-Allstars (STARS) Presale Nearing $1.2 Million After Just Breaking The $1 Million barrier

It seems like the cat is out of the bag. Crypto-Allstars only raised $1 million during its presale and is already reaching $2 million. The project’s revolutionary ‘Meme Vault’ technology is causing all the hype.

It’s a platform allowing investors to stake all their favorite meme coins, such as DOGE, PEPE, WIF, BRETT, and more, all in one place.

The best part is that these meme coins will generate STARS tokens as rewards. This could be the final form for meme coins, giving them serious utility rather than purely acting as speculative assets.

Meme Vault will be a central hub for a degen and their meme coins. No matter the chain, they will all live in one easy-to-use place and reward stickers with STARS. No more hopping from one chain to another, using multiple wallets in the process!

Currently,1 STARS = $0.0014305, and there are less than 24 hours before the next price increase. The team has included a staking protocol just for the presale so that anyone who buys at these low prices can begin staking their STARS instantly for an insane 1275% in rewards!

PRESALE LINK

The above is the detailed content of Friend.Tech Bricked: The Web3 Social Network Launched With Lots of Hype Last August Has Been Effectively Killed. For more information, please follow other related articles on the PHP Chinese website!