**Crypto Social Media Platform Friend.tech Faces Major Setback**

Friend.tech’s token, FRIEND, took a nosedive after the team transferred control of its smart contracts to Ethereum’s null address on Sept. 8. This move, aimed at preventing future changes to fees or functionality, caused the token to drop nearly 26% to $0.067, according to CoinGecko.

The transfer effectively burns the tokens, making them irretrievable. This unexpected decision has left the community puzzled, especially after the platform’s earlier announcement to build its own blockchain, "Friendchain," which was later deleted.

Adding to the turmoil, users faced issues claiming the FRIEND airdrop in May. Initially, the token boasted a market cap of $233.6 million, now plummeted to $6.3 million. The total value locked on the platform has also dropped from $52 million to less than $3.5 million, per DefiLlama.

Friend.tech, native to Ethereum layer 2 Base, allows creators to monetize content through tokenized shares. However, daily fees and trading volumes have significantly declined since late July. The platform faces stiff competition from Theta Network, Hive, and Decentralized Social.