The devs of Friend Tech have given up control over its smart contracts, moving the project to a zero Ethereum address.
The network is effectively dead - users make a minimum number of transactions, the token capitalization, which reached 200 million at its peak, is now less than 950k
A large fund, Paradigm, invested in this project.
Lessons
1. No one cares about fundamentals, the crowd doesn't need blockchain solutions, decentralization, people need gambling and money! It doesn't matter what they can earn money on!
2 Developers are here for money too! All solutions that have been presented in the last few years die within a year, and no one needs these solutions because in the 15th year of the crypto industry we still use even MasterCard or Visa to pay with supposedly cryptocurrency! Web3 as such does not exist yet!
3 Funds with their super analysts also lose crazy money investing in shitty startups!
