Friend.Tech, a Web3 Social Networking Platform, Renounces Smart Contracts, Making the Network Completely Decentralized

This has sparked substantial angst among the platform's users. While the move ensures that nothing on the platform is ever changed, it also raises

Friend.Tech, a popular Web3 social networking platform, has recently made a bold move to fully decentralize the network by renouncing its smart contracts. This decision, which involves transferring the contract to a null address on Ethereum (ETH), has effectively stripped the developers of all administration rights. However, this drastic measure has also sparked mixed reactions and raised important questions.

According to reports, this move has caused substantial angst among Friend.Tech users. While the decision ensures that nothing on the platform can ever be changed, it also begs the question of who will be responsible for maintaining the platform. Following this news, the social network's native FRIEND token has experienced a significant dip of 30.7%.

As of August 13, 2024, Friend.Tech was trading at $0.21. Today, the token has hit a critical all-time low, reaching $0.05748. Bouncing back to $0.079 at press time, FRIEND has a market cap of $7,909,702, while the trading volumes are tumbling below $1 million in 24 hours.

Machi Big Brother, the ApeCoin (APE) whale and digital art enthusiast, is known for his large crypto holdings. However, even his portfolio is not immune to the bear market. As a digital art enthusiast, Machi also collects non-fungible tokens (NFTs). Now, his recent crypto purchase has left him at a loss of over $16 million.

Machi Big Brother bought 83,583 Base units, which hosts FRIEND among other tokens for use in decentralized applications (dApps) on Base. Due to its use for monetization in the Friend.Tech network, the altcoin quickly gained traction.

The native cryptocurrency, which powers the social network that hosts 220,000 users, hit an all-time high of $3.26 on May 03, 24. Since then, it has plunged by more than 97%. As a result, Machi Big Brother's 11.1 million FRIEND tokens, which were once valued at $16.7 million, are now worth less than $700,000.

After several attempts to boost the meme coin, Machi Big Brother is now facing the brunt of the bear market. Following the NFT craze, the token inspired by the Bored Ape Yacht Club fell to all-time lows.

Despite the setbacks with APE, Machi Big Brother also launched his own meme coin called Boba Oppa (BOBAOPPA), which managed to raise $39 million during its launch on Solana (SOL).

Primate-themed ApeCoin, on the other hand, is preparing for the ApeChain development, which will utilize the Bored Ape Yacht Club community's meme coin in various roles across Web3 apps and games.

Recently, ApeChain introduced The Blueprint, a master plan to simplify user navigation and make it easy for talented developers to introduce new dApps to the platform. According to CoinGecko, APE is changing hands at $0.73 at press time.

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